General
Assembly approves legislation to promote economic development in
central Illinois
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[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.
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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.
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![](http://archives.lincolndailynews.com/2006/Apr/07/images/ads/current/statebank.gif) 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]
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