(a) To promote redevelopment of properties that will provide significant regional or state-wide economic benefits in a manner that promotes smart growth, as defined in section 1 of public act 09-230*, the Commissioners of Economic and Community Development, Energy and Environmental Protection and Transportation, and the Secretary of the Office of Policy and Management may cooperatively develop pilot programs that facilitate such redevelopment. The Commissioner of Economic and Community Development shall certify before February 1, 2013, to the Governor for his or her approval no more than three development projects that are likely to produce significant regional or state-wide economic development benefit. Such development projects shall (1) be located in a distressed municipality, target investment community or enterprise zone, (2) primarily involve redevelopment of previously developed properties, and (3) be consistent with the principles of smart growth as defined in section 1 of public act 09-230*. Upon approval by the Governor of any such project, the Commissioner of Economic and Community Development shall publish notice of such approval, including a description of the project, in the affected municipalities, provided such publication shall include notice in the Environmental Monitor.

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(b) On or before February 1, 2013, the Commissioner of Economic and Community Development shall, in accordance with the provisions of section 11-4a, report to the Governor and the joint standing committee of the General Assembly having cognizance of matters relating to commerce on the success of any pilot program developed in accordance with this section.