Section 590.10  Purpose

 

a)         Through the Illinois Large Business Development Program (Program), the Department of Commerce and Community Affairs (Department) will provide long term fixed-rate, low-interest loans (i.e., more than three years at below the prime rate then current in the major money centers) to large businesses in Illinois in cooperation with private sector lenders.  The ultimate purpose of this program is to provide employment opportunities for Illinois citizens either through job creation or retention.

 

b)         To be eligible to participate in the Program, a company must be mature and stable, have a well-defined market, and employ over 500 persons.  A large business includes any for-profit business organized as a sole proprietorship, partnership, corporation, joint venture, association, or cooperative.  Companies targeted for assistance include established industrial and service firms with a proven record of earnings which sell their products or services to regions beyond Illinois and which have proven multi-state location options.

 

c)         The business project must be an out of state firm locating in Illinois or an expansion or retention of an existing firm - not an area relocation of an existing Illinois business.  A business retention project should allow a company to maintain its output, share of the market, and existing jobs.  New ventures will be considered only if the entity is protected with adequate security with regard to its financing and operation.

 

(Source:  Amended at 13 Ill. Reg. 2028, effective February 6, 1989)

 

Section 590.15  Loan Terms (Renumbered)

 

(Source:  Section 590.15 renumbered to Section 590.70(a) at 10 Ill. Reg. 19386, effective October 31, 1986)

 

Section 590.20  Application Cycle

 

Applications under this Program will be accepted throughout the year.  The Department will supply interested businesses with an application package upon request.  The Department will also solicit businesses to apply for the Program.  The Large Business Development Program will be used as a part of a comprehensive package of incentives for attracting large business investments in Illinois.  The Department will assist (i.e., provide technical assistance) companies to initiate applications so that funds may be committed immediately as opportunities arise.

 

Section 590.25  Application Documentation

 

The application must include documentation of the following:  

 

a)         History of the Company – a brief history of the business and past employment growth.

 

b)         Market Information – information on the company's products or services and identification of existing and potential major customers and competitors.

 

c)         Historic Financial Statements – historic financial statements for the past three years and interim statements dated no more than ninety days prior to application including:  

 

1)         Profit and Loss Statements;

 

2)         Balance Sheets;

 

3)         Cash Flow Statements; and

 

4)         Disclosure of Contingent Liabilities.

 

d)         Projected Financial Statements – three year projections of the Profit and Loss Statement and Balance Sheet and a one year Monthly Cash Flow Projection.

 

e)         Site Map – an outline of the general location of the project on a site map, reflecting the location of any floodplain areas.

 

f)         Land and Building Information (if applicable) – for land and/or building acquisition, an MAI appraisal and a copy of the purchase option or agreement; for building construction or renovation, a contractor or architect's cost estimates.

 

g)         Description of Machinery and Equipment (if applicable) – identification of major equipment or classes of equipment to be acquired with the Department's program funds; for acquisition of new machinery and equipment, attachment of reliable vendor cost estimates; for moving and installation costs, attachment of written estimates; for used machinery and equipment acquisition, an appraisal demonstrating that the fair market value is in line with the purchase price.

 

h)         Company Management – listing of those individuals who are responsible for the management of the company, their positions and responsibilities, and resumes of key senior individuals at the company location.

 

i)          Ownership – the company shall provide a detailed statement of ownership which shall include the percentage of ownership of all owners of the company.  Such statements shall clearly identify any ownership interest which amounts to 20% or more, any ownership interest of individuals who have a position of control in the business, and/or any interest which guarantees any financial or contractual activities of the company.  For all such entities which meet any condition of this subsection, a financial statement shall be provided which includes personal statements on individuals and balance sheets on business corporations.

 

j)          Letters of Commitment – documentation of all sources of leveraging as reflected in commitment letters; loans from financial institutions must have language indicating the loan amount, the specified term and interest, collateral, conditions attendant to the loan, and the fact that the loan is approved; any commitment to purchase a revenue bond must have an executed inducement resolution and the rates, terms, and conditions of approval by the buyers.

 

k)         The Department shall waive the requirements of subsections (a), (b), (c), (d), (h), and (i) when:

 

1)         The company has provided a comprehensive business plan or company annual reports which address all of the requirements contained in Section 10-5 of the Act; and

 

2)         The company is publicly owned and traded; and

 

3)         The company's historic financial condition is deemed excellent, meeting industry standards in accordance with Section 590.30(d).

