97TH GENERAL ASSEMBLY
State of Illinois
2011 and 2012
HB3101

 

Introduced 2/23/2011, by Rep. Michael W. Tryon

 

SYNOPSIS AS INTRODUCED:
 
New Act

    Creates the Jobs Creation Finance Act. Provides that municipalities may designate job creation areas. Provides that businesses that undertake job creation projects in those designated areas are eligible for certain tax incentives. Provides that municipalities may issue bonds in connection with those projects. Contains provisions concerning public hearings. Contains numberous other provisions. Effective immediately.


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FISCAL NOTE ACT MAY APPLY
HOUSING AFFORDABILITY IMPACT NOTE ACT MAY APPLY

 

 

A BILL FOR

 

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1    AN ACT concerning jobs creation.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 1. Short title. This Act may be cited as the Jobs
5Creation Finance Act.
 
6    Section 5. Purpose. The purposes of this Act are to
7promote, stimulate, and develop the general and economic
8welfare of the communities of the State of Illinois and to
9promote the general welfare of the citizens of this State.
 
10    Section 10. Definitions. As used in this Act, the following
11words and phrases shall have the following meanings unless a
12different meaning clearly appears from the context:
13    "Base year" means the most recently ascertained equalized
14assessed value of each lot, block, tract, or parcel of real
15property within a jobs creation project area.
16    "County" means the county in which a proposed jobs creation
17project area is located.
18    "Department of Revenue" means the Department of Revenue of
19the State of Illinois.
20    "Developer" means an owner, builder, developer, or tenant
21who may be organized as a sole proprietorship, corporation,
22trust, estate, partnership, limited liability company, or

 

 

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1other legal entity.
2    "Equalized assessed value of property" has the same meaning
3as set forth in Section 11-74.4-8 of the Tax Increment
4Allocation Redevelopment Act.
5    "Full-time jobs" means those jobs of 30 hours per week or
6more.
7    "Full-time equivalent jobs" means part-time jobs of less
8than 30 hours per week that in the aggregate equal full-time
9jobs.
10    "Jobs Creation Finance Fund" means the fund of the
11municipality for the deposit of all incremental revenues the
12municipality is entitled to receive pursuant to this Act for
13the purpose of paying jobs creation project costs and
14obligations incurred in the payment thereof.
15    "Jobs creation plan" means the written plan adopted by a
16municipality for the development of a jobs creation project
17area intended to increase employment and thereby enhance the
18tax bases of the taxing districts that extend into the jobs
19creation project area. The plan may include, but is not limited
20to,
21        (1) an itemized list of public and private job creation
22    project costs;
23        (2) evidence indicating that the job creation project
24    area has not been subject to growth and development through
25    prior investment and public enterprise;
26        (3) qualifications for the area to be designated as a

 

 

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1    jobs creation project area, which must include:
2            (A) eligibility of area;
3            (B) population of municipality based upon the 2000
4        U.S. Census;
5            (C) unemployment rate, not seasonally adjusted;
6            (D) number of part time and full-time equivalent
7        jobs anticipated; and
8            (E) estimated salaries and wages on part time and
9        full-time equivalent basis;
10        (4) a general description of the jobs creation project
11    area;
12        (5) a boundary map of the jobs creation project area;
13        (6) the nature and term of the obligations to be
14    issued;
15        (7) an assessment of any financial impact of jobs
16    creation project area on or any increased demand for
17    services from any taxing district affected by the plan and
18    any program to address that financial impact or increased
19    demand;
20        (8) the aggregate total of the most recent equalized
21    assessed valuation of all tax parcels within the jobs
22    creation project area;
23        (9) an estimate of the equalized assessed valuation of
24    the jobs creation project area after completion of the jobs
25    creation project;
26        (10) a general identification of the proposed

 

 

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1    developer for at least one jobs creation project;
2        (11) a description of the type, structure, and general
3    character of the facilities to be developed;
4        (12) a description of the type and number of new
5    full-time equivalent and part-time employees to be
6    employed by the jobs creation project;
7        (13) if applicable, a general description of other
8    potential jobs creation projects, their value, and their
9    general land uses as well as potential new full-time
10    equivalent and part-time jobs created by those projects;
11        (14) the estimated dates of completion of the jobs
12    creation projects and retirement of obligations issued to
13    finance jobs creation project costs; those dates may be no
14    later than 15 years after the date of the approval of the
15    jobs creation plan by the municipality or the dates set
16    forth in the job creation plan, whichever is earlier; and
17        (15) if property is to be annexed to the municipality,
18    a summary of the terms of the annexation agreement.
19    "Jobs creation project" means any public or private project
20within a jobs creation project area that qualifies as a jobs
21creation project pursuant to this Act and includes, but is not
22limited to, industrial projects, commercial projects,
23technology based projects, medical projects, logistics
24projects, retail projects, office projects, alternative energy
25projects, environmental projects, senior housing and senior
26care projects, and residential development projects. For the

 

 

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1purposes of this Act, the word "senior" is defined as at least
2one person over the age of 55 years per unit.
3    "Jobs creation project area" means an area within the
4municipality designated by ordinance by the municipality that
5is contiguous and is not, in the aggregate, more than 80 acres
6and meets the qualifications set forth in this Act.
7    "Jobs creation project costs" mean and include the sum
8total of all reasonable or necessary costs incurred or
9estimated to be incurred, and any such costs incidental to a
10jobs creation plan and a jobs creation project. These costs
11include, without limitation, the following:
12        (1) costs to municipalities or developers of studies,
13    surveys, development of plans and specifications, and
14    implementation and administration of a jobs creation plan
15    and projects, including but not limited to construction
16    management fees and staff and professional service costs
17    for architectural, engineering, legal, financial, planning
18    or other services;
19        (2) the cost of marketing sites and buildings including
20    realtors' fees and sales incentives within the jobs
21    creation project area to prospective businesses,
22    developers, investors, or buyers;
23        (3) property assembly costs, including but not limited
24    to acquisition of land, land leases, and other property,
25    real or personal, or rights or interests therein, located
26    within the boundaries of the jobs creation project area,

 

 

