Illinois Administrative Code
Title 86 - REVENUE
Part 4000 - STAR BONDS
Subpart C - STAR BOND PROJECT
Section 4000.301 - Feasibility Study
Current through Register Vol. 48, No. 38, September 20, 2024
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:
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.