DOWNTOWN DEVELOPMENT-ASSESSMNT House SponsorsRep. Jim Sacia-Naomi D. Jakobsson, Suzanne Bassi-Lisa M. Dugan-William J. Grunloh and Brandon W. Phelps 1/11/2005HouseSession Sine Die New Act35 ILCS 200/15-97 new Creates the Downtown Real Estate Improvement Assessment Phase-In Act. Authorizes any property owner within a downtown development district to apply for an assessment phase-in. Amends the Property Tax Code. Provides that the local assessment officer may phase-in the increase in assessed value of property in an area designated by a municipality as a downtown development district. Provides that a property is not eligible for the phase-in program if: (i) the property is receiving tax increment finance revenue through a redevelopment agreement or through some other type of agreement or ordinance where the property's value is directly dependent upon the increased value of the property or (ii) the property ceases to be part of a downtown development district. Effective immediately. 2/5/2004HouseFiled with the Clerk by Rep. Jim Sacia 2/5/2004HouseFirst Reading 2/5/2004HouseReferred to Rules Committee 2/13/2004HouseAdded Co-Sponsor Rep. Suzanne Bassi 2/24/2004HouseAdded Chief Co-Sponsor Rep. Lisa M. Dugan 2/24/2004HouseAdded Chief Co-Sponsor Rep. William J. Grunloh 3/30/2004HouseAdded Chief Co-Sponsor Rep. Naomi D. Jakobsson 5/4/2004HouseAdded Co-Sponsor Rep. Brandon W. Phelps 1/11/2005HouseSession Sine Die