Title
Joint resolution expressing official intent to designate Lake County, Illinois as a Recovery Zone for purposes of the American Recovery and Reinvestment Tax Act of 2009
Staff Summary
· The American Recovery and Reinvestment Tax Act of 2009 grants Lake County, Illinois certain authority to issue Recovery Zone Economic Development Bonds and Recovery Zone Facility Bonds.
· Criteria for the designation for a Recovery Zone include areas that are experiencing significant poverty, unemployment, rate of foreclosures, or general distress; areas that are impacted by the closure or realignment of a military installation; or, areas for which a designation as empowerment zone or renewal community is in effect.
· The County will use Recovery Zone Economic Development bonds for public infrastructure projects.
· Lake County Partners, acting as the County’s agent, will market the Recovery Zone Facility Bonds as a means of promoting economic development.
· The County and Lake County Partners will work collaboratively to market the programs throughout Lake County.
Body
WHEREAS, The American Recovery and Reinvestment Tax Act of 2009 (the “Act”) grants the County of Lake, Illinois (the “County”) certain authority to issue Recovery Zone Economic Development Bonds and Recovery Zone Facility Bonds (collectively, the “Bonds”); and
WHEREAS, prior to issuing the Bonds the Act requires the County to make certain findings of fact and designate the County as a recovery zone (the “Recovery Zone”) pursuant to the requirements of the Act; and
WHEREAS, the Act provides that a Recovery Zone includes areas:
(1) having significant:
a. poverty;
b. unemployment
c. rate of home foreclosure; or
d. general distress
(2) economically distressed by reason of the closure or realignment of a military installation pursuant to the Defense Base Closure and Realignment Act of 1990; or
(3) for which a designation as an empowerment zone or renewal community is in effect.
WHEREAS, the County Board ...
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