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1    demolition of buildings, site preparation, site
2    improvements that serve as an engineered barrier
3    addressing ground level or below ground environmental
4    contamination, including, but not limited to, parking lots
5    and other concrete or asphalt barriers, and the clearing
6    and grading of land, and importing additional soil and fill
7    materials to, or removal of soil and fill materials from,
8    the site;
9        (4) costs of buildings and other vertical improvements
10    that are located within the boundaries of a jobs creation
11    project area and owned by a municipality;
12        (5) costs of buildings and other vertical improvements
13    that are located within the boundary of a jobs creation
14    project area and owned or leased by a developer;
15        (6) costs of the design and construction of the
16    following improvements located outside the boundaries of a
17    jobs creation project area, provided that the costs are
18    essential to further the purpose and development of a jobs
19    creation plan and are either part of and connected to
20    sewer, water, or utility service lines that physically
21    connect to the jobs creation project area or are outside
22    the area and necessary to the development of the project,
23    including but not limited to:
24            (A) improvements or extensions of sewer, water,
25        and storm sewer service lines, utilities, including
26        telecommunications equipment, and storm water

 

 

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1        detention or retention facilities; and
2            (B) significant construction, extension, and
3        improvements for offsite highways, streets, roadways,
4        and interchanges that are approved by the Illinois
5        Department of Transportation or the municipalities'
6        engineers;
7        (7) costs of rehabilitation, reconstruction, repair,
8    or remodeling of existing public or private buildings,
9    fixtures, and leasehold improvements; and the cost of
10    replacing an existing public building, including new
11    municipal buildings, if pursuant to the implementation of a
12    jobs creation project the existing public building is to be
13    demolished to be used as a site requiring private
14    investment;
15        (8) costs of job training and retraining projects,
16    including the cost of "welfare to work" programs
17    implemented by businesses located within the jobs creation
18    project area;
19        (9) financing costs, including, but not limited to, all
20    necessary and incidental expenses related to the issuance
21    of obligations and which may include payment of all
22    interest on any obligations issued under this Act; those
23    costs include interest on any obligations, capitalized
24    interest of any jobs creation project for which bond
25    obligations are issued, and reasonable reserves related
26    thereto, provided that:

 

 

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1            (A) the costs are paid directly from the Jobs
2        Creation Finance Fund pursuant to this Act;
3            (B) if there are not sufficient funds available in
4        the Jobs Creation Finance Fund to make the payment
5        pursuant to this paragraph, then the amounts so due
6        shall accrue and be payable when sufficient funds are
7        available in the Jobs Creation Finance Fund; and
8            (C) if there are not sufficient funds available in
9        the Jobs Creation Finance Fund and other funds are used
10        to pay financing costs, then those funds shall be
11        deemed financing costs and may be reimbursed at any
12        time by the Jobs Creation Finance Fund to any other
13        municipal fund from which costs were paid;
14        (10) to the extent the municipality by written
15    agreement accepts and approves the same, all or a portion
16    of an individual taxing district's costs or salaries of
17    district employees resulting from the jobs creation
18    project necessarily incurred or to be incurred within a
19    taxing district in furtherance of the objectives of the
20    jobs creation plan and project;
21        (11) for jobs creation project areas that include job
22    creation financing assisted housing units, an elementary,
23    secondary, or unit school district's increased costs
24    attributable to assisted housing units located within the
25    jobs creation project area for which the developer receives
26    financial assistance through an agreement with the

 

 

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1    municipality or because the municipality incurs the cost of
2    necessary infrastructure improvements within the
3    boundaries of the assisted housing sites necessary for the
4    completion of that housing as authorized by this Act, those
5    costs shall be paid by the municipality from the Jobs
6    Creation Finance Fund when the real estate tax increment
7    revenue is received as a result of the assisted housing
8    units and shall be calculated annually as follows:
9            (A) for foundation formula districts, excluding
10        any school district located within a municipality with
11        a population in excess of 1,000,000, by multiplying the
12        district's net increase in total attendance since the
13        designation of the jobs creation project area that
14        results from a net increase in new students enrolled in
15        that school district who reside in housing units within
16        the jobs creation project area where the housing
17        projects have received financial assistance through an
18        agreement with the municipality or because the
19        municipality incurs the cost of necessary
20        infrastructure improvements within the boundaries of
21        the housing project necessary for the completion of
22        that housing as authorized by this Act by the most
23        recently available per capita tuition cost as defined
24        in Section 10-20.12a of the School Code less any
25        increase in general State aid as defined in Section
26        18-8.05 of the School Code attributable to these added

 

 

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1        new students subject to the following annual
2        limitations:
3                (I) for unit school districts with a district
4            average 1995-96 Per Capita Tuition Charge of less
5            than $5,900, no more than 25% of the total amount
6            of property tax increment revenue produced by
7            those housing units that have received tax
8            increment finance assistance under this Act;
9                (II) for elementary school districts with a
10            district average 1995-96 Per Capita Tuition Charge
11            of less than $5,900, no more than 17% of the total
12            amount of property tax increment revenue produced
13            by those housing units that have received tax
14            increment finance assistance under this Act; and
15                (III) for secondary school districts with a
16            district average 1995-96 Per Capita Tuition Charge
17            of less than $5,900, no more than 8% of the total
18            amount of property tax increment revenue produced
19            by those housing units that have received tax
20            increment finance assistance under this Act;
21            (B) for alternate method districts, flat grant
22        districts, and foundation districts with a district
23        average 1995-96 Per Capita Tuition Charge equal to or
24        more than $5,900, excluding any school district
25        located within a municipality with a population in
26        excess of 1,000,000, by multiplying the district's

 

 

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1        increase in attendance resulting from the net increase
2        in new students enrolled in that school district who
3        reside in housing units within the jobs creation
4        project area that have received financial assistance
5        through an agreement with the municipality or because
6        the municipality incurs the cost of necessary
7        infrastructure improvements within the boundaries of
8        the housing sites necessary for the completion of that
9        housing as authorized by this Act since the designation
10        of the jobs creation project area by the most recently
11        available per capita tuition cost as defined in Section
12        10-20.12a of the School Code less any increase in
13        general State aid as defined in Section 18-8.05 of the
14        School Code attributable to these added new students
15        subject to the following annual limitations:
16                (I) for unit school districts, no more than 40%
17            of the total amount of property tax increment
18            revenue produced by those housing units that have
19            received tax increment finance assistance under
20            this Act;
21                (II) for elementary school districts, no more
22            than 27% of the total amount of property tax
23            increment revenue produced by those housing units
24            that have received tax increment finance
25            assistance under this Act; and
26                (III) for secondary school districts, no more

 

 

