Ill. Admin. Code tit. 77 § 1130.720

Current through Register Vol. 48, No. 49, December 6, 2024

Section 1130.720 - Financial Commitment

a) A permit holder shall financially commit projects for construction, establishment or modification by expending or committing to expend at least 33% of the total project cost no later than:

1) 24 months for major construction projects; or

2) 12 months for all projects that do not include major construction; or

3) The HFSRB completion date of the permit, if it occurs before the deadlines in subsections (a)(1) and (a)(2).

b) Projects that have no cost shall be considered financially committed upon HFSRB issuance of a permit.

c) Permits for projects that have a cost and that have not been financially committed as stated in this Section shall be considered expired and the project abandoned. A permit holder who fails to meet the financial commitment requirements shall be subject to fines under the Act and Section 1130.790.

Ill. Admin. Code tit. 77, § 1130.720

Amended at 37 Ill. Reg. 6227, effective June 1, 2013

Amended at 39 Ill. Reg. 6347, effective 6/1/2015

Amended at 40 Ill. Reg. 14647, effective 10/14/2016