Bill Title: Amends the Department of Commerce and Economic Opportunity Law of the Civil Administrative Code of Illinois. Allows the Department to implement and administer a pilot program during fiscal years 2010 and 2011 to encourage businesses to restore, refurbish, and retrofit existing buildings that have been vacant for at least 90 continuous days so that a business is able to occupy the building as a retail, professional, corporate, manufacturing, assembly, or distribution business. Subject to appropriation, allows the Department may make interest free loans for this purpose, but loans may not be made for any building that would be used for residential purposes. Provides that loans shall be for a term of 10 years, and the borrower must repay at least 5% of the original principal amount of the loan each year and the balance at the end of the term. On or before April 1, 2011, requires the Department to report to the General Assembly on the effectiveness of the pilot program and recommend whether it should be extended. Effective July 1, 2009.

Spectrum: Partisan Bill (Democrat 6-0)

Status: (Passed) 2009-08-11 - Public Act . . . . . . . . . 96-0296 [HB3637 Detail]

Text: Latest bill text (Enrolled) [HTML]

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Sponsors

Name	Type	Sponsorship	District	Financial	Encyclopedia	Biography
Representative Al Riley [D]	Sponsor	Sponsored Bills	HD-038	FollowTheMoney	Ballotpedia	VoteSmart
Representative Eddie Jackson [D]	Sponsor	Sponsored Bills	HD-114	FollowTheMoney	Ballotpedia	VoteSmart
Representative Esther Golar [D]	Sponsor	Sponsored Bills	HD-006	FollowTheMoney	Ballotpedia	VoteSmart
Representative Keith Farnham [D]	Sponsor	Sponsored Bills	HD-043	FollowTheMoney	Ballotpedia	VoteSmart
Representative Kenneth Dunkin [D]	Sponsor	Sponsored Bills	HD-005	FollowTheMoney	Ballotpedia	VoteSmart
Representative Jehan Gordon-Booth [D]	Sponsor	Sponsored Bills	HD-092	FollowTheMoney	Ballotpedia	VoteSmart

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