(65 ILCS 5/11-74.6-5)
Findings and Declarations.
(a) It is hereby found and declared that the communities of the State
have lost over 300,000 manufacturing jobs over the last decade and that
these losses have resulted in persistent high levels of unemployment and
underemployment, substantial tax base losses in many areas of the State,
and have left a large inventory of vacant industrial space. As a result of
this decline in manufacturing, employment, and income there is an excessive
and disproportionate expenditure of public funds, inadequate public and
private investment, unmarketability of property, growth in crime, and
housing and zoning law violations in these areas together with an abnormal
exodus of occupants. The decline of these areas impairs the value of
private investments and threatens the sound growth and tax base of taxing
districts in these areas, and threatens the health, safety, morals and
welfare of the public. These areas also include underutilized plants and
facilities that, if redeveloped for industrial use, will promote industrial
and transportation activities, thereby reducing the evils attendant to
involuntary unemployment and enhancing the public health and welfare of this State.
(b) It is further found and declared that there exist in many
municipalities within the State numerous properties, both improved and
unimproved, that cannot be reused or sold for reuse because of environmental
contamination that causes them to be vacant for long
periods of time, less marketable or unmarketable unless cleaned
up, and dilapidated and detrimental to the surrounding community.
Many of these properties are in strategic locations within the
municipalities and cause disinvestment within the community and a loss of
tax base and employment opportunities.
(c) It is hereby found and declared, that in order to promote and
protect the health, safety, morals, and welfare of the public,
redevelopment of these areas must be undertaken. To reverse these
adverse economic conditions, it is necessary to encourage private investment
and restore and enhance the tax base of the taxing districts in these areas
by the development or redevelopment of project areas. The reversal of
these adverse economic conditions and the elimination of the negative
impact they have on communities through industrial redevelopment projects,
and the retention and expansion of the economic bases of Illinois
communities is hereby declared to be essential to the public interest.
(d) It is found and declared that the use of incremental tax revenues
derived from the tax levies of various taxing districts in redevelopment
project areas for the payment of redevelopment project costs is of benefit
to those taxing districts because taxing districts located in redevelopment
project areas will ultimately derive substantial benefits from the increased
assessment base developed by tax increment allocation financing. In
addition, if all surplus tax revenues are distributed to the taxing districts
in redevelopment project areas, all taxing districts will benefit from the
removal of adverse economic conditions, the development of industrial parks
and the development, retention and expansion of employment opportunities
for Illinois residents.
(Source: P.A. 88-537.)