 

(Source:  Amended at 14 Ill. Reg. 19154, effective November 26, 1990)

 

Section 590.30  Evaluation Process

 

The Department shall screen all applications to determine that all requirements of the application package have been addressed.  Complete applications will be reviewed and evaluated by Department staff. Applicants will be notified of deficiencies in applications and given an opportunity to correct such deficiencies through submission of additional documentation (see Section 590.25).  This review and evaluation process will be completed within 45 days of the Department's receipt of a complete application.  Department staff will conduct an evaluation of each application to assure compliance with the requirements specified in the Large Business Development Act (Ill. Rev. Stat. 1989, ch. 127, par. 2710-1 et seq.) (Act).  The evaluation will address the following technical criteria:

 

a)         Evidence of Need for Program Funds

 

1)         It should be demonstrated, for example, that the firm has multi-state location options and that additional funds will be leveraged – to cover up to 75 percent of total project costs.

 

2)         The business project must create or retain at least 300 full-time equivalent jobs over a 24 month period.  The Director may waive the requirement for 300 jobs to be created/retained for a large company meeting all other program criteria, as specified in the Act and this Part, but due to extenuating circumstances, cannot create 300 jobs (e.g., distressed community with an unemployment rate which is considerably higher than  the state's average; area with limited economic development prospects as evidenced by prior and  current development activities; funding would support business with potential to generate  additional growth in area and creation of jobs as a result of spinoff businesses; funding needed to avert loss of the area's major source of employment, etc.).

 

b)         Project Implementation Readiness – The company must demonstrate project readiness consisting of commitments identifying loans and investments from all lenders and investors on letterhead, signed and dated; and a time schedule for immediate project initiation.

 

c)         Job Creation – The application must provide evidence of job creation and/or retention including written assurance from the company which identifies the number of jobs to be created/retained; identification of the types of jobs created/retained; evidence that jobs created/retained will generate additional wealth for the community (e.g., final goods or services produced are sold in markets outside Illinois or goods or services produced and sold locally substitute for those imported from outside the State) –  these types of jobs will receive some preference; and evidence that the project to be undertaken has the potential to create substantial employment (see subsection (a)(2)) in relation to the principal amount of the loan at generally a ratio of at least one job to each $5,000 in project funds.  A project with a higher ratio will be considered for funding if the application demonstrates severe need (e.g., distressed community with an unemployment rate which is considerably higher than the state's average; area with limited economic development projects as evidenced by prior and current development activities; funding would support business with potential to generate additional growth in area and creation of jobs as a result of spinoff businesses; funding needed to avert loss of the area's major source of employment, etc.).

 

d)         Financial Evaluation Component – The company's financial statements, including the annual balance sheets and profit and loss statements for the past three years, as well as the most recent ninety days, and a three year projected balance sheet and profit and loss statement, as well as a one year monthly cash flow statement.  A comprehensive business plan or company annual reports may be submitted in lieu of the aforementioned material.  This will be reviewed through a standard credit analysis which will determine the:   liquidity and debt coverage for the project; ability of the company to manage debt; business trends; and projected earnings.  This data will be compared to similar data for companies in the same industry using the 1988 (no later amendments or editions included) "RMA Annual Statement Studies" (published by Robert Morris Associates, P.O. Box 8500, S-1140, Philadelphia, PA 19178), or a comparable source which more closely matches the applicant's business operation if the applicant's industry is evaluated by such source.  This standard credit analysis will determine the financial stability of the company in accordance with Section 10-5 of the Act.

 

(Source:  Amended at 14 Ill. Reg. 19154, effective November 26, 1990)

 

Section 590.40  Selection for Funding

 

For any application which meets the criteria of Section 590.30, Department staff will then conduct a field visit evaluation to verify the information in the application, leading to the final funding decision.  Applications that best meet the program objectives and demonstrate the greatest potential for job creation will receive funding support, until all available funds are expended.  The field visits will analyze application characteristics, which include:

 

a)         an assessment of the project in terms of job creation/retention, in relation to the value of the funds requested;

 

b)         a verification of submitted application information; and

 

c)         past performance of the applicant under previous Departmental programs, if applicable (e.g., success in previous projects and the level of compliance with previous grant agreements).

 

Section 590.50  Funding Limitations

 

In accordance with Section 10-4(b) of the Act, the Director will waive the funding limitations governing the amount of the loan and percentage of leverage when it is determined that these funding limitations would prohibit an otherwise approved project,  in accordance with Sections 590.30 and 590.40, and subsequent job creation/retention, from occurring.

