HB3706 Summary: University Park Development Authority Act

• Creates the University Park Development Authority as a political subdivision and municipal corporation with jurisdiction over the Village of University Park and any annexed properties to promote redevelopment of vacant and underutilized commercial, industrial, and residential real property.

• Establishes a 5-member Board of Directors consisting of 3 members appointed by the Mayor of University Park and 2 appointed by the Governor, with staggered 6-year terms beginning in 2027-2029 and requires members to have experience in economic development, finance, banking, real estate, business management, or community development.

• Authorizes the Authority to issue revenue bonds up to $200,000,000 to develop, construct, acquire, or improve projects including residential, industrial, commercial, and freight-oriented developments, with bonds subject to supervision by the Illinois Finance Authority.

• Grants the Authority broad powers to assemble and prepare parcels for development, oversee environmental remediation, market properties, enter into contracts and intergovernmental agreements, and acquire, lease, or dispose of real and personal property.

• Dissolves the Authority upon the later of 15 years from the effective date or one year after all revenue bonds and indebtedness are fully paid and discharged, with all remaining property passing to the State of Illinois.