Definitions

Section 500 Section 500.20  Definitions "Act:" means the Metropolitan Civic Center Support Act (Ill. Rev. Stat. 1985, ch. 85, pars. 1391 et seq.). "Agreement:" means a signed and written document defining the duties and obligations of the Applicant in order to receive financial support from the State. "Applicant:" means an Authority recognized by the Director as being created and organized prior to July 1 of a program year which submits an Application to the Department pursuant to this Part promulgated by the Department for the administration of the Metropolitan Civic Center Support Act. "Application:" is that written document submitted by the Applicant in the approved format of the Department seeking State Financial Support for a Project.  The following information and documentation must be included in an application:  an economic feasibility report, an economic impact report, master building plan and design, documented evidence that the Authority has been created by a county board in accordance with Section 3 of the Metropolitan Civic Center Act (Ill. Rev. Stat. 1985, ch. 85, pars. 1361 et seq.) or by an act of the Illinois General Assembly, a financial plan, and the required local share of total project costs, including evidence that the local share was authorized at a public meeting. "Authority:"  means the Village Board of Trustees of the Village of Rosemont for the sole purposes of rehabilitating, developing and making improvements to the O'Hare Exposition Center, or any Metropolitan Exposition, Auditorium and Office Building Authority, Metropolitan Exposition and Auditorium Authority or Civic Center Authority created or hereafter created by a county board in accordance with Section 3 of the Metropolitan Civic Center Act or by an act of the Illinois General Assembly, except those created pursuant to the Metropolitan Fair and Exposition Authority Act (Ill. Rev. Stat. 1985, ch. 85, pars. 1221 et seq.). "Base Sum:" means a sum equal to the lessor of: 75% of the Total Project Costs as determined from the Applicant's estimate as contained in the Application; or .0310 times the Total Assessed Valuation of all taxable property located within the area under the jurisdiction of the Authority for the year 1975 or 1983, whichever is greater, as equalized by the Illinois Department of Revenue in accordance with Sections 146-152 of 'AN ACT to revise the law in relation to the assessment of property and the levy and collection of taxes, and to repeal certain Acts herein named' (Ill. Rev. Stat. 1985, ch. 120, pars. 482 et seq.) $20,000,000. "Certification:" means the act of the Director which determines that the Applicant has been selected through the competitive application process (see Section 500.70) and is eligible to receive State financial support because, in the Director's judgment, the Applicant has satisfied the requirements of the Act and this Part; adequate funding is available in the Civic Center Bond Fund or, if adequate funds are not available, the Director has received written certification from the Director of the Illinois Bureau of the Budget that the revenues for the last completed fiscal year paid into the MEAOB Fund equal or exceed 175% of the annual debt service required for previously certified applicants and the application(s) under consideration; and, the total aggregate amounts of Principal certified and outstanding in Civic Center Bonds, other than refunded bonds, in any given time shall not exceed the sum of one-hundred million dollars ($100,000,000) and the Director has determined that Civic Center Bonds can and will be issued based on, but not limited to, such factors as current interest rates, revenue flow in the MEAOB fund. "Civic Center Bond Fund:" means that Fund referred to in the Act and created in Section 5.158 of "AN ACT in relation to State Finance" (Ill. Rev. Stat. 1985, ch. 127, par. 141.158). "Department:" means the Illinois Department of Commerce and Community Affairs. "Director:" means the Director of the Illinois Department of Commerce and Community Affairs. "Economic Feasibility Report:"  The economic feasibility of a proposed Project will be established by a report submitted with and as a part of the Application containing evidence that the proposed Project has been objectively analyzed in relation to the needs and/or the wants of the Applicant's community; that the proposed Project responds to specific current and future levels of activity in the Applicant's community; that the proposed Project will attain operating revenues sufficient to cover operating expenses, local debt service and reasonable reserves, or that by intergovernmental agreement or other satisfactory arrangement, operating deficits, if any, shall be funded from other available sources; and that the proposed Project will accommodate the proposed set of activities. The report shall cover the following areas: Identification of the market area and population to be served by the proposed facility. Analysis of current Project related activities and projections of those existing and new activities under consideration for the future proposed facility in relation to the inventory of current facilities. Projection of the most appropriate future levels of activity to be served by the Project. Conclusion as to the most appropriate facility program to allow current and future activities to be accommodated in an optimum environment. Identification as to the specific type and size of structural components to meet the appropriate facility program indicated to be economically feasible. Analysis of operational costs for 5 years i.e., staffing, maintenance and specific costs related to the activities and facilities under consideration. The evaluation of economic feasibility shall include analysis of the fiscal operation of the proposed Project taking into account the impact of existing and other proposed metropolitan exposition, civic center, or other similar public or private facilities within the market area of the proposed Project. "Economic Impact Report:"  The economic impact of a proposed Project will be established by a report submitted with and as a part of the Application which includes an analysis of the primary and secondary economic benefits due to the influence of the proposed project upon the surrounding area, front-end investment for attracting other investment activities, and other short-term and long-term impacts.  