Sec. 30. Agreements with applicants.

230 words·~1 min read·/il/chapter-30/act-743/30

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

Sec. 30. Agreements with applicants. The Department shall enter into an agreement with an eligible developer who is entitled to grants under this Act. The agreement must include all of the following:

(1)A detailed description of the project that is the subject of the agreement,

including the location of the project, the number of jobs created by the project, and project costs. For purposes of this subsection, "project costs" includes the cost of the project incurred or to be incurred by the eligible developer, including infrastructure costs, but excludes the value of State or local incentives, including tax increment financing and deductions, credits, or exemptions afforded to an employer located in an enterprise zone.

(2)A requirement that the eligible developer shall maintain operations at the project

location, stated as a minimum number of years not to exceed 10 years.

(3)A specific method for determining the number of new employees attributable to the

project.

(4)A requirement that the eligible developer shall report on a quarter annual basis to

the Department and the Department of Revenue the number of new employees and the incremental income tax withheld in connection with the new employees.

(5)A provision authorizing the Department to verify with the Department of Revenue the

amounts reported under paragraph (4).

(6)A provision authorizing the Department of Revenue to audit the information reported

under paragraph (4).