Form of Application

Section 520 Section 520.1020  Form of Application An application shall be submitted on the standard application form provided by the Department.  An application shall include: a)         Investment Information.  A summary of the eligible investment and a statement of when the eligible investment in qualified property was or will be placed in service. b)         Job Information 1)         Job Creation.  Information on new employment that will occur in the Enterprise Zone as a result of the investment, which includes, by job titles, the number of current and new employees, the starting date of new employees, and an explanation of how and why the investment causes additional employment, both inside and outside of the Enterprise Zone. 2)         Job Retention.  Information on the full-time jobs that have been retained in an Enterprise Zone as a result of the investment, which includes, by job titles, the number of employees in and outside of the Enterprise Zone. 3)         Employment Requirements for Job Creation.  Applicants utilizing the job creation criterion for eligibility for the exemption must actually employ 200 full-time equivalent employees prior to certification for this exemption. 4)         Submit Applications Prior to Job Creation.  Applicants are encouraged to submit applications to the Department prior to the actual creation of 200 full-time equivalent jobs.  The Department will conditionally approve the application subject to the requirements of Section 520.1010 being met. c)         Audit.  An examination by public accountants certified by the State of Illinois, in accordance with generally accepted accounting practices, containing the unqualified opinion of such public accountants that the minimum eligible investment has been made and that the minimum jobs have been created or retained. d)           Certification.  A signed and dated statement indicating that the data and information in the application is correct, that the Department will be provided access to any material, documentation, or other data required to verify application information, and a statement that the number of jobs created or retained shall be maintained for the term of exemption, otherwise the Department will be notified and the exemption terminated.