The evaluation of the economic impact of a project shall also include an analysis of the impact on existing and other proposed metropolitan exposition, civic center, or other similar public or private facilities within the market area of the proposed project. "Financial Plan:" means that document submitted with and as a part of the Application which includes but is not limited to: the estimated Total Project Costs; the amount of the anticipated Base Sum; the amount of the required Local Share and a statement of projected annual principal and interest costs of Local Bonds if such bonds are issued to provide payment for the estimated Local Share; the amount of the required Local Share; the amount and mechanism for funding any additional Local Share of the estimated Total Project Cost (if applicable); and the sources of and procedures for obtaining the Local Shares of the estimated Total Project Costs. "Local Share:" means that portion of Total Project Costs which in no case shall be less than 25% of the Total Project Costs and must include cash or pledges available on demand for construction in an amount equivalent to 10% of Total Project Costs; is provided by the Applicant and directly related to the application project under consideration; is authorized at a public meeting(s); and, is irrevocably obligated to the Project during the life of the State Support Agreement. "Master Building Plan and Design" means that document submitted with and as a part of the Application which includes but is not limited to: Description of Project Location; Site plan including location of Project facilities on the site(s); Schematic drawings and design; and Program statement including Project description and purpose, spatial requirements, estimated construction schedule, and estimated cost of construction. "Metropolitan Exposition, Auditorium and Office Building (MEAOB) Fund:" means that Fund referred to in the Act and created in Section 5.67 of "AN ACT in relation to State Finance" (Ill. Rev. Stat. 1985, ch. 127, par. 141.67). "Project:" means those facilities which are single or multi-purpose whose primary function is to provide public entertainment, exhibitions or conventions or to provide related parking facilities described in the Application, and are approved by the Department as acceptable component facilities for the proposed Project, and which the Applicant may purchase, own, construct, improve, extend, repair, reconstruct, regulate, operate, equip and maintain pursuant to the Applicant's rights and powers derived from Article VII of the 1970 Illinois Constitution and applicable statutes and ordinances. Office facilities may be included as an incidental rather than a primary function of a project.  Application projects may be divided into phases by the Authority, but dividing the project into phases shall not imply subsequent approval for funding for the delayed phase(s).  Each phase will be considered as a separate project by the Department. "Public Hearing:" means one or more hearings held by the Department on the applications.  Such hearings or hearings will be held in compliance with the Open Meetings Act (Ill. Rev. Stat. 1985, ch. 102, pars. 41 et seq.). "Public Meeting:" means a meeting held in compliance with the Open Meetings Act (Ill. Rev. Stat. 1985, ch. 102, pars. 41 et seq.). "State:" means the State of Illinois acting through the Director and the Illinois Department of Commerce and Community Affairs. "State Financial Support:" means a grant by the Department to an Authority with a certified application in an amount which, when added to interest earned by the Authority on such grant, is equal to the Base Sum. This grant is provided from the proceeds of Civic Center Bonds issued by the State pursuant to the Act. "Total Assessed Valuation:" means the assessed valuation for the year 1975 or 1983, whichever is greater, as equalized by the Illinois Department of Revenue of all taxable property located within the area under the jurisdiction of the Applicant as defined in the statutes under which the Applicant has been created. "Total Project Cost:" means all necessary and reasonable costs related to the completion of the Project, such as: rehabilitation, construction, repair or remodeling of existing or new structures; costs of survey, studies, plans and specifications, and professional services such as architectural, engineering, legal, financial, planning or related services; property assembling costs, such as acquisition of land and other property, easements and privileges, or rights or interests therein; demolition and site preparation; cost of constructing site improvements, public works or improvements; relocation costs to the extent that the Applicant determines that such costs may be paid or such costs are required by Federal, State or local law; cost of fixtures, equipment which is necessary for the proper functioning of the facility for its intended purpose, conveyances or appurtenances of a capital nature; reasonable and documented costs of administration directly related to the completion of construction of the Project and activities related thereto incurred on or after the date of the commencement of preparation of the Economic Feasibility Report or the retention of a planning consultant for the purposes of the development of the Project; and cost of issuance of insurance and performance bonds, when applicable. Total Project Cost shall not include normal administrative expenses of the Authority nor Operating Expenses of the completed facility.