(a) If the applicant fails to comply with the performance conditions set forth in an agreement entered into under this Act, then the applicant may be required to repay some or all of the grant, loan, or other economic incentive awarded to the applicant, along with any applicable interest to the State at the agreed upon rate and on the agreed terms set forth in the agreement.
     (b) The Department may also assess specified penalties for noncompliance against the applicant. Those penalties shall be contained in the Agreement.

Terms Used In Illinois Compiled Statutes 30 ILCS 751/35

  • Lien: A claim against real or personal property in satisfaction of a debt.
  • State: when applied to different parts of the United States, may be construed to include the District of Columbia and the several territories, and the words "United States" may be construed to include the said district and territories. See Illinois Compiled Statutes 5 ILCS 70/1.14

     (c) If the applicant fails to comply with the terms of an agreement, then the State may:
         (1) obtain a lien or other interest in the capital
    
improvements in proportion to the percentage of the incentive amount used to pay for those capital improvements; and
        (2) require the recipient of the incentive, if the
    
capital improvements are sold, to:
            (A) repay to the State the funds used to pay for
        
the capital improvement, with interest at the rate and according to the other terms provided by the agreement; and
            (B) share with the State a proportionate amount
        
of any profit realized from the sale.
  Previous section
Next section  
 30 ILCS 751 Contents