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1            than 13% of the total amount of property tax
2            increment revenue produced by those housing units
3            that have received tax increment finance
4            assistance under this Act; and
5            (C) for any school district in a municipality with
6        a population in excess of 1,000,000, the following
7        restrictions shall apply to the reimbursement of
8        increased costs under this paragraph:
9                (I) no increased costs shall be reimbursed
10            unless the school district certifies that each of
11            the schools affected by the assisted housing
12            project is at or over its student capacity;
13                (II) the amount reimbursable shall be reduced
14            by the value of any land donated to the school
15            district by the municipality or developer, and by
16            the value of any physical improvements made to the
17            schools by the municipality or developer; and
18                (III) the amount reimbursed may not affect
19            amounts otherwise obligated by the terms of any
20            bonds, notes, or other funding instruments, or the
21            terms of any redevelopment agreement.
22        Any school district seeking payment under this
23    paragraph shall, after July 1 and before September 30 of
24    each year, provide the municipality with reasonable
25    evidence to support its claim for reimbursement before the
26    municipality shall be required to approve or make the

 

 

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1    payment to the school district. If the school district
2    fails to provide the information during this period in any
3    year, it shall forfeit any claim to reimbursement for that
4    year. School districts may adopt a resolution waiving the
5    right to all or a portion of the reimbursement otherwise
6    required by this paragraph. By acceptance of this
7    reimbursement the school district waives the right to
8    directly or indirectly set aside, modify, or contest in any
9    manner the establishment of the jobs creation project area
10    or projects;
11        (12) relocation costs of equipment and materials to the
12    project site;
13        (13) payment in lieu of taxes;
14        (14) costs of job training, retraining, advanced
15    vocational education, or career education, including but
16    not limited to courses in occupational, semi-technical, or
17    technical fields leading directly to employment, incurred
18    by one or more taxing districts, provided that those costs
19    (i) are related to the establishment and maintenance of
20    additional job training, advanced vocational education, or
21    career education programs for persons employed or to be
22    employed by employers located in a jobs creation project
23    area; and (ii) when incurred by a taxing district or taxing
24    districts other than the municipality, are set forth in a
25    written agreement by or among the municipality and the
26    taxing district or taxing districts, which agreement

 

 

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1    describes the program to be undertaken, including but not
2    limited to the number of employees to be trained, a
3    description of the training and services to be provided,
4    the number and type of positions available or to be
5    available, itemized costs of the program and sources of
6    funds to pay for the same, and the term of the agreement;
7    these costs include, specifically, the payment by
8    community college districts of costs pursuant to Sections
9    3-37, 3-38, 3-40, and 3-40.1 of the Public Community
10    College Act and by school districts of costs pursuant to
11    Sections 10-22.20a and 10-23.3a of the School Code;
12        (15) costs of landscaping and plantings, retaining
13    walls and fences, man-made lakes and ponds, shelters,
14    benches, lighting, exercise paths and stops, parking lots,
15    and similar amenities located within the boundaries of a
16    jobs creation project area;
17        (16) if included in the jobs creation plan, salaries or
18    a portion of salaries for local government employees and
19    payments to consultants to the extent they are directly
20    attributable to the work of those employees or consultants
21    on the planning, establishment, management, maintenance,
22    and administration of the jobs creation plan, area, and
23    projects;
24        (17) all environmental improvement costs including,
25    but not limited to, alternative energy equipment using
26    solar, geothermal, wind power, hydro, bio-mass, ethanol;

 

 

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1    EPA clean-up; wetlands mitigation costs whether within the
2    jobs creation project area or required off-site to serve
3    the objectives of the jobs creation project area and LEEDS
4    qualification costs;
5        (18) all maintenance, equipment, and repair costs
6    attributable to jobs creation projects or the jobs creation
7    project area;
8        (19) developer's worker's compensation contributions
9    limited to one-half the costs; and
10        (20) the cost of day care services for children of
11    employees from low-income families working for businesses
12    located within the jobs creation project area and all or a
13    portion of the cost of operation of day care centers
14    established by jobs creation project area businesses to
15    serve employees from low-income families working in
16    businesses located in the jobs creation project area; for
17    the purposes of this paragraph, "low-income families"
18    means families whose annual income does not exceed 80% of
19    the municipal, county, or regional median income, adjusted
20    for family size, as the annual income and municipal,
21    county, or regional median income are determined from time
22    to time by the United States Department of Housing and
23    Urban Development.
24    "Jobs creation project costs" do not include:
25            (A) moving expenses for employees of the business
26        location within a jobs creation project area;

 

 

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1            (B) property taxes for property located within the
2        jobs creation project area; and
3            (C) general overhead or administrative costs of
4        the municipality that would still have been incurred by
5        the municipality if the municipality had not
6        established a jobs creation project area.
7    "Jobs tax credit" is a tax credit of $500 per full-time
8equivalent employee against the developer's income, pursuant
9to Section 201 of the Illinois Income Tax Act.
10    "Local sales taxes" means any locally imposed taxes
11received by a municipality arising from sales by retailers and
12servicemen within a jobs creation project area as provided for
13in the Use Tax Act, Service Use Tax Act, Service Occupation Tax
14Act, and Retailers' Occupation Tax Act.
15    "Local sales tax increment" means an amount equal to the
16increase in the aggregate amount of taxes paid to a
17municipality from the Local Government Tax Fund arising from
18sales by retailers and servicemen within the jobs creation
19project area, as the case may be, for as long as the jobs
20creation project area, as the case may be, exists over and
21above the aggregate amount of taxes as certified by the
22Illinois Department of Revenue and paid by retailers and
23servicemen under the Municipal Retailers' Occupation Tax Act
24and the Municipal Service Occupation Tax Act, the Use Tax Act,
25and the Service Use Tax Act on transactions at places of
26business located in the jobs creation project area during the

 

 

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1base year, which shall be the calendar year immediately prior
2to the year in which the municipality designated a jobs
3creation project area.
4    "Municipality" means a city, village, or incorporated
5town.
6    "Obligations" means bonds, loans, debentures, notes,
7special certificates, or other evidence of indebtedness,
8including redevelopment agreements, issued or entered into by
9the municipality to carry out a jobs creation project or to
10refund outstanding obligations.
11    "Payment in lieu of taxes" means those estimated tax
12revenues from real property in a jobs creation project area
13derived from real property that has been acquired by a
14municipality that according to the jobs creation plan is to be
15used for a private use and where taxing districts would have
16received real estate taxes had a municipality not acquired the
17real property and adopted tax increment financing and that
18would result from levies made after the time of the adoption of
19tax increment allocation financing to the time the current
20equalized assessed value of real property in the jobs creation
21project area exceeds the total initial equalized value of real
22property in the area.
23    "State income tax" means the tax imposed under the Illinois
24Income Tax Act.
25    "State sales tax" means all the net revenue realized under
26the Retailer's Occupation Act, the Use Tax Act, the Service Use

 

 

