Illinois 2025-2026 Regular Session

Illinois House Bill HB1775 Compare Versions

Only one version of the bill is available at this time.

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1	1	104TH GENERAL ASSEMBLY State of Illinois 2025 and 2026 HB1775 Introduced , by Rep. Thaddeus Jones SYNOPSIS AS INTRODUCED: New Act30 ILCS 105/5.1030 new Creates the Black Wall Street Program Act. Requires the Department of Commerce and Economic Opportunity to create and administer the Black Wall Street Program to provide loans and financial assistance to designated communities for the creation of Black Wall Street Business Districts. Specifies further requirements concerning Program eligibility and the disbursement of loan funds under the Program. Requires each municipality receiving a loan under the Program to establish a municipal investment program by which loan funds are disbursed to qualified African American business entities and persons for the purpose of establishing Black Wall Street Business Districts. Allows for the use of loan funds to invest in, issue, or sell bonds for the purpose of the construction of Black Wall Street Business Districts and all related matters. Requires the Department to compile and make available to the public a database of qualified African American contractors and engineers. Requires the Department to create and administer a Black Wall Street Investment Hub for the purposes of providing specified assistance to African American business entities and persons in establishing Black Wall Street businesses. Provides for the adoption of administrative rules. Creates the Black Wall Street Fund as a special fund in the State treasury for specified purposes. Defines terms. Makes conforming changes. LRB104 09397 HLH 19456 b A BILL FOR 104TH GENERAL ASSEMBLY State of Illinois 2025 and 2026 HB1775 Introduced , by Rep. Thaddeus Jones SYNOPSIS AS INTRODUCED: New Act30 ILCS 105/5.1030 new New Act 30 ILCS 105/5.1030 new Creates the Black Wall Street Program Act. Requires the Department of Commerce and Economic Opportunity to create and administer the Black Wall Street Program to provide loans and financial assistance to designated communities for the creation of Black Wall Street Business Districts. Specifies further requirements concerning Program eligibility and the disbursement of loan funds under the Program. Requires each municipality receiving a loan under the Program to establish a municipal investment program by which loan funds are disbursed to qualified African American business entities and persons for the purpose of establishing Black Wall Street Business Districts. Allows for the use of loan funds to invest in, issue, or sell bonds for the purpose of the construction of Black Wall Street Business Districts and all related matters. Requires the Department to compile and make available to the public a database of qualified African American contractors and engineers. Requires the Department to create and administer a Black Wall Street Investment Hub for the purposes of providing specified assistance to African American business entities and persons in establishing Black Wall Street businesses. Provides for the adoption of administrative rules. Creates the Black Wall Street Fund as a special fund in the State treasury for specified purposes. Defines terms. Makes conforming changes. LRB104 09397 HLH 19456 b LRB104 09397 HLH 19456 b A BILL FOR
2	2	104TH GENERAL ASSEMBLY State of Illinois 2025 and 2026 HB1775 Introduced , by Rep. Thaddeus Jones SYNOPSIS AS INTRODUCED:
3	3	New Act30 ILCS 105/5.1030 new New Act 30 ILCS 105/5.1030 new
4	4	New Act
5	5	30 ILCS 105/5.1030 new
6	6	Creates the Black Wall Street Program Act. Requires the Department of Commerce and Economic Opportunity to create and administer the Black Wall Street Program to provide loans and financial assistance to designated communities for the creation of Black Wall Street Business Districts. Specifies further requirements concerning Program eligibility and the disbursement of loan funds under the Program. Requires each municipality receiving a loan under the Program to establish a municipal investment program by which loan funds are disbursed to qualified African American business entities and persons for the purpose of establishing Black Wall Street Business Districts. Allows for the use of loan funds to invest in, issue, or sell bonds for the purpose of the construction of Black Wall Street Business Districts and all related matters. Requires the Department to compile and make available to the public a database of qualified African American contractors and engineers. Requires the Department to create and administer a Black Wall Street Investment Hub for the purposes of providing specified assistance to African American business entities and persons in establishing Black Wall Street businesses. Provides for the adoption of administrative rules. Creates the Black Wall Street Fund as a special fund in the State treasury for specified purposes. Defines terms. Makes conforming changes.
