Illinois § 180

§ 180.

Innovation center. The Board of Trustees, directly or in cooperation with the University of Illinois at Springfield Innovation Center partners, which shall consist of other institutions of higher education, not-for-profit organizations, businesses, and local governments, may finance, design, construct, enlarge, improve, equip, complete, operate, control, and manage a University of Illinois at Springfield Innovation Center (UIS Innovation Center), which is a facility or facilities dedicated to fostering and supporting innovation in academics, entrepreneurship, workforce development, policy development, and non-profit or philanthropic activities. Notwithstanding any other provision of law, the UIS Innovation Center (1) may be located on land owned by the Board of Trustees or a University of Illinois at Springfield Innovation Center partner; and (2) shall have costs incurred in connection with the design, construction, enlargement, improvement, equipping, and completion of the business incubation and innovation facilities paid with funds appropriated to the Capital Development Board from the Build Illinois Bond Fund for a grant to the Board of Trustees for the UIS Innovation Center. If the UIS Innovation Center is located on land owned by a University of Illinois at Springfield Innovation Center partner, the Board of Trustees must have an ownership interest in the facility or facilities or a portion thereof. An ownership interest shall bear a reasonable relationship to the proportional share of the costs paid by such grant funds for a term equal to at least the useful life of the innovation facilities. (Source: P.A. 103-588, eff. 6-5-24; 104-417, eff. 8-15-25.)