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1Tax Act, and the Service Occupation Tax Act from transactions
2at places of business located within a jobs creation project
3area.
4    "State sales tax increment" has the meaning set forth in
5Section 11-74.4-3(s) of the Tax Increment Allocation
6Redevelopment Act.
7    "State utility tax" has the same meaning as set forth in
8Public Utilities Act.
9    "State utility tax increment" has the same meaning as set
10forth in Section 11-74.4-3(j) of the Tax Increment Allocation
11Redevelopment Act.
12    "Surplus" means an amount in excess of those moneys
13pledged, earmarked, or otherwise designated or estimated for
14payment and securing of obligations or otherwise estimated for
15public or private projects in the jobs creation plan for future
16public and private costs.
17    "Tax increment financing" has the same meaning as set forth
18in Section 11-74.4-8 of the Tax Increment Allocation
19Redevelopment Act.
20    "Taxing districts" means counties, townships, cities, and
21incorporated towns and villages, school, road, park, sanitary,
22mosquito abatement, forest preserve, public health, fire
23protection, river conservancy, tuberculosis sanitarium, and
24any other municipal corporations or districts with the power to
25levy taxes in the proposed jobs creation project area.
26    "Taxing districts' costs" means those costs of taxing

 

 

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1bodies for capital improvements and salaries that are found by
2the municipal authorities to be necessary and directly result
3from the jobs creation project.
4    "Telecommunications tax" has the same meaning as set forth
5in the Telecommunications Excise Tax Act.
 
6    Section 15. Qualifications. An area is qualified as a jobs
7creation project area if the area:
8        (1) is contiguous and is not, in the aggregate, more
9    than 80 acres; and
10        (2) is located within the territorial limits of a
11    municipality in which, at any time during the 12 months
12    before the municipality by ordinance designates a jobs
13    creation project area, the unemployment rate, not
14    seasonally adjusted, was 6% or greater or was equal to or
15    less than 75% or more of the national average unemployment
16    rate for that same time as published in the United States
17    Department of Labor Bureau of Labor Statistics publication
18    entitled the "The Employment Situation" or its successor
19    publication; for the purpose of this item (2), if
20    unemployment rate statistics for a municipality are not
21    available, the unemployment rate in the municipality shall
22    be deemed to be the same as the unemployment rate in the
23    principal county in which the municipality is located.
24    In addition, the municipality must establish one or more
25jobs creation projects within the area and must include the

 

 

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1following in the jobs creation plan:
2            (A) the identification of at least one developer
3        who proposes to undertake a jobs creation project;
4            (B) a description of the buildings and facilities
5        proposed to be constructed and improved in the jobs
6        creation project area;
7            (C) the estimated costs of construction of the
8        buildings and facilities to be constructed in the jobs
9        creation project area;
10            (D) a copy of letters of intent to locate within
11        the proposed jobs creation project area by the
12        developer and appropriate corporate officer, if
13        applicable;
14            (E) the estimated number of full-time equivalent
15        and part-time jobs anticipated to be created and
16        retained by the developer's jobs creation project; and
17            (F) any other information the municipality deems
18        reasonable and necessary to advise the public of the
19        intent of the jobs creation project.
 
20    Section 20. Levels of benefits.
21    (a) Jobs creation projects within a jobs creation project
22area created pursuant to this Act may qualify for incentives,
23tax credits, deductions, or exemptions as follows: (i) real
24estate tax increment; (ii) local sales tax increment; (iii)
25State sales tax increment; (iv) municipality utility tax

 

 

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1increment; (v) State utility tax increment; (vi) income tax
2credit or deduction; and (vii) State and local
3telecommunications tax increment.
4    (b) Sources of incentives available for public and private
5projects in a jobs creation project area are defined by the
6following levels:
7        (1) Level "A" benefits are defined as real estate tax
8    increment and local sales tax increment.
9        (2) Level "B" benefits are defined as real estate tax
10    increment; local sales tax increment; State sales tax
11    increment; and municipal utility tax increment.
12        (3) Level "C" benefits are defined as real estate tax
13    increment; local sales tax increment; State sales tax
14    increment; municipal utility tax increment; State utility
15    tax increment; State and municipal telecommunication tax
16    increment; and a jobs State income tax credit or deduction.
17    (c) Incentive levels for jobs creation project areas are
18determined by the population of the municipality as of the year
192000 and the number of full-time equivalent jobs created as
20follows:
21        (1) Jobs creation project areas located in a
22    municipality with a population of up to 14,999 with a
23    project estimated to create the following full-time
24    equivalent jobs are eligible for the following benefits:
25            (A) If the project creates 25 jobs or more, the
26        jobs project area is eligible for level A benefits.

 

 

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1            (B) If the project creates 75 jobs or more, the
2        jobs project area is eligible for level B benefits.
3            (C) If the project creates 100 jobs or more, the
4        jobs project area is eligible for level C benefits.
5        (2) Jobs creation project areas located in a
6    municipality with a population of 15,000 to 49,999 with a
7    project estimated to create the following full-time
8    equivalent jobs are eligible for the following benefits:
9            (A) If the project creates 75 jobs or more, the
10        jobs project area is eligible for level A benefits.
11            (B) If the project creates 100 jobs or more, the
12        jobs project area is eligible for level B benefits.
13            (C) If the project creates 150 jobs or more, the
14        jobs project area is eligible for level C benefits.
15        (3) Jobs creation project areas located in a
16    municipality with a population over 50,000 with a project
17    estimated to create the following full-time equivalent
18    jobs are eligible for the following benefits:
19            (A) If the project creates 100 jobs or more, the
20        jobs project area is eligible for level A benefits.
21            (B) If the project creates 150 jobs or more, the
22        jobs project area is eligible for level B benefits.
23            (C) If the project creates 250 jobs or more, the
24        jobs project area is eligible for level C benefits.
25    (d) The municipality shall determine incentive levels
26available for a jobs creation project. Incentives offered to

 

 

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1the developer or developers shall be at the discretion of the
2municipality and shall be set forth in a redevelopment
3agreement adopted by ordinance of the municipality. The
4redevelopment agreement shall contain a description of the
5benefit level the developer is eligible to receive and the
6requirements of the Three Year Job Attainment Report. The
7rights and obligations of the redevelopment agreement shall be
8fully assignable by the developer upon approval of the
9municipality.
10    (e) On the third anniversary of date of the designation of
11a jobs creation project area, the developer shall submit to the
12municipality a Three Year Job Attainment Report, which must
13include: (i) identification of the developer or developers and
14the jobs creation project or projects; (ii) a description of
15the incentives the developer has received since the designation
16of the area; (iii) a sworn statement of the number of
17full-time, part-time, and full-time equivalent jobs that have
18been created by its project.
19    (f) If, on the third anniversary, the municipality finds
20that the number of jobs created within a jobs creation project
21area is not equal to or greater than the number of jobs
22required by the level of benefits the developer is receiving,
23the developer's level of benefits shall decrease to the
24appropriate level set forth in subsection (c). If the developer
25fails to meet the number of jobs required for level A benefits
26based upon the population of the municipality where the jobs

