(30 ILCS 750/11-8) (from Ch. 127, par. 2711-8)
Sec. 11-8. Educational Institution Sponsored Incubator. (a) In designating small business incubators sponsored by an educational institution, priority shall be given to those proposals the Department determines:
(l) Are sponsored by an educational institution which agrees to contribute monetarily or in kind;
(2) Consist of an existing incubator facility, an unoccupied or nearly unoccupied building or group of buildings on a contiguous site or unoccupied or nearly unoccupied property or unimproved or partially improved site in close proximity to the sponsoring educational institution;
(3) Have a financial commitment of at least 25% of the projected costs for the establishment and administration of a site in a manner appropriate for commercial or industrial use by advanced technology firms, including the costs of necessary laboratory structures and establishing a structure suitable for occupancy by small and medium sized advanced technology firms;
(4) Have a financial commitment for the 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 government;
(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 3 years of operation of an incubator designated pursuant to subsection (a), the Department may provide funding subject to appropriation, for not more than 75% of the costs of establishment and administration and development and operation.
(Source: P.A. 84-1124.)
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Last modified: February 18, 2015