IL HB3700

Creates the Metro East Development Authority to develop and revitalize depressed areas in Madison, Monroe, Randolph, and St. Clair counties.

Authority composed of 12 members including directors from Department of Commerce and Economic Opportunity, Illinois Housing Development Authority, Illinois Development Finance Authority, 2 members appointed by each county board chairperson, and 1 member appointed by the Governor with Senate consent.

Authority has power to acquire property, issue revenue bonds (up to 20 years maturity), demolish buildings, construct infrastructure, lease or sell property, and develop comprehensive redevelopment plans for blighted areas.

Authority must conduct initial studies identifying blighted areas, hold public hearings, create advisory committees, and obtain two-thirds majority approval for redevelopment plans; final plans subject to judicial review under Administrative Review Law.

Authority's bonds are not obligations of the State or local governments; revenue bonds can only be issued if State agencies and counties are first offered opportunity to issue bonds within 6 weeks.