 

Section 590.60  Allowable Leverage

 

In addition to the forms of allowable leverage defined in Section 10-4(a) of the Act, allowable leverage will include:

 

a)         under-utilized land and/or buildings which are a part of the project;

 

b)         machinery and equipment brought into the state from another state; and

 

c)         use of retained earnings, proceeds of a public offering or other cash equity.

 

d)         Funds expended by the business prior to the date of a loan or grant award; existing in-state equipment, land, buildings, furnishings, inventory (already owned and being utilized); lines of credit; post-project costs, (such as operational expenses); and debt refinancing will not be considered as leverage.

 

Section 590.70  Administrative Requirements

 

a)         Loan Terms – The Department will negotiate the loan terms and amortization schedule.  These terms will be flexible and consistent with the economic life of the asset being financed.  Loans for real estate normally will be amortized for a period of up to 15 to 25 years; Loans primarily utilized for machinery and equipment will generally vary from 7 to 10 years.  Installments shall be due and payable to the Department according to a negotiated amortization schedule.  All payments shall be applied first to interest and then to principal.

 

b)         Reporting – The Recipient (applicant receiving grant/loan funds) will provide, at least annually, information and reports required by the Department (e.g. reports on job creation/retention; financial statement of assets, liabilities, and net worth).

 

c)         Termination of Grants/Loans – Grants/loans shall be terminated for the following reasons:  

 

1)         Termination due to Loss of Funding – In the absence of state funding for a grant year, all grants/loans for that year will be terminated in full.   In the event of a partial loss of state funding, the Department will make proportionate cuts to all Recipients.  In the event the Department suffers such a loss of funding in full or part, the Department will give the Recipient written notice setting forth the effective date of full or partial termination, or if a change in funding is required setting forth the change in funding and changes in the approved budget.

 

2)         Termination for Cause

 

A)        If the Department determines that the Recipient has failed to comply with the terms and conditions of the grant/loan, the Department shall terminate the grant/loan in whole, or in part, at any time before the date of completion.  Circumstances which will result in the termination of a grant/loan include, but are not necessarily limited to the following:  consistent failure to submit required reports; failure to maintain required records; failure to protect inventory; misuse of equipment purchased with grant/loan funds; evidence of fraud and abuse; consistent failure to meet performance standards and failure to resolve points of the agreement (i.e., narrative, number to be served).  These circumstances are explained in the grant/loan agreement.

 

B)        The Department shall promptly notify the Recipient in writing of the determination to terminate, the reasons for such termination, and the effective date of the termination.  Payments made to the Recipient or recoveries by the Department shall be made in accordance with legal rights and liabilities explained in the grant/loan agreement.

 

3)         Termination by Agreement – The Department and the Recipient shall terminate the grant/loan in whole, or in part, when the Department and the Recipient agree that the continuation of the program objectives would not produce beneficial results commensurate with the future expenditures of funds.  The Department and the Recipient shall agree upon termination conditions, including the effective date and, in the case of partial termination, the portion to be terminated.  Recipient shall not incur new obligations for the terminated portion after the effective date, and shall cancel as many outstanding obligations as possible.  The Department shall allow full credit to the Recipient for the Department's share of the noncancellable obligations, properly incurred by the Recipient prior to termination.

 

d)         Events of Default – The entire unpaid principal of the loan, and the interest then accrued thereon, shall become and be immediately due and payable upon the written demand of the Department, without any other notice or demand of any kind or any presentment of protest, if any one of the following events (hereafter an "event of default") shall occur and be continuing at the time of such demand, whether voluntarily or involuntarily, or without limitation, occurring or brought about by operation of law or pursuant to or in compliance with any judgment, decree or order of any court or any order, rules or regulations of any administrative or governmental body, provided, however that such sum shall not be then payable if Recipient's payments have been deferred.  The Department will make deferrals based upon case by case review of the Recipient's financial statements and projections (see Section 590.25(c) and (d)) to determine if the Recipient will be able to make payments at a future date.

 

1)         Non-Payment of Loan – If the Recipient shall fail to make payment when due of any installment of principal on the loan, or interest accrued thereon and if the failure to make payment shall remain unremedied for fifteen (15) days.

 

2)         Non-Payment of Other Indebtedness – If default shall be made in the payment when due of any installment of principal or of interest on any of the Recipient's other indebtedness (any creditor the Recipient owes) and if such default shall remain unremedied for (15) days.

