METRO EAST DEVELOPMENT ACT

Creates the Metro East Development Act. States legislative findings for the need to create a Metro East Development Authority, including the need to develop and revitalize depressed areas of the Metro East. Defines "Metro East" as Madison, Monroe, Randolph, and St. Clair counties. Provides for the creation of the Authority, including the appointment of 12 members by the chairperson of each Metro East county; by the Director of Commerce and Economic Opportunity; by the executive directors of the Illinois Housing Development Authority and the Illinois Finance Authority; and by the Governor. Allows the Authority to hire an executive director. Lists the rights, powers, and duties of the Authority, including the power to borrow money and to issue bonds. Provides that the Authority shall perform an initial study and survey to determine what areas will be considered depressed areas that contain a commercially, industrially, residentially, recreationally, educationally, or other blighted area. Provides for requirements related to meetings, public hearings, and administrative and judicial review of Authority projects. Provides for limitations on the Authority's powers. Describes procedures for procurement of debt and bonds, execution of deeds, demolition and removal of buildings, purchase of property, contracts, and costs of projects. Gives the Authority the power to investigate the conditions of any project in which it has an interest. Effective immediately.