Ill. Admin. Code tit. 86 § 4000.301

Current through Register Vol. 48, No. 44, November 1, 2024

Section 4000.301 - Feasibility Study

a) Any political subdivision considering a STAR bond project within a STAR bond district shall notify the Department, which shall cause to be prepared an independent feasibility study by a feasibility consultant with certified copies provided to the political subdivision, the Director and the Department of Commerce and Economic Opportunity. The feasibility consultant, along with the independent economist and any other consultants commissioned to perform the studies and other analysis required by the feasibility study, shall be selected by the Director with the approval of the political subdivision. The consultants shall be retained by the Director and the Department shall be reimbursed by the master developer for the costs to retain the consultants. The request for proposal issued under the Illinois Procurement Code [30 ILCS 500 ] by the Director shall provide that any consultant retained under this subsection (a) must be from a nationally recognized firm. The feasibility study shall include all of the following:

1) the estimated amount of pledged STAR revenues expected to be collected in each year through the maturity date of the proposed STAR bonds;

2) a statement of how the jobs and taxes obtained from the STAR bond project will contribute significantly to the economic development of the State and region;

3) visitation expectations;

4) the unique quality of the project;

5) an economic impact study;

6) a market study;

7) integration and collaboration with other resources or businesses;

8) the quality of service and experience provided, as measured against national consumer standards for the specific target market;

9) project accountability, measured according to best industry practices;

10) the expected return on State and local investment that the STAR bond project is anticipated to produce; and

11) an anticipated principal and interest payment schedule on the STAR bonds. [50 ILCS 470/20(b) ]

b) In order to properly complete the feasibility study, the political subdivision and the master developer shall cooperate fully with the consultants so that they have full access to the necessary financial and other data of the political subdivision, the master developer and the proposed tenants of the STAR bond project.

Ill. Admin. Code tit. 86, § 4000.301