 

 

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1creation project is located, the developer's incentives may be
2terminated by written notice from the municipality.
3    (g) If on the third anniversary, the municipality finds
4that the jobs created within the jobs creation project area are
5greater than the number of jobs required by the level of
6benefits the developer is receiving, the developer may be
7eligible for additional benefits based upon the appropriate
8level set forth in subsection (c).
9    (h) A change in the level of benefits and incentives a
10developer receives shall require an amendment to the
11redevelopment agreement between the municipality and the
12developer approved by ordinance of the municipality. If the
13developer exceeds the number of full-time equivalent jobs
14required for the level of benefits the developer is receiving
15prior to the third anniversary date of the establishment of the
16jobs creation project area, the developer may present to the
17municipality a sworn statement of the number of full-time
18equivalent jobs created, and the developer, at the discretion
19of the developer, may be eligible for additional benefits based
20upon the appropriate level set forth in subsection (c).
21    (i) Upon determination by the municipality that the
22requisite number of full-time equivalent jobs have been created
23within the jobs creation project area, the developer or
24developers shall be relieved of any liability with respect to
25job creation under this Section.
 

 

 

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1    Section 25. Approval of a jobs creation plan and project;
2designation of a jobs creation project area.
3    (a) A municipality may, by ordinance, approve a jobs
4creation plan and project and designate a jobs creation project
5area. Prior to the adoption of an ordinance designating a jobs
6creation project area or approving a jobs creation plan or jobs
7creation project, the municipality by its corporate
8authorities shall adopt an ordinance fixing a time and place
9for a public hearing. The municipality shall hear all comments
10at the hearing and the hearing may be adjourned to another date
11without further notice other than a motion to be entered upon
12the minutes fixing the time and place of the subsequent
13hearing. At the public hearing or at any time prior to the
14adoption by the municipality of an ordinance approving a jobs
15creation plan, the municipality may make changes in the jobs
16creation plan. Changes that (i) add additional parcels of
17property to the proposed jobs creation project area, (ii)
18substantially affect the general land uses proposed in the jobs
19creation plan, or (iii) substantially change the nature of or
20extend the life of the jobs creation project, shall be made
21only after the municipality gives notice, convenes a joint
22review board, and conducts a public hearing pursuant to the
23procedures set forth in this Section of this Act. Changes that
24do not (i) add additional parcels of property to the proposed
25jobs creation project area, (ii) substantially affect the
26general land uses proposed in the jobs creation plan, or (iii)

 

 

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1substantially change the nature of or extend the life of the
2jobs creation project, may be made without further hearing,
3provided that the municipality shall give notice of any such
4changes by mail to each affected taxing district and by
5publication in a newspaper of general circulation within the
6affected taxing district. The notice by mail and by publication
7shall each occur not later than 14 business days following the
8adoption by ordinance of those changes. Hearings with regard to
9a jobs creation project area, project, or plan may be held
10simultaneously.
11    (b) Notice of the public hearing shall be given by
12publication and mailing. Notice by publication shall be given
13by publication at least twice, the first publication to be not
14more than 30 nor less than 10 days prior to the hearing in a
15newspaper of general circulation within the taxing districts
16having property in the proposed jobs creation project area.
17Notice by mailing shall be given by depositing that notice in
18the United States mail by certified mail addressed to the
19person or persons in whose name the general taxes for the last
20preceding year were paid on each lot, block, tract, or parcel
21of land lying within the jobs creation project area. The notice
22shall be mailed not less than 10 days prior to the date set for
23the public hearing. If taxes for the last preceding year were
24not paid, the notice shall also be sent to the persons last
25listed on the tax rolls within the preceding 3 years as the
26owners of such property.

 

 

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1    (c) The notices issued pursuant to this Section shall
2include the following:
3        (1) the time and place of public hearing;
4        (2) the boundaries of the proposed jobs creation
5    project area by legal description and by street location
6    where possible;
7        (3) a description of the jobs creation plan and jobs
8    creation project for the proposed jobs creation project
9    area; and
10        (4) such other matters as the municipality may deem
11    appropriate.
12    (d) Not less than 30 days prior to the date set for
13hearing, the municipality shall give notice by mail as provided
14in subsection (a) to all taxing districts of which taxable
15property is included in the jobs creation project area,
16project, or plan and to the Department of Commerce and Economic
17Opportunity.
18    (e) Prior to holding a public hearing to approve or amend a
19jobs creation plan or to designate or add additional parcels of
20property to a jobs creation project area, the municipality
21shall convene a joint review board. The board shall consist of
22a representative selected by each community college district,
23local elementary school district and high school district or
24each local community unit school district, park district,
25library district, township, fire protection district, and
26county that will have the authority to directly levy taxes on

 

 

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1the property within the proposed jobs creation project area at
2the time that the proposed jobs creation project area is
3approved, a representative selected by the municipality, and a
4public member who shall be a resident of the municipality. The
5public member shall first be selected and then the board's
6chairperson shall be selected by a majority of the board
7members present and voting.
8    All board members shall be appointed and the first board
9meeting shall be held at least 14 days but not more than 28
10days after the mailing of notice by the municipality to the
11taxing districts as required by this Act. Additional meetings
12of the board shall be held upon the call of any member. The
13municipality seeking designation of the jobs creation project
14area shall provide administrative support to the board.
15    (f) Upon conclusion of the public hearing, the municipality
16may, within 180 days after the public hearing, adopt an
17ordinance approving a jobs creation plan and project, and an
18ordinance designating a jobs creation project area. No jobs
19creation project area shall be designated unless a plan and
20project are approved prior to the designation of the area.
21    The plan and projects shall be approved by an ordinance
22that includes:
23        (1) a description of the jobs creation project area;
24        (2) the qualifications described in the jobs creation
25    plan that cause the area to be designated as a jobs
26    creation project area pursuant to Section 15 of this Act;

 

 