 

3)         Incorrect Representation or Warranty – If any representation or warranty contained in, or made in connection with the execution and delivery of, the loan agreement, or in any certificate furnished pursuant hereto, shall prove to have been incorrect.

 

4)         Default in Covenants – If the Recipient shall default in the performance of any other term, covenant or agreement contained in the loan agreement, and such default shall continue unremedied for thirty (30) days after either:  

 

A)        it becomes known to an executive officer of the Recipient; or

 

B)        written notice thereof shall have been given to the Recipient by the Department.

 

5)         Voluntary Insolvency – If the Recipient shall cease to pay its debts as they mature or shall voluntarily file a petition seeking reorganization of, or the appointment of a receiver, trustee, or liquidation of its assets or to effect a repayment plan with creditors, or shall be adjudicated bankrupt, or shall make a voluntary assignment of the benefit of creditors.

 

6)         Involuntary Insolvency – If an involuntary petition shall be filed against the Recipient under any bankruptcy or insolvency law or seeking the reorganization of or the appointment of any receiver, trustee or liquidator for the Recipient, or the property of the Recipient, or a writ or warrant of attachment shall be issued against the property of the Recipient and such petition shall not be dismissed, or such writ or warrant of attachment shall not be released or bonded within thirty (30) days after filing or levy.

 

7)         Judgments – If any final judgment for the payment of money that is not fully covered by liability insurance shall be rendered against the Recipient, and within thirty (30) days, shall not be discharged, or an appeal therefrom taken and execution thereon effectively stayed pending such appeal, and, if such judgment be affirmed on such appeal, the same shall not be discharged within thirty (30) days.

 

e)         Notice of Default – The Recipient agrees to give written notice to the Department of any event, within 15 days of the event, which constitutes an event of default as specified in Section 590.70(d).

 

f)         Monitoring and Evaluation – Recipients must permit any agent authorized by the Department, upon presentation of credentials to, in accordance with the constitutional limitation on administrative searches, have full access to and the right to examine any documents, papers, and records of the Recipient involving transactions related to a grant/loan from the Department.

 

g)         Audits

 

1)         The Recipient shall be responsible for having an audit of all grant/loan records and such audit must be performed by an independent public accountant, certified and licensed by authority of the State of Illinois.  The audit must be conducted in accordance with generally accepted government auditing standards adopted by the AICPA (1981).

 

2)         The Recipient may secure an independent audit of its grant/loan in the same manner as it secures its regular audits, provided it provides for maximum open and free competition.  The audit should be conducted as part of the Recipient's normal annual audit or, when the ending period of the audit covers the expenditure of all grant/loan funds, bi-annual audit.

 

3)         The Recipient shall work cooperatively with the audit firm selected; actively work with both the audit firm and the Department to resolve any and all audit findings; and work cooperatively with the Department's staff in preparing for, conducting, and resolving audits.

 

4)         Any Recipient receiving a grant will provide the Department with 6 copies of its annual audit which addresses Department grant(s).  In instances where the grant period or term does not coincide with the Recipient's fiscal year, two fiscal audit reports shall be forwarded to the Department.  Any Recipient receiving a loan will provide the Department with 3 copies of its audit which addresses funds expended under the Department's loan, within thirty days of its publication.

 

5)         The Department reserves the right to conduct special audits, including but not limited to an agency-wide audit, at any time during normal working hours of funds expended under Department grants/loans.

 

6)         Any independent public accounting firm that provides consultant services to a Recipient is prohibited from conducting an audit of that Recipient for the period during which services were rendered.

 

h)         Complaint Process – In the event of a Recipient complaint, the Department will follow the procedures outlined in the Administrative Review Law (Ill. Rev. Stat. 1985, ch. 110, pars. 3-101 et seq.).

 

i)          Nondiscrimination – The Recipient shall refrain from unlawful discrimination in employment and undertake affirmative action to assure equality of employment opportunity  and eliminate the effects of past discrimination  in accordance with the Illinois Human Rights Act (Ill. Rev. Stat. 1985, ch. 68, pars. 1-101 et seq.).

 

j)          Financial Management Standards – The Recipient's financial management system shall be structured under the Accounting Standards of the Financial Accounting Standards Board of the American Institute of Certified Public Accountants (AICPA) (June, 1984) to maintain control and accountability over grant/loan funds.

