Illinois Administrative Code
Title 14 - COMMERCE
Part 560 - ILLINOIS SMALL BUSINESS INCUBATOR PROGRAM
Section 560.35 - Content of Application
Universal Citation: 14 IL Admin Code § 560.35
Current through Register Vol. 48, No. 52, December 27, 2024
The following identified information to be included in the application:
a) Need and Impact of the Project
1) Feasibility Study/Needs Analysis -
a summary of the results of the Community Advisory Board Analysis and
information which demonstrates adequate local interest to generate
tenants.
2) Potential Tenants -
identification of the number and type of firms expected to become tenants
within the incubator (light manufacturing, professional services, research and
development, etc.) and listing of at least five firms which have been
interviewed and are potentially prepared to become tenants.
3) Projected Employment - given the program's
purpose of creating permanent jobs for the Illinois economy, an estimate of the
number and types of jobs to be created by the incubator in 12 months, in 24
months and the hourly wage.
b) Proposed Site and Building
1) Location and Building information - a
discussion of the general building conditions, existing amenities, zoning
classifications, leases/purchase arrangements, past history of the structure,
etc.
2) Description of Equipment
and Furnishings (If Applicable) - an identification of major classes of
equipment and furnishings to be acquired with proceeds of the Department's loan
or grant. For each equipment item, whether it is new (N) or used (U); the
useful life of the equipment, and the lower of actual cost of fair market value
must be indicated.
3) Documentation
- copies of appraisals, deeds, leases, floor plans, photographs, and a site
map, as exhibits. The site map should illustrate the location of any floodplain
areas. For all purchases of equipment and furnishings, the contractor,
engineer, or architect's cost estimates must be provided.
c) Incubator Management Information
1) Implementation Schedule - a listing of the
primary project activities and an outline of the implementation schedule of the
project.
2) Organizational History
- a short organizational history of the incubator sponsor which demonstrates
the capability to successfully manage the facility.
3) Incubator Management - a detailed resume
for the individual responsible for day-to-day management of the incubator
facility which includes past employment, educational background, and general
accomplishments.
4) Marketing Plan
- information on the marketing plan for the incubator and the methods to be
used to recruit businesses.
5)
Information Exchange - description of the process to facilitate the exchange of
information/resources among tenants.
6) Tenant Entry/Exit Procedures - a
description of procedures that will be followed when considering tenant
selection. As a supplement, the actual tenant application form and tenant
selection procedures must be submitted.
7) Reporting Requirements - a description of
applicants understanding of periodic progress reports required to be submitted
to the Department.
8) Business
Management and Professional Services - a listing, as appropriate, of the types
of assistance to be provided to the small business tenants, the amount of the
fee collected, and the organization providing services.
9) Facility Services - an identification of
all facility services to be offered to incubator tenants (e.g., duplicating
services, conference rooms, clerical services, etc.).
d) Budget
1) Source and Use of Funds - an
identification of financing resources available and how they will be used, and
a brief description of the type of collateral and guarantee to be offered for
the Department's loan. The Department will pay up to 50% of the cost of a local
incubator project. The remaining cost must be met by local revenues.
A) Acquisition costs include land/site costs
and building acquisition costs. Renovation costs include plumbing,
heating/cooling, plastering/painting, electrical, water/septic, fire
protection, architectural engineering, insulation/weatherization, legal,
appraisal, and construction interest costs.
B) Equipment and furnishings include those
items of equipment required to provide facility services such as typing,
reception, shipping and receiving, etc., for incubator tenants.
C) Operational costs include utilities,
telephone, repair and maintenance, taxes, if any, insurance, equipment and
rental and accounting, legal and advertising expenses.
D) Incubator management costs include
salaries, fringe benefits, payroll taxes, supplies and travel costs.
E) Business management assistance costs
include costs of counseling and training necessary to provide business and
management assistance and professional services to incubator tenants.
2) Collateral and
Guarantees
3) Requests for Loan
Deferral or Waiver
4) Incubator
Facility Expenses and Earnings for Three Years - statement which includes total
income (rental income, other income, grants (list)) less total expenses
(acct/legal/adv., utilities, telephone, repair/maintenance, taxes, insurance,
equipment rental, salaries, fringes, payroll taxes, office supplies, travel,
other (specify)) which equals net profit.
5) Tenant Financing Pool - a description of
arrangements made to provide a source of financing for the incubator tenants
and, where possible, a listing of sources and dollar amounts.
6) Letters of Commitment - as an exhibit, any
firm letters of commitment, grant award notices, etc. for financial commitment
to the incubator project.
7) Cash
Needs Plan - a list of estimated dates and fund amounts needed to meet the cash
needs of proposed project; State funds used to fund this incubator program will
be distributed by the Department in monthly allotments.
e) Application Certifications
1) Farmland Preservation - certification that
the incubator project is compatible with established state policy regarding
farmland preservation pursuant to the Farmland Preservation Act (Ill. Rev.
Stat. 1983, ch. 5, pars. 1301 et seq.).
2) Floodplain - certification that the
project will comply with the Flood Disaster Protection Act of 1973 (42 U.SC.
4001 et seq. (1984)) and Executive Order 79-4, effective June 1, 1979 which
requires special environmental procedures if any activities will be carried out
in a flood hazard area.
3)
Prevailing Wage - certification that the provisions of the wages of Employees
on Public Works (Ill. Rev. Stat. 1979, ch. 48, Sec. 39s-1 et seq.) and the
Preference to Citizens in Public Works Project (Ill. Rev. Stat. 1979, Ch. 48,
Sec. 269 et seq.) will apply to the proposed project and that construction cost
estimates have taken into account the effect of those Acts.
4) Non-Discrimination - certification that
the applicant shall not discriminate against any employee or applicant for
employment because of race, color, religion, sex, or national origin.
Disclaimer: These regulations may not be the most recent version. Illinois may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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