Ill. Admin. Code tit. 74 § 1100.400

Current through Register Vol. 48, No. 45, November 8, 2024

Section 1100.400 - Purpose; Definitions; Incorporation by Reference

a) The Illinois Development Action Grant Program provides financial assistance to municipalities experiencing severe economic distress in order to stimulate economic development activities needed to aid in economic recovery. Under this program, grants are made to municipalities to support housing, commercial, and industrial projects which have as their primary objective the development of viable urban communities. Private investment in proposed projects is required. The creation or retention of employment and other economic opportunities for low and moderate income persons and the revitalization of distressed areas are principal goals of the program.

b) Definitions

Words defined in the Illinois Finance Authority Act and in Section 1100.50 have the same meaning when used in this Subpart unless a more specific definition is prescribed in this Section. This Section establishes additional definitions for use in this Subpart only.

"Application" means the application for the use of program funds for a particular project.

"Corporate Authorities" means the city council or similar body when the reference is to cities, the board of trustees or similar body when the reference is to villages or incorporated towns, and the council when the reference is to municipalities under the commission form of municipal government.

"Grant" means a grant awarded to a municipality under this program.

"Leveraging Ratio" means the number resulting from the division of the total amount of private sector commitments or other non-program commitments generated by the project by the amount of the grant requested for the project. Funds to be counted toward the private sector commitment include all types of capital investment to be expended as a direct result of the grant, including private investment (equity participation, internally generated funds, conventional financing, Small Business Administration guaranteed loans, tax exempt revenue bonds, etc.) and loans or grants made by units or agencies of municipal, state, or federal government, other than the Authority. Examples of commitments include written commitments of a financial institution or other entity to make a loan or grant for a particular project, or executed loan contracts or grant agreements.

"Low Income" means income of persons whose annual income does not exceed 50% of the median income for the metropolitan statistical area in which the project is located, with adjustments for larger and smaller families, as specified in Table A of this Part.

"Metropolitan Statistical Area" means a metropolitan statistical area as determined by the United States Office of Management and Budget as of June 30, 1985, and published in the 1986 Statistical Abstract of the United States, United States Department of Commerce, Bureau of the Census.

"Moderate Income" means income of persons whose annual income does not exceed 80% of the median income for the metropolitan statistical area in which the project is located, with adjustments for larger and smaller families, as specified in Table A of this Part.

"Municipality" means a city, village or incorporated town in the State of Illinois.

"Primary Developer" means the non-governmental project participant who has primary responsibility for the planning, organization, development and completion of the project.

"Program" means the Illinois Development Action Grant Program.

"Project" means the group of integrally related activities which are to be carried out by all public and private participating parties, as listed in the agreement relating to the project.

c) Incorporation by Reference

All materials incorporation by reference in this Subpart are incorporated as of the date specified and include no later amendments or editions.

Ill. Admin. Code tit. 74, § 1100.400

Recodified from 14 Ill. Adm. Code 1200.100, 110 and 120 at 31 Ill. Reg. 12104