SB3619enr 96TH GENERAL ASSEMBLY

SB3619 Enrolled LRB096 20583 RLJ 36281 b

AN ACT concerning local government.

Be it enacted by the People of the State of Illinois, represented in the General Assembly:

Section 5. The Illinois Municipal Code is amended by changing Section 11-74.6-50 as follows:

(65 ILCS 5/11-74.6-50)

Sec. 11-74.6-50. Report; sunset of authority. On or before the date which is 60 months following the date on which this amendatory Act of 1994 becomes law, the Department shall submit to the General Assembly a report detailing the number of redevelopment project areas that have been established, the number and type of jobs created or retained therein, the aggregate amount of tax increment incentives provided, the aggregate amount of private investment produced therein, the amount of tax increment revenue produced and available for expenditure within the tax increment financing districts and such additional information as the Department may determine to be relevant.

On or after January 1, 2012 the date which is 16 years following the date on which this amendatory Act of 1994 becomes law the authority granted hereunder to municipalities to establish redevelopment project areas and to adopt tax increment allocation financing in connection therewith shall expire unless the General Assembly shall have authorized municipalities to continue to exercise said powers.

(Source: P.A. 91-474, eff. 11-1-99.)

Section 99. Effective date. This Act takes effect upon becoming law.