(65 ILCS 46/5-5)
Redevelopment actions; validation.
All actions taken before the
date of this Law by any municipality pursuant to the Tax Increment Allocation
Redevelopment Act for purposes of approving a redevelopment plan and
project, designating a redevelopment project area, and adopting tax increment
financing are validated, ratified, and confirmed as valid actions in full force
and effect as
of the date of adoption of the ordinance of the municipality approving the
plan and project, notwithstanding that an ordinance designating the
project area was not adopted on that date and an ordinance adopting tax
allocation financing was not adopted on that date, provided that, no later than
after the effective date of this Law, the governing body of the municipality
ordinance designating the redevelopment project area and an ordinance adopting
increment allocation financing for the redevelopment project area.
(Source: P.A. 92-884, eff. 1-13-03.)