Illinois Administrative Code
Title 14 - COMMERCE
Part 524 - RIVER EDGE REDEVELOPMENT ZONE PROGRAM
Subpart C - AMENDMENT AND DECERTIFICATION
Section 524.230 - Application to Change Incentives, Alter Termination Date, and Make Technical Corrections
Universal Citation: 14 IL Admin Code ยง 524.230
Current through Register Vol. 48, No. 38, September 20, 2024
a) Application to Expand, Limit, or Repeal Incentives
1) Changing Incentives. An applicant shall
apply on forms provided by the Department to expand, limit, or repeal the
incentives provided in the ordinance and shall comply with the procedures
described in Section 10-5.4 of the Act.
2) Continuation of Incentives. Section
10-5.4(e) and (f) of the Act provide that all incentives and benefits
previously offered shall continue for the original term of the zone for three
groups:
A) Businesses in the River Edge
Redevelopment Zone that are receiving benefits or incentives in the zone on the
effective date of the amending ordinance;
B) Businesses in the zone or expansions that
are proposed or under development on the effective date of the amending
ordinance, if the business demonstrates that:
i) The proposed business development or
expansion has been committed to locating or expanding in the zone;
ii) Substantial and binding financial
obligations have been made towards the development of the River Edge
Redevelopment; and
iii) Commitments
have been made in reasonable reliance on the benefits and programs that were to
have been applicable to the River Edge Redevelopment by reason of the zone,
including, in the case of reduction in the term of a zone, the original term of
the zone.
3)
Local Government Duties. With respect to businesses that are already receiving
River Edge Redevelopment Zone benefits, the local government has the
responsibility to attempt to inform eligible businesses through public notice
or mailings and to take administrative steps necessary to assure
compliance.
4) Evidence of
Financial Commitment. Evidence of commitment under subsection (a)(2)(B)(ii)
shall include, but not be limited to: internal memoranda; purchase orders;
construction plans and schematics; evidence of financial commitment from
financial institutions and/or State, local or federal governments, and written
contracts. Proposed business locations or expansions shall also demonstrate
reliance on River Edge Redevelopment Zone benefits by applying for the
incentives.
b) Application to Alter Termination Date
1)
Altering Termination Date. An applicant shall apply on forms provided by the
Department to alter the termination date provided in the ordinance and shall
comply with the procedures described in Section 10-5.4 of the Act.
2) Reducing Duration of Zone. If the
amendatory ordinance reduces the duration of the River Edge Redevelopment Zone,
the "benefit entitlement" described in Section 10-5.4(e) and (f) of the Act and
subsections (a)(2)(A) and (B) shall apply.
c) Application to Make Technical Corrections
1) An applicant shall apply to the Department
to make a technical correction in the ordinance, on forms provided by the
Department, and shall comply with the procedures described in Section 10-5.4 of
the Act.
2) A "technical
correction" shall mean a non-substantive change that corrects or clarifies the
wording, terms, or conditions of a River Edge Redevelopment Zone. A technical
correction is not one that affects any rights or privileges accorded to
residents of the zone.
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