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(65 ILCS 5/11-74.4-4.1)
Sec. 11-74.4-4.1.
Feasibility study.
(a) If a municipality by its corporate authorities, or as it
may determine by any commission designated under
subsection (k) of Section 11-74.4-4, adopts an ordinance or resolution
providing
for a feasibility study on the designation of an area as a redevelopment
project area, a copy
of the ordinance or resolution shall immediately be sent to all taxing
districts that would be affected by the designation.
On and after the effective date of this amendatory Act of the 91st General
Assembly, the
ordinance
or resolution shall include:
(1) The boundaries of the area to be studied for |
| possible designation as a redevelopment project area.
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(2) The purpose or purposes of the proposed
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| redevelopment plan and project.
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(3) A general description of tax increment allocation
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| financing under this Act.
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(4) The name, phone number, and address of the
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| municipal officer who can be contacted for additional information about the proposed redevelopment project area and who should receive all comments and suggestions regarding the redevelopment of the area to be studied.
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(b) If one of the purposes of the planned redevelopment project area should
reasonably be expected to
result in the displacement of
residents from 10 or more
inhabited residential units, the
municipality shall adopt a resolution or ordinance providing for the
feasibility
study described in subsection (a). The ordinance or resolution shall also
require that the feasibility study include the preparation of the housing
impact study set forth in paragraph (5) of subsection (n) of Section 11-74.4-3.
If the redevelopment plan will not result in displacement of
residents
from 10 or more inhabited residential units, and the municipality
certifies in the plan that
such displacement will not result from the plan, then a resolution or
ordinance need not
be adopted.
(c) As used in this Section, "feasibility study" means a preliminary
report to assist
a
municipality to determine whether or not tax increment allocation financing is
appropriate
for effective
redevelopment of a proposed redevelopment project area.
(Source: P.A. 92-263, eff. 8-7-01; 92-624, eff.
7-11-02; 93-298, eff. 7-23-03.)
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