IL SB0352

Amends the River Edge Redevelopment Zone Act to create a new Riverfront Development Fund that receives monthly transfers of incremental income tax withheld from new employees of eligible employers in river edge redevelopment zones within financially distressed cities.

Authorizes the Department of Commerce and Economic Opportunity to make infrastructure grants to eligible developers from the Riverfront Development Fund during fiscal years 2011 through 2020, with maximum grant amounts of $3,000,000 per fiscal year or the total infrastructure costs incurred, whichever is less.

Requires eligible developers to enter into agreements with the Department that specify project details, job creation numbers, infrastructure costs, minimum operational period (not exceeding 10 years), and monthly reporting requirements on new employees and incremental income tax withholdings.

Defines "new employee" as a full-time employee hired after the agreement is entered, excluding employees filling existing positions, transferred employees from related entities, and family members with 5% or greater ownership interests in the employer.

Establishes that the Department of Revenue shall certify incremental income tax amounts monthly for transfer to the Riverfront Development Fund, which can only be distributed for infrastructure projects that are subjects of executed agreements.