 

k)         Maintenance and Insurance of Property –  

 

1)         The Recipient shall at all times maintain the property provided as security for the loan in such condition and repair that the Department's security will be adequately protected.

 

2)         The Recipient shall maintain, during the term of the loan, adequate (at least covering the amount of the loan) hazard (e.g., tornado, hail, acts of God) insurance policies, covering fire and extended coverage for all such other hazards and issued by an insurance company authorized to do business in the State of Illinois with loss payee clauses in favor of the Department.

 

3)         The Recipient shall, if at any time during the life of the loan the Recipient's property is declared to be within a flood hazard area, purchase federal flood insurance if available.  Such insurance shall be equal to the amount of the loan.

 

4)         The Recipient shall maintain liability and worker's compensation insurance.  The Recipient shall provide written notice to the Department of any public hearing or meeting before any administrative or other public agency which may, in any manner, affect the chattel, personal property or real estate securing the loan.

 

(Source:  Section 590.70 renumbered from Section 590.15 and amended at 10 Ill. Reg. 19386, effective October 31, 1986)

 

Section 590.80  Purpose

 

Grants are available to assist municipalities and counties to fund the demolition of abandoned buildings for the purpose of making unimproved land available for purchase by businesses for economic development.

 

(Source:  Added at 13 Ill. Reg. 2028, effective February 6, 1989)

 

Section 590.81  Application Evaluation

 

The Department shall screen applications to determine that all application requirements specified in this Part have been met.  The evaluation will address the following technical criteria:

 

a)         Application Documentation

 

1)         The applicant municipality or county must provide an executed contract for sale between the owner of the property on which the abandoned building is located and the business.

 

2)         The applicant municipality or county must provide a copy of a court order to demolish the identified abandoned building.

 

3)         The application shall contain documentation to support the amount of funds requested.  This shall consist of copies of three separate bids for the demolition.  The amount of funds requested shall represent the lowest of the three bids.

 

4)         The business which has entered into the contract to purchase the property must be an eligible large business as defined in Section 590.10 of this Part and provide a written certification that pursuant to Section 10-3(i) of the Act, it will use the property for a project which is a new plant start-up or expansion or a new venture opportunity and is not an area relocation within the state.  In addition, the business must provide the appropriate documentation that a project will be undertaken, resulting in job creation.  The documentation requirements are outlined in Section 590.25 of this Part.

 

b)         Job Creation – The business project must result in new employment consistent with Section 590.30(a)(2) of this Part.  The application must further provide written commitment for job creation from the company which identifies the number of jobs to be created and the types of those jobs, and the time frame for job creation.

 

c)         Financial Evaluation Component

 

1)         The Department will conduct a review consistent with Section 590.30(d) of this Part.

 

2)         If a municipality or county receives such a grant, it must file a lien against the owner or owners of the demolished building(s) to recover expenses incurred in the demolition of such building(s).  Municipalities and counties must comply with Section 11-31-1 of the Illinois Municipal Code (Ill. Rev. Stat. 1987, ch. 24, par. 11-31-1) or Section 25.24 of "AN ACT to revise the law in relation to counties" (Ill. Rev. Stat. 1987, ch. 34, par. 429.8), whichever is applicable.  A copy of the court order must be submitted to the Department with the application.  The notice of first lien to recover costs and expenses must be filed within 60 days after such demolition.  Department funds will not be released until a copy of the lien is provided to the Department.

 

3)         Those costs and expenses incurred in the demolition by the county or municipality which are recoverable shall be recovered by the county or municipality and paid to the Department.  These funds shall be repaid to the Department in a lump sum upon the transfer of clear title from the property owner to the business.

 

4)         If within 120 days after the date of completion of the demolition these funds are not repaid to the Department, the lien shall be enforced by proceedings to foreclose, pursuant to Section 11-31-1 of the Illinois Municipal Code or Section 25.24 of "AN ACT to revise the law in relation to counties".

 

5)         In accordance with Section 10-3(i) of the Act, priority will be given to enterprise zones or those areas with high unemployment whose tax base is adversely impacted by the closing of existing factories.

 

(Source:  Added at 13 Ill. Reg. 2028, effective February 6, 1989)

 

Section 590.90  Purpose

 

The Department shall provide grants to or for the direct benefit of a business for the sole purpose of reducing the cost of financing a project. Funds shall be used to achieve an optimum effective interest rate for the total project, in cooperation with other funding sources.

