(30 ILCS 750/11‑3) (from Ch. 127, par. 2711‑3)
Sec. 11‑3. Incubator Benefits. A small business incubator shall provide the following benefits to its tenants:
(a) Physical space within the incubator;
(b) Business and management assistance, agreed upon by the sponsor and the Department, which may include access to local experts in professional areas such as bookkeeping, legal services, accounting, financing, product marketing, engineering and other business support services;
(c) Facility services, agreed upon by the sponsor and the Department, available within the incubator which may include but are not limited to typing and reception; cleaning and building security; conference, laboratory and library facilities; and duplicating machines, computers and other electronic equipment; and
(d) As determined by the sponsor, certain professional services which focus on but are not limited to: information on government small business regulations; basic management skills; detailed advertising, promotion, marketing and sales information; control of inventory levels; recruitment of employees; labor relations; and financial counseling in areas such as venture capital, risk management, taxes, insurance and qualifying for government small business loans.
(Source: P.A. 84‑109.) |
(30 ILCS 750/11‑4) (from Ch. 127, par. 2711‑4)
Sec. 11‑4. Community Advisory Board. (a) A local governmental unit, non‑profit organization or educational institution that desires to have an unoccupied or nearly unoccupied building or site designated, in whole or in part, as a small business incubator shall appoint, in conjunction with local governmental units, educational institutions, private individuals or organizations or other entities that agree to contribute monetarily or in‑kind to the incubator, a Community Advisory Board to perform the duties required of the Board by this Article.
(b) A local governmental unit, non‑profit organization or educational institution may designate the board of an existing, consenting economic development entity, such as a local development corporation or a chamber of commerce, as the Community Advisory Board.
(c) The Community Advisory Board shall be of a size that the appointing body determines to be appropriate. The members of the Community Advisory Board shall consist of representatives from key segments of the community, including but not limited to government, finance, business, labor and education. The Board shall elect from its members a chairperson.
(d) An existing board of an economic development entity designated as a Community Advisory Board pursuant to subsection (b) must meet the composition requirements of subsection (c).
(e) Community Advisory Board members shall serve without compensation and shall serve at the pleasure of the appointing body or until the Community Advisory Board's task is completed, whichever occurs first.
(Source: P.A. 84‑109.) |
(30 ILCS 750/11‑6) (from Ch. 127, par. 2711‑6)
Sec. 11‑6. Feasibility Study and Petition. (a) After filing a notice with the Department pursuant to Section 11‑5, the Community Advisory Board, with the advice of the Department, shall conduct, complete and deliver to the Department, within time lines given by the Department, an in‑depth incubator feasibility study. The study shall include but not be limited to all of the following factors:
(1) Costs of establishment of the incubator such as necessary lease, purchase, renovation or construction costs associated with the site and structures;
(2) Estimated costs of maintenance of the site and structures including utility costs and costs of financing;
(3) Estimated wage and salary rates for the incubator manager and related administrative costs;
(4) Estimated costs of providing incubator benefits identified in Section 11‑3;
(5) Estimated income from the incubator including the estimated rental fees collected from lessees within the incubator, the estimated annual local cash subsidies, the value of in‑kind services, the value of anticipated grants from other sources and the amount of Department funds requested;
(6) Prospects of attracting suitable businesses to the incubator and the ability of the community to develop and market the incubator; and
(7) The ability of the community to provide necessary support for the incubator, including but not limited to technical assistance and training, assistance in attracting employees, assistance in locating prospective tenants and assistance in business start‑up financing.
(b) If, after performing the duties required by subsection (a), the Board determines that a designation of the property under consideration as a small business incubator is desirable, the Board shall transmit a completed copy of the feasibility study to the Department along with a petition from the local governmental unit, non‑profit organization or educational institution requesting designation of the incubator.
(Source: P.A. 84‑1124.) |
(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.) |
(30 ILCS 750/11‑3) (from Ch. 127, par. 2711‑3)
Sec. 11‑3. Incubator Benefits. A small business incubator shall provide the following benefits to its tenants:
(a) Physical space within the incubator;
(b) Business and management assistance, agreed upon by the sponsor and the Department, which may include access to local experts in professional areas such as bookkeeping, legal services, accounting, financing, product marketing, engineering and other business support services;
(c) Facility services, agreed upon by the sponsor and the Department, available within the incubator which may include but are not limited to typing and reception; cleaning and building security; conference, laboratory and library facilities; and duplicating machines, computers and other electronic equipment; and
(d) As determined by the sponsor, certain professional services which focus on but are not limited to: information on government small business regulations; basic management skills; detailed advertising, promotion, marketing and sales information; control of inventory levels; recruitment of employees; labor relations; and financial counseling in areas such as venture capital, risk management, taxes, insurance and qualifying for government small business loans.
(Source: P.A. 84‑109.) |
(30 ILCS 750/11‑4) (from Ch. 127, par. 2711‑4)
Sec. 11‑4. Community Advisory Board. (a) A local governmental unit, non‑profit organization or educational institution that desires to have an unoccupied or nearly unoccupied building or site designated, in whole or in part, as a small business incubator shall appoint, in conjunction with local governmental units, educational institutions, private individuals or organizations or other entities that agree to contribute monetarily or in‑kind to the incubator, a Community Advisory Board to perform the duties required of the Board by this Article.
(b) A local governmental unit, non‑profit organization or educational institution may designate the board of an existing, consenting economic development entity, such as a local development corporation or a chamber of commerce, as the Community Advisory Board.
(c) The Community Advisory Board shall be of a size that the appointing body determines to be appropriate. The members of the Community Advisory Board shall consist of representatives from key segments of the community, including but not limited to government, finance, business, labor and education. The Board shall elect from its members a chairperson.
(d) An existing board of an economic development entity designated as a Community Advisory Board pursuant to subsection (b) must meet the composition requirements of subsection (c).
(e) Community Advisory Board members shall serve without compensation and shall serve at the pleasure of the appointing body or until the Community Advisory Board's task is completed, whichever occurs first.
(Source: P.A. 84‑109.) |
(30 ILCS 750/11‑6) (from Ch. 127, par. 2711‑6)
Sec. 11‑6. Feasibility Study and Petition. (a) After filing a notice with the Department pursuant to Section 11‑5, the Community Advisory Board, with the advice of the Department, shall conduct, complete and deliver to the Department, within time lines given by the Department, an in‑depth incubator feasibility study. The study shall include but not be limited to all of the following factors:
(1) Costs of establishment of the incubator such as necessary lease, purchase, renovation or construction costs associated with the site and structures;
(2) Estimated costs of maintenance of the site and structures including utility costs and costs of financing;
(3) Estimated wage and salary rates for the incubator manager and related administrative costs;
(4) Estimated costs of providing incubator benefits identified in Section 11‑3;
(5) Estimated income from the incubator including the estimated rental fees collected from lessees within the incubator, the estimated annual local cash subsidies, the value of in‑kind services, the value of anticipated grants from other sources and the amount of Department funds requested;
(6) Prospects of attracting suitable businesses to the incubator and the ability of the community to develop and market the incubator; and
(7) The ability of the community to provide necessary support for the incubator, including but not limited to technical assistance and training, assistance in attracting employees, assistance in locating prospective tenants and assistance in business start‑up financing.
(b) If, after performing the duties required by subsection (a), the Board determines that a designation of the property under consideration as a small business incubator is desirable, the Board shall transmit a completed copy of the feasibility study to the Department along with a petition from the local governmental unit, non‑profit organization or educational institution requesting designation of the incubator.
(Source: P.A. 84‑1124.) |
(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.) |