IL SB2160

Creates the Community Investment Corporation Development Act to establish a Community Investment Corporation Development Commission within the Department of Commerce and Economic Opportunity.

Defines community investment corporations as for-profit, citizen-owned real estate development entities located in American Bottoms communities (Alorton, Brooklyn, Cahokia, Centreville, East St. Louis, Fairmont City, Granite City, Hartford, Madison, Venice, and Washington Park).

Establishes an 11-member Commission appointed by the Governor with Senate consent, with initial staggered terms of 1-4 years and subsequent 4-year terms; requires 6 members for quorum and operations under Open Meetings Act.

Commission shall make annual recommendations to Governor and General Assembly regarding establishment and operation of community investment corporations, including policies on governance, tax exemptions, shareholder rights, and local referenda procedures.

Department shall develop and maintain a grant program for communities establishing community investment corporations, with Commission seeking funding from local, state, federal, and private sources; creates Community Investment Corporation Fund in State treasury for deposit of received funds.