General Assembly approves legislation to promote economic development in central Illinois      

[APRIL 7, 2006]  SPRINGFIELD -- The Illinois General Assembly recently approved legislation to create a Central Illinois Economic Development Authority, reported state Sen. Larry Bomke, R-Springfield, co-sponsor of the legislation.

The development authority is charged with promoting 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," said Bomke. "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.

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, property acquisition and improvements, and also for entering into venture capital agreements.

House Bill 4147 will now proceed to the governor for final approval.

[News release from Illinois Senate Republicans]