95TH GENERAL ASSEMBLY
State of Illinois
2007 and 2008
HB2336


 
Introduced 2/26/2007, by Rep. Michael J. Madigan - Barbara Flynn Currie - Linda Chapa LaVia
 
SYNOPSIS AS INTRODUCED:
 		













65 ILCS 5/11-74.3-3
  from Ch. 24, par. 11-74.3-3








    Amends the Illinois Municipal Code. Makes a technical change in a Section
concerning a
business development or redevelopment plan under the Act.
















LRB095 01500 HLH 21502 b

















 


 


A BILL FOR









 











HB2336

LRB095 01500 HLH 21502 b






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    AN ACT concerning local government.

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


 
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    Section 5. The Illinois Municipal Code is amended by 
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changing Section 11-74.3-3 as follows:
 



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    (65 ILCS 5/11-74.3-3)  (from Ch. 24, par. 11-74.3-3)



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    Sec. 11-74.3-3. In carrying out a business district 
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development or redevelopment plan,
the
the corporate 
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authorities of each municipality shall have the following

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powers:

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        (1) To approve all development and redevelopment 
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    proposals for a
business district.


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        (2) To exercise the use of eminent domain for the 
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    acquisition of real
and personal property for the purpose 
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    of a development or redevelopment
project.


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        (3) To acquire, manage, convey or otherwise dispose of 
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    real and personal
property
according to the provisions of a 
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    development or
redevelopment plan.


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        (4) To apply for and accept capital grants and loans 
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    from the United
States and the State of Illinois, or any 
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    instrumentality of the United
States or the State, for 
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    business district development and redevelopment.


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        (5) To borrow funds as it may be deemed necessary for 
 


 






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    the purpose of
business district development and 
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    redevelopment, and in this connection
issue such 
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    obligation or revenue bonds as it shall be deemed 
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    necessary,
subject to applicable statutory limitations.


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        (6) To enter into contracts with any public or private 
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    agency or person.


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        (7) To sell, lease, trade or improve real property in 
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    connection with business district development and 
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    redevelopment
plans.


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        (8) To employ all such persons as may be necessary for 
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    the planning,
administration and implementation of 
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    business district plans.


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        (9) To expend such public funds as may be necessary for 
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    the planning,
execution and implementation of the business 
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    district plans.


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        (10) To establish by ordinance or resolution 
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    procedures for the
planning, execution and implementation 
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    of business district plans.


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        (11) To create a Business District Development and 
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    Redevelopment
Commission to act as agent for the 
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    municipality for the purposes of
business district 
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    development and redevelopment.

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        (12) To impose a retailers' occupation tax and a 
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    service occupation tax in the business district for the 
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    planning, execution, and implementation of business 
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    district plans and to pay for business district project 
 


 






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    costs as set forth in the business district plan approved 
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    by the municipality.
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        (13) To impose a hotel operators' occupation tax in the 
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    business district for the planning, execution, and 
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    implementation of business district plans and to pay for 
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    the business district project costs as set forth in the 
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    business district plan approved by the municipality.

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        (14) To issue obligations in one or more series bearing 
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    interest at rates determined by the corporate authorities 
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    of the municipality by ordinance and secured by the 
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    business district tax allocation fund set forth in Section 
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    11-74.3-6 for the business district to provide for the 
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    payment of business district project costs.

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    This amendatory Act of the 91st General Assembly is 
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declarative of existing
law and is not a new enactment.

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(Source: P.A. 93-1053, eff. 1-1-05.)