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1        (3) a finding that the proposed jobs creation project
2    area on the whole has not been subject to growth and
3    development through investment by private enterprise and
4    would not be reasonably anticipated to be developed without
5    the adoption of the jobs creation plan;
6        (4) a finding that the jobs creation plan and project
7    conform to the land use and zoning and ordinances for the
8    development of the municipality as a whole;
9        (5) the anticipated completion date of the jobs
10    creation plan and projects;
11        (6) the estimated date for retirement of obligations,
12    if any, incurred to finance the jobs creation project; and
13        (7) a finding that the incremental revenues and
14    benefits pursuant to the act will be used exclusively for
15    development of or the benefit of the jobs creation project
16    area.
17    An ordinance designating a jobs creation project area shall
18set forth:
19        (1) a general description of the jobs creation project
20    area; and
21        (2) a boundary map of the jobs creation project area.
22    (g) Upon adoption of the ordinances and with regard to the
23real estate increment, as set forth in Section 11-74.4-8 of the
24Tax Increment Allocation Redevelopment Act, the municipality
25shall forthwith transmit to the county clerk of the county or
26counties within which the jobs creation project area is located

 

 

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1a certified copy of the ordinances, a legal description of the
2jobs creation project area, a map of the jobs creation project
3area, identification of the year that the county clerk shall
4use for determining the total initial equalized assessed value
5of the jobs creation project area, and a list of the parcel or
6tax identification number of each parcel of property included
7in the jobs creation project area.
8    (h) Upon adoption of the ordinances and with regard to the
9State and local municipal sales taxes and use and service
10taxes, State income taxes, State and municipal
11telecommunications taxes, and State and municipal utility
12taxes, if such benefits are applicable, the municipality shall
13provide to the Illinois Department of Revenue a certified copy
14of the ordinances.
 
15    Section 30. Jobs Creation Finance Fund. Upon adoption of
16the ordinances approving a jobs creation plan and project and
17designating a jobs creation project area, a municipality shall
18create a special fund called the Job Creation Finance Fund for
19the deposit of real estate tax incremental revenues and any
20incremental tax revenues payable to the municipality pursuant
21to this Act. The moneys in the Jobs Creation Finance Fund shall
22be used for the purpose of paying jobs creation projects costs
23and obligations incurred from the payment of jobs creation
24project costs.
 

 

 

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1    Section 35. Completion dates for jobs creation projects.
2The dates of completion of the jobs creation projects and
3retirement of obligations issued to finance jobs creation
4project cost may not be later than December 31st of the year in
5which the payment to the municipal treasurer is to be made with
6respect to ad valorem real estate taxes levied in the 15th
7calendar year after the year in which the ordinance approving
8the jobs creation project area was adopted. A municipality may
9elect to extend the life of the jobs creation project area to
1025 years by the adoption of an ordinance after at least 14 but
11no more than 30 days' written notice to the affected taxing
12bodies before the adoption of the ordinance.
 
13    Section 40. Municipal powers and duties; jobs creation
14project areas. A municipality may:
15    (a) Make and enter into all contracts with property owners,
16developers, tenants, individual overlapping taxing bodies, and
17others necessary or incidental to the implementation and
18furtherance of its jobs creation plan and projects.
19    (b) Acquire by purchase, donation, or lease or own, convey,
20lease, mortgage, or dispose of land and other property, real or
21personal, or rights or interests therein, and grant or acquire
22licenses, easements, and options with respect thereto, all in
23the manner and at the price the municipality determines is
24reasonably necessary to achieve the objectives of the jobs
25creation plan and project. No conveyance, lease, mortgage, or

 

 

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1disposition of land or other property owned by a municipality,
2or agreement relating to the development of that municipal
3property, shall be made except upon the adoption of an
4ordinance by the corporate authorities of the municipality.
5Furthermore, no conveyance, lease, mortgage, or other
6disposition of land owned by a municipality or agreement
7relating to the development of such municipal property shall be
8made without making public disclosure of the terms of the
9disposition and all bids and proposals made in response to the
10municipality's request. The procedures for obtaining those
11bids and proposals shall provide reasonable opportunity for any
12person to submit alternative proposals or bids.
13    (c) Within a jobs creation project area, clear any area by
14demolition or removal of any existing buildings, equipment,
15underground tanks, structures, or other impediments to
16development.
17    (d) Within a jobs creation project area, renovate,
18rehabilitate, or construct any structure or building, as
19permitted under this Act.
20    (e) Install, repair, construct, reconstruct, or relocate
21streets, utilities, and site improvements essential to the
22preparation of the jobs creation project area for use in
23accordance with a jobs creation project plan.
24    (f) Within a jobs creation project area, fix, charge, and
25collect fees, rents, and charges for the use of any building or
26property owned or leased by it or any part thereof, or facility

 

 

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1therein.
2    (g) Accept grants, guarantees, and donations of property,
3labor, or other things of value from a public or private source
4for use within a project jobs creation project area.
5    (h) Acquire and construct public facilities as permitted
6under this Act.
7    (i) Incur jobs creation project costs and reimburse
8developers who incur project costs as permitted under this Act.
9    (j) From municipal owned properties, make full or partial
10payment in lieu of taxes to taxing districts. If payments in
11lieu of taxes or a portion thereof are made to taxing
12districts, those payments shall be made to all districts within
13a jobs creation project area on a basis which is proportional
14to the then current collections of revenue which each taxing
15district receives from real property in the jobs creation
16project area.
17    (k) Exercise any and all other powers necessary to
18effectuate the purposes of this Act.
19    (l) Municipalities may undertake and perform jobs creation
20plans and projects and use the provisions of the Act wherever
21they have contiguous jobs creation project areas or tax
22increment redevelopment project areas. They may issue
23obligations and expend tax revenues received under this Act for
24eligible expenses anywhere within contiguous jobs creation
25project areas or tax increment redevelopment project areas, as
26otherwise permitted in the Act.

 

 

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1    (m) Use revenues, other than State sales use or service tax
2increment revenues or State utilities tax increment revenues,
3received under this Act from one jobs creation project area for
4eligible costs in: (i) another contiguous jobs creation project
5area; (ii) a contiguous tax increment redevelopment project
6area created pursuant to the Tax Increment Allocation
7Redevelopment Act or Jobs Recovery Act; or (iii) a STAR Bonds
8District created pursuant to the Innovation Development and
9Economy Act. Job creation project areas, tax increment
10redevelopment project areas, or STAR bonds districts shall be
11deemed contiguous under this Act if they are:
12        (1) separated only by a public right-of-way from the
13    jobs creation project area or tax increment redevelopment
14    project area;
15        (2) separated only by property owned by another taxing
16    district; or
17        (3) separated only by forest preserve property from the
18    jobs creation project area.
19    (n) If a jobs creation project has not been initiated in a
20jobs creation project area within 3 years after the area was
21designated by ordinance, the municipality shall adopt an
22ordinance repealing the area's designation as a jobs creation
23project area.
 