7	7	LRB104 09397 HLH 19456 b LRB104 09397 HLH 19456 b
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9	9	A BILL FOR
10	10	HB1775LRB104 09397 HLH 19456 b HB1775 LRB104 09397 HLH 19456 b
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12	12	1 AN ACT concerning State government.
13	13	2 Be it enacted by the People of the State of Illinois,
14	14	3 represented in the General Assembly:
15	15	4 Section 1. Short title. This Act may be cited as the Black
16	16	5 Wall Street Program Act.
17	17	6 Section 5. Definitions. As used in this Act:
18	18	7 "Black Wall Street Business District" means a designated
19	19	8 area of economic and business growth created by an eligible
20	20	9 municipality participating in the Program created under this
21	21	10 Act for which Program loan funds are utilized.
22	22	11 "Department" means the Department of Commerce and Economic
23	23	12 Opportunity.
24	24	13 "Program" means the Black Wall Street Program created
25	25	14 under this Act.
26	26	15 Section 10. Black Wall Street Program.
27	27	16 (a) The Department of Commerce and Economic Opportunity
28	28	17 shall create and administer the Black Wall Street Program to
29	29	18 provide loans and financial assistance to designated
30	30	19 communities for the creation of Black Wall Street Business
31	31	20 Districts as provided under this Act.
32	32	21 (b) Any municipality containing a population made up of at
33	33	22 least 70% of African American citizens may apply, on an annual
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37	37	104TH GENERAL ASSEMBLY State of Illinois 2025 and 2026 HB1775 Introduced , by Rep. Thaddeus Jones SYNOPSIS AS INTRODUCED:
38	38	New Act30 ILCS 105/5.1030 new New Act 30 ILCS 105/5.1030 new
39	39	New Act
40	40	30 ILCS 105/5.1030 new
41	41	Creates the Black Wall Street Program Act. Requires the Department of Commerce and Economic Opportunity to create and administer the Black Wall Street Program to provide loans and financial assistance to designated communities for the creation of Black Wall Street Business Districts. Specifies further requirements concerning Program eligibility and the disbursement of loan funds under the Program. Requires each municipality receiving a loan under the Program to establish a municipal investment program by which loan funds are disbursed to qualified African American business entities and persons for the purpose of establishing Black Wall Street Business Districts. Allows for the use of loan funds to invest in, issue, or sell bonds for the purpose of the construction of Black Wall Street Business Districts and all related matters. Requires the Department to compile and make available to the public a database of qualified African American contractors and engineers. Requires the Department to create and administer a Black Wall Street Investment Hub for the purposes of providing specified assistance to African American business entities and persons in establishing Black Wall Street businesses. Provides for the adoption of administrative rules. Creates the Black Wall Street Fund as a special fund in the State treasury for specified purposes. Defines terms. Makes conforming changes.
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44	44	A BILL FOR
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51	51	30 ILCS 105/5.1030 new
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70	70	1 basis, to the Department for a loan under the Program. To be
71	71	2 eligible for the loan, an applicant municipality must pass an
72	72	3 ordinance declaring its intent to create a Black Wall Street
73	73	4 Business District in the municipality, and provide proof of
74	74	5 such intent upon applying for the loan. No more than 10
75	75	6 eligible municipalities may be chosen by the Department to
76	76	7 receive a loan under the Program per year.
77	77	8 (c) Any eligible municipality chosen by the Department
78	78	9 under subsection (b) shall, subject to appropriation, receive
79	79	10 a $5,000,000 loan for the purpose of establishing a Black Wall
80	80	11 Street Business District. Notwithstanding the requirements of
81	81	12 subsection (b), for the first year of the Program, the
82	82	13 following municipalities shall receive the loan amount
83	83	14 specified under this subsection (c): (i) Harvey; (ii) Dolton;
84	84	15 (iii) Calumet City; (iv) Ford Heights; (v) Chicago Heights;
85	85	16 (vi) Peoria; (vii) East St Louis; and (viii) the City of
86	86	17 Chicago to be used for the creation of a Black Wall Street
87	87	18 Business District on the Westside of Chicago.
