(30 ILCS 750/11-7) (from Ch. 127, par. 2711-7)
Sec. 11-7. Government or Non-Profit Organization Sponsored Incubator.
(a) In designating small business incubators sponsored by a unit of local government or non-profit organization, priority shall be given to those proposals that the Department determines:
(1) Are sponsored by a local governmental unit or
non-profit organization which agrees to contribute monetarily or in-kind;
(2) Consist of an unoccupied or nearly unoccupied
building or group of buildings on a contiguous site, an unimproved or partially improved site, or an existing incubator facility;
(3) Have a financial commitment of at least 50% of
the projected costs for the establishment and administration of a building in a manner suitable for occupancy by small firms;
(4) Have a financial commitment for the projected
unreimbursed costs of maintenance of the incubator for the first 3 years; unreimbursed costs of maintenance meaning total operating costs, excluding costs of administration, less rental receipts;
(5) Are supported by local representatives of
business, labor and education;
(6) Will generate a significant number of jobs;
(7) Will provide the benefits and services identified
in Section 11-3, including mechanisms to provide detailed management assistance to start-up firms; and
(8) Include local funding commitments to assist in
the financing of start-up firms.
(b) During the first 5 years of operation of an incubator designated pursuant to subsection (a) the Department may provide funding, subject to appropriation, for no more than 50% of the costs of establishment and administration and development and operation.
(c) The Department may provide ongoing funding for an incubator located in an area that qualifies for assistance under the Financially Distressed City Law.
(Source: P.A. 87-558.)
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Last modified: February 18, 2015