24    Section 45. Distribution of surplus funds. Upon the
25determination of a surplus of increment in the Jobs Creation

 

 

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1Project Fund, the surplus shall be distributed to the taxing
2districts and to the Illinois Department of Revenue as follows:
3(i) surplus real estate increment shall be paid by the
4municipal treasurer to the County Collector, who shall
5distribute the surplus increment to the taxing bodies in
6proportion to the tax rates of the taxing bodies in the most
7recent distribution by the County Collector to the affected
8districts; (ii) the municipal treasurer shall pay all surplus
9State sales, use, service, and utility taxes to the Department
10of Revenue; and (iii) the municipality shall retain all local
11taxes and deposit them into the municipality's general fund.
 
12    Section 50. Issuance of obligations for jobs creation
13project costs. Obligations in the form of bonds, loans, notes,
14or debentures, secured by the Jobs Creation Finance Fund for
15the jobs creation project area, may be issued to provide for
16jobs creation project costs.
17    Without limiting the foregoing in this Section, the
18municipality may pledge, in addition to obligations secured by
19the Jobs Creation Finance Fund and for a period not greater
20than the term of the obligations, towards payment of such
21obligations any part or any combination of the following: (i)
22net revenues of all or part of any jobs creation project; (ii)
23taxes levied and collected on any or all property in the
24municipality; (iii) the full faith and credit of the
25municipality; (iv) a mortgage on part or all of the jobs

 

 

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1creation project; or (v) any other taxes or anticipated
2receipts that the municipality may lawfully pledge.
3    These obligations may be issued in one or more series
4bearing interest at a rate or rates that the corporate
5authorities of the municipality shall determine by ordinance.
6These obligations shall bear such date or dates, mature at such
7time or times not exceeding 15 years, or 25 years if the area
8is extended, from their respective dates, be in such
9denomination, carry such registration privileges, be executed
10in such manner, be payable in such medium of payment at such
11place or places, contain such covenants, terms, and conditions,
12and be subject to redemption as the ordinance shall provide.
13Obligations issued pursuant to this Act may be sold at public
14or private sale at a price determined by the corporate
15authorities of the municipalities. No referendum approval of
16the electors shall be required as a condition to the issuance
17of obligations pursuant to this Act except as provided in this
18Section.
19    If the municipality authorizes issuance of obligations
20pursuant to the authority of this Act secured by the full faith
21and credit of the municipality, and if those obligations are
22other than obligations that may be issued under home rule
23powers provided by Article VII, Section 6 of the Illinois
24Constitution, or pledges taxes under this Section, the
25ordinance authorizing the issuance of those obligations or
26pledging those taxes shall be published in one or more

 

 

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1newspapers, with general circulation within the municipality,
2within 10 days after the ordinance has been passed. The
3publication of the ordinance shall be accompanied by a notice
4of (i) the specific number of voters required to sign a
5petition requesting the question of the issuance of those
6obligations or pledging taxes to be submitted to the electors;
7(ii) the time in which the petition must be filed; and (iii)
8the date of the prospective referendum. The municipal clerk
9shall provide a petition form to any individual requesting one.
10    If no petition is filed with the municipal clerk, as
11provided in this Section, within 30 days after the publication
12of the ordinance, the ordinance shall be in effect. But, if
13within that 30-day period, a petition is filed with the
14municipal clerk, signed by electors in the municipality
15numbering 10% or more of the number of registered voters in the
16municipality, asking that the question of issuing obligations
17using full faith and credit of the municipality as security for
18the cost of paying for jobs creation project costs, or of
19pledging taxes for the payment of such obligations, or both, be
20submitted to the electors of the municipality, the corporate
21authorities of the municipality shall call a special election
22in the manner provided by law to vote upon that question, or,
23if a general, State, or municipal election is to be held within
24a period of not less than 30 or more than 90 days from the date
25the petition is filed, shall submit the question at the next
26general, State, or municipal election. If it appears upon the

 

 

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1canvass of the election by the corporate authorities that a
2majority of electors voting upon the question voted in favor
3thereof, the ordinance shall be in effect, but if a majority of
4the electors voting upon the question are not in favor thereof,
5the ordinance shall not take effect.
6    The ordinance authorizing the obligations may provide that
7the obligations shall contain a recital that they are issued
8pursuant to this Act, which recital shall be conclusive
9evidence of their validity and of the regularity of their
10issuance.
11    If the municipality authorizes issuance of obligations
12pursuant to this Section secured by the full faith and credit
13of the municipality, the ordinance authorizing the obligations
14may provide for the levy and collection of a direct annual tax
15upon all taxable property within the municipality sufficient to
16pay the principal thereof and interest thereon as it matures,
17which levy may be in addition to and exclusive of the maximum
18of all other taxes authorized to be levied by the municipality,
19which levy, however, shall be abated to the extent that moneys
20from other sources are available for payment of the obligations
21and the municipality certifies the amount of those moneys
22available to the county clerk.
23    A certified copy of the ordinance shall be filed with the
24county clerk of each county in which any portion of the
25municipality is situated, and shall constitute the authority
26for the extension and collection of the taxes to be deposited

 

 

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1into the Jobs Creation Project Fund.
2    A municipality may also issue its obligations to refund, in
3whole or in part, obligations theretofore issued by that
4municipality under the authority of this Act, whether at or
5prior to maturity; provided, however, that the last maturity of
6the refunding obligations may not be later than the dates set
7forth in this Act.
8    If a municipality issues obligations under home rule powers
9or other legislative authority, the proceeds of which are
10pledged to pay for jobs creation project costs, the
11municipality may, if it has followed the procedures in
12conformance with this Act, retire those obligations from funds
13in the special tax allocation fund in amounts and in such
14manner as if such obligations had been issued pursuant to the
15provisions of this Act.
16    All obligations issued pursuant to this Act shall not be
17regarded as indebtedness of the municipality issuing those
18obligations or any other taxing district for the purpose of any
19limitation imposed by law.
 