88	88	19 (d) Each municipality chosen by the Department to receive
89	89	20 a loan under this Section shall, as prerequisite to reception
90	90	21 of the loan, establish a Black Wall Street Investment Board.
91	91	22 The Investment Board shall have the responsibility of
92	92	23 administering the use of funds received by the municipality
93	93	24 under this Section.
94	94	25 Section 15. Municipal investment programs.
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105	105	1 (a) Each municipality receiving a loan under the Program
106	106	2 shall establish a municipal investment program by which loan
107	107	3 funds are disbursed to qualified African American business
108	108	4 entities and persons for the purpose of establishing Black
109	109	5 Wall Street Business Districts.
110	110	6 (b) Those business entities and persons receiving loan
111	111	7 funds under this Section may use such funds to invest in,
112	112	8 issue, or sell bonds for the purpose of the construction of
113	113	9 Black Wall Street Business Districts and all related matters.
114	114	10 (c) Business entities and persons seeking funds for the
115	115	11 purposes of this Section shall apply to the Black Wall Street
116	116	12 Investment Board of the municipality and be selected based
117	117	13 upon terms and qualifications as set by the Investment Board.
118	118	14 Section 20. Contractor and engineer database.
119	119	15 (a) The Department shall compile and make available to the
120	120	16 public on the Internet website of the Department a database of
121	121	17 qualified African American contractors and engineers from
122	122	18 which both public and private entities may seek services for
123	123	19 their contractor and engineering needs.
124	124	20 (b) The employment of contractors and engineers listed on
125	125	21 the database created under this Section shall conform to all
126	126	22 applicable requirements of the Illinois Procurement Code, the
127	127	23 Business Enterprise for Minorities, Women, and Persons with
128	128	24 Disabilities Act, and any other State or federal law.
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139	139	1 Section 25. Black Wall Street Investment Hub.
140	140	2 (a) The Department shall create and administer a Black
141	141	3 Wall Street Investment Hub for the purposes of providing
142	142	4 assistance to African American business entities and persons
143	143	5 in establishing the Black Wall Street business district and
144	144	6 related matters.
145	145	7 (b) The services provided by the Investment Hub shall be
146	146	8 in addition to those provided under the Program, and shall
147	147	9 include, but not be limited to, the following:
148	148	10 (1) providing microloans, subject to appropriation, to
149	149	11 African American business entities and persons for the
150	150	12 purpose of establishing businesses in Black Wall Street
151	151	13 Business Districts, including for construction costs and
152	152	14 business development;
153	153	15 (2) support in establishing business plans,
154	154	16 development plans, and construction plans for businesses
155	155	17 in Black Wall Street Business Districts;
156	156	18 (3) providing business-related training, including,
157	157	19 but not limited to, training on business development,
158	158	20 customer service, marketing, customer loyalty, and
159	159	21 advertising; and
160	160	22 (4) any other service that the Department may deem
161	161	23 relevant to the establishment of a business for the
162	162	24 purposes of this Act.
163	163	25 Section 30. Administrative rules. The Department shall
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174	174	1 adopt all rules necessary to the administration of the Program
175	175	2 and the implementation of the requirements of this Act.
176	176	3 Section 35. Black Wall Street Fund. The Black Wall Street
177	177	4 Fund is created as a special fund in the State treasury. All
178	178	5 moneys in the Fund shall be used, subject to appropriation, by
179	179	6 the Department for the purposes of administering the Program
180	180	7 and the Black Wall Street Investment Hub established under
181	181	8 this Act.
182	182	9 Section 100. The State Finance Act is amended by adding
183	183	10 Section 5.1030 as follows:
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