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State
Sen.
Larry Bomke, R-Springfield, is a co-sponsor of the bill,
which seeks to promote economic development within a number of
central Illinois counties, including Sangamon, Menard, Logan, Macon,
Macoupin, Calhoun, Greene, Jersey, Christian, DeWitt and Montgomery.
"The state has a responsibility to help foster a favorable business
climate and stimulate job opportunities for the people of Illinois,"
Bomke said. "There are currently seven existing regional economic
development authorities operating in Illinois that encourage this
kind of development, and we felt central Illinois would also benefit
from this type of organization. It's my hope that the creation of an
economic development authority will help create more jobs and
revitalize many central Illinois communities."
House Bill 4147 outlines the powers and duties of the authority,
including the establishment of an 11-member board. The legislation
allows the authority to acquire, own, sell and lease real property,
and also allows the authority to issue bonds up to $250 million.
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 The Central Illinois Economic Development Authority will be
composed of 12 members, who are required to reside within the area.
Three will be appointed by the governor, pending approval by the
Senate, and the county board chairman of each county in the
authority will also appoint a board member. The members will serve
staggered, six-year terms and will not be compensated for their
service.
The board will be responsible for promoting and financing
industrial, commercial, residential, service, transportation,
airport, and recreational activities and facilities. The board will
also be allowed, after receiving the governor's approval, to issue
up to $250 million in bonds for construction and improvement
projects, for property acquisition and improvements, and also for
entering into venture capital agreements.
House Bill 4147 will now proceed to the House of Representatives
for concurrence. If the House approves the legislation, the bill
will be sent to the governor for final approval.
[News release from
Illinois
Senate Republicans]
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