Illinois § 5-25

§ 5-25.

Review of Application. (a) (Blank). (b) The Department shall determine which projects will benefit the State. In making its recommendation that an Applicant's application for Credit should or should not be accepted, which shall occur within a reasonable time frame as determined by the nature of the application, the Department shall determine that all the following conditions exist: (1) The Applicant's project intends, as required by subsection (b) of Section 5-20 to make the required investment in the State and intends to hire the required number of New Employees in Illinois as a result of that project. (2) The Applicant's project is economically sound and will benefit the people of the State of Illinois by increasing opportunities for employment and strengthen the economy of Illinois. (3) The Applicant has certified that, if not for the Credit, the project would not occur in Illinois. (4) A cost differential is identified, using best available data, in the projected costs for the Applicant's project compared to the costs in the competing state, including the impact of the competing state's incentive programs. The competing state's incentive programs shall include state, local, private, and federal funds available. This paragraph (4) applies only to agreements entered into before the effective date of this amendatory Act of the 102nd General Assembly. (5) The political subdivisions affected by the project have committed local incentives with respect to the project, considering local ability to assist. (6) Awarding the Credit will result in an overall positive fiscal impact to the State, as certified by the Department using the best available data. (7) The Credit is not prohibited by Section 5-35 of this Act. (Source: P.A. 102-330, eff. 1-1-22; 102-1125, eff. 2-3-23.)