 

(Source:  Added at 13 Ill. Reg. 2028, effective February 6, 1989)

 

Section 590.91  Application Cycle

 

Applications under this Program will be accepted throughout the year. The Department will supply interested applicants with an application package upon request.  The award of grants for interest write-downs is subject to the availability of funds in any given fiscal year.

 

(Source:  Added at 13 Ill. Reg. 2028, effective February 6, 1989)

 

Section 590.92  Evaluation Process

 

The Department shall screen all applications to determine that all application documentation has been submitted in accordance with Section 590.25.  Complete applications will be reviewed and evaluated by Department staff.  Applicants will be notified of deficiencies in applications and given an opportunity to correct such deficiencies through submission of additional documentation (see Sections 590.25 and 590.30).  This review and evaluation process will be completed within 45 days of the Department's receipt of a complete application.  Department staff will conduct an evaluation of each application to assure compliance with the requirements specified in the Act.  The evaluation will address the following technical criteria:

 

a)         Evidence of Need for Program Funds.

 

1)         It should be demonstrated, for example, that the firm has multi-state location options and that additional funds will be leveraged – to cover up to 75 percent of total project costs.  Types of allowable leverage financing are provided in Section 590.60 of this Part.

 

2)         The business project must create or retain at least 300 full-time equivalent jobs over a 24 month period.  The Director may waive the requirement for 300 jobs to be created for a large company meeting all other program criteria, as specified in the Act and this Part, but due to extenuating circumstances, cannot create 300 jobs (e.g., distressed community with unemployment rate which is considerably higher than state's average; area with limited economic development prospects as evidenced by prior and current development activities; funding would support business with potential to generate additional growth in area and creation of jobs as a result of spinoff businesses; funding needed to avert loss of the area's major source of employment, etc.).

 

b)        Project Implementation Readiness – The company must demonstrate project readiness consisting of commitments identifying loans and investments from all lenders and investors on letterhead, signed and dated; and a time schedule for immediate project initiation.

 

c)         Job Creation – The application must provide evidence of job creation including written assurance from the company which identifies the number of jobs to be created/retained; identification of the types of jobs created/retained; evidence that jobs created/retained will generate additional wealth for the community (e.g., final goods or services produced are sold in markets outside Illinois or goods or services produced and sold locally substitute for those imported from outside the State) – these types of jobs will receive some preference; and evidence that the project to be undertaken has the potential to create substantial employment.  A project with a higher ratio will be considered for funding if the application demonstrates severe need (e.g., distressed community with an unemployment rate which is considerably higher than the state's average; area with limited economic development projects as evidenced by prior and current development activities; funding would support business with potential to generate additional growth in area and creation of jobs as a result of spinoff businesses; funding needed to avert loss of the area's major source of employment, etc.).

 

d)        Financial Evaluation Component – The company's financial statements, including the annual balance sheets and profit and loss statements for the past three years and the most recent ninety days, a three year projected balance sheet and profit and loss statement, and a one year monthly cash flow statement.  A comprehensive business plan or company annual reports may be submitted in lieu of the aforementioned material.  These statements will be reviewed through a standard credit analysis which will determine the:  liquidity and debt coverage for the project, ability of the company to manage debt, business trends, and projected earnings.  This data will be compared to similar data for companies in the same industry using the 1988 (no later amendments or editions included) "RMA Annual Statement Studies" (published by Robert Morris Associates, P.O. Box 8500, S-1140, Philadelphia, PA 19178) , or a comparable source which more closely matches the applicant's business operation if the applicant's industry is evaluated by such source. This standard credit analysis will determine the financial stability of the company in accordance with Section 10-5 of the Act.

 

(Source:  Amended at 14 Ill. Reg. 19154, effective November 26, 1990)

 

Section 590.93  Funding Limitations

 

In accordance with Section 10-4 of the Act, the Director will waive the funding limitations governing the amount of the grant and percentage of leverage when it is determined that these funding limitations would prohibit an otherwise approved project, in accordance with Sections 590.30 and 590.40 of Subpart A, and subsequent job creation/retention from occurring.  This determination will be based on such factors as:  distressed community with an unemployment rate which is higher than the State's average; area with limited economic development projects; funding would support business with potential to generate additional growth in the area and creation of jobs as a result of spinoff businesses; funding is needed to avert loss of the area's major source of employment, etc.

 

(Source:  Added at 13 Ill. Reg. 2028, effective February 6, 1989)