IL HB5242

Amends the Brownfields Redevelopment and Intermodal Promotion Act to change the name of the "South Suburban Brownfields Redevelopment Increment Fund" to "South Suburban Brownfields Redevelopment Fund" throughout relevant sections.

Maintains the $3,000,000 annual cap on tax increment transfers to the Fund, with excess revenues retained by the State and unused funds eligible for rollover to subsequent fiscal years.

Adds language requiring the Managing Partner to operate "subject to the laws and rules of the State and the government of Cook County" when exercising powers and duties related to program administration.

Establishes specific programmatic goals requiring at least 30% of labor hours be performed by minority group members residing in zone municipalities and at least 20% of contract dollar value be held by local minority-owned firms.

Requires the Managing Partner to publish annual reports detailing minority hiring and contracting results, with explanation of concrete steps if programmatic goals are not met.