Sen. Toi W. Hutchinson
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AMENDMENT TO HOUSE BILL 1883
AMENDMENT NO. ______. Amend House Bill 1883, AS AMENDED,
with reference to page and line numbers of Senate Amendment No.
7, on page 39, line 10, after "
", by inserting "
provided in subsection (c),
on page 39, immediately below line 20, by inserting the
(c) In the event that the developer maintains no jobs at
any time before the termination of the economic development
project area, the municipality shall adopt an ordinance
dissolving the special tax allocation fund for the economic
development project area and terminating the economic
development project area as an economic development project
area. That ordinance shall be adopted no later than one year
after the date that the developer maintains no jobs within the
economic development project area. All excess moneys in the
special tax allocation fund shall be distributed to the taxing
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districts in the same manner and proportion as the most recent
distribution by the county collector to those taxing districts
in the economic development project area.