20    Section 55. Amendments. After a municipality has, by
21ordinance, approved a jobs creation plan, and designated a jobs
22creation project area, the plan may be amended and additional
23properties may be added to the jobs creation project area only
24as provided in this Section. Amendments that (i) add additional
25parcels of property to the proposed jobs creation project area,

 

 

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1(ii) substantially affect the general land uses proposed in the
2jobs creation plan, (iii) substantially change the nature of
3the jobs creation project, (iv) increase the total estimated
4jobs creation project costs set out in the jobs creation plan
5by more than 5% after adjustment for inflation from the date
6the plan was adopted, or (v) add additional jobs creation
7project costs to the itemized list of jobs creation project
8costs set out in the jobs creation plan shall be made only
9after the municipality gives notice, convenes a joint review
10board, and conducts a public hearing pursuant to the procedures
11set forth in this Act. Changes that do not (i) add additional
12parcels of property to the proposed jobs creation project area,
13(ii) substantially affect the general land uses proposed in the
14jobs creation plan, (iii) substantially change the nature of
15the jobs creation project, (iv) increase the total estimated
16jobs creation project cost set out in the jobs creation plan by
17more than 5% after adjustment for inflation from the date the
18plan was adopted, or (v) add additional jobs creation project
19costs to the itemized list of jobs creation project costs set
20out in the jobs creation plan may be made without further
21public hearing and related notices and procedures including the
22convening of a joint review board as set forth in this Act,
23provided that the municipality shall give notice of any such
24changes by mail to each affected taxing district and by
25publication in a newspaper of general circulation within the
26affected taxing district. That notice by mail and by

 

 

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1publication shall each occur not later than 10 days following
2the adoption by ordinance of those changes.
 
3    Section 60. Annual reports; annual joint review board
4meetings. A municipality shall submit the following
5information for each jobs creation project area to (i) the
6State Comptroller under Section 8-8-3.5 of the Illinois
7Municipal Code; (ii) the Illinois Department of Revenue, if
8applicable, and (iii) to all taxing districts overlapping the
9jobs creation project area no later than 180 days after the
10close of each municipal fiscal year or after the audited
11financial statements become available and, in any case, shall
12be submitted before the annual meeting of the Joint Review
13Board to each of the taxing districts that overlap the jobs
14creation project area:
15        (1) any amendments to the jobs creation plan, the jobs
16    creation project area, or the State Sales Tax Boundary;
17        (2) a list of the jobs creation project areas
18    administered by the municipality and, if applicable, the
19    date each jobs creation project area was designated or
20    terminated by the municipality;
21        (3) audited financial statements of the Jobs Creation
22    Finance Fund once a cumulative total of $100,000 has been
23    deposited into the fund;
24        (4) certification of the chief executive officer of the
25    municipality that the municipality has complied with all of

 

 

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1    the requirements of this Act during the preceding fiscal
2    year;
3        (5) an opinion of legal counsel that the municipality
4    is in compliance with this Act;
5        (6) an analysis of the Jobs Creation Finance Fund that
6    sets forth:
7            (A) the balance in the Jobs Creation Finance Fund
8        at the beginning of the fiscal year;
9            (B) all amounts deposited in the Jobs Creation
10        Finance Fund by source;
11            (C) an itemized list of all expenditures from the
12        Jobs Creation Finance fund by category of permissible
13        jobs creation project cost; and
14            (D) the balance in the Jobs Creation Finance Fund
15        at the end of the fiscal year including a breakdown of
16        that balance by: (i) source and use of funds by
17        increment; and (ii) identification of any surplus as
18        defined in Section 3 of this Act;
19        (7) a description of all property purchased by the
20    municipality within the jobs creation project area
21    including:
22            (A) street address;
23            (B) approximate size or description of property;
24            (C) purchase price; and
25            (D) seller of property;
26        (8) a statement setting forth all activities

 

 

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1    undertaken in furtherance of the objectives of the jobs
2    creation plan, including:
3            (A) any project implemented in the preceding
4        fiscal year;
5            (B) a description of the jobs creation activities
6        undertaken;
7            (C) a description of any agreements entered into by
8        the municipality with regard to the disposition or
9        redevelopment of any property within the jobs creation
10        project area or the area within the State Sales Tax
11        Boundary;
12            (D) any reports submitted to the municipality by
13        the joint review board; and
14            (E) a review of public and, to the extent possible,
15        private investment actually undertaken to date and
16        estimated to be undertaken during the following year;
17        this review shall, on a project-by-project basis, set
18        forth the estimated amounts of public and private
19        investment incurred;
20        (9) with regard to any obligations issued by the
21    municipality:
22            (A) copies of any official statements; and
23            (B) an analysis setting forth: (i) nature and term
24        of obligation; and (ii) projected debt service
25        including required reserves and debt coverage if (i)
26        and (ii) are not included in the official statements;

 

 

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1        (10) for Jobs Creation Finance Funds that have
2    experienced cumulative deposits of incremental tax
3    revenues of $100,000 or more, a certified audit report
4    reviewing compliance with this Act performed by an
5    independent public accountant certified and licensed by
6    the authority of the State of Illinois; the financial
7    portion of the audit must be conducted in accordance with
8    Standards for Audits of Governmental Organizations,
9    Programs, Activities, and Functions adopted by the
10    Comptroller General of the United States (1981), as
11    amended, or the standards specified by Section 8-8-5 of the
12    Illinois Municipal Auditing Law of the Illinois Municipal
13    Code; the audit report shall contain a letter from the
14    independent certified public accountant indicating
15    compliance or noncompliance with the requirements of the
16    Act; and
17        (11) the joint review board shall meet annually 180
18    days after the close of the municipal fiscal year or after
19    the jobs creation plan and project audit for that fiscal
20    year becomes available to review the effectiveness and
21    status of the jobs creation plan and project up to that
22    date.
 
23    Section 65. Overlapping tax increment financing districts;
24enterprise zones.
25    (a) A jobs creation project area may overlap an existing

 

 

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1tax increment financing district created pursuant to the Tax
2Increment Allocation Redevelopment Act. If any portion of the
3property taxes attributable to the increase in equalized
4assessed value within a jobs creation project area are, at the
5time of formation of the jobs creation project area, already
6subject to tax increment financing under the Tax Increment
7Allocation Redevelopment Act, then the tax increment for those
8tax parcels shall be frozen at the base year established in
9accordance with this Act, and all future incremental increases
10over the base year shall not be subject to tax increment
11financing under the Tax Increment Allocation Redevelopment
12Act, but rather, shall be subject to tax increment financing
13under this Act. Any party otherwise entitled to the receipt of
14incremental tax revenues pursuant to an existing tax increment
15redevelopment agreement shall be entitled to continue to
16receive those revenues. Nothing in this Act shall affect the
17prior qualification of existing redevelopment project costs
18incurred that are eligible for reimbursement under the Tax
19Increment Allocation Redevelopment Act.
20    (b) A jobs creation project area may overlap an existing
21enterprise zone created pursuant to the Enterprise Zone Act
22subject to the following:
23        (1) Developments that have been designated to receive
24    enterprise zone benefits shall continue to receive the
25    designated real estate benefits and any other designated
26    benefits until the expiration of the designated benefits.

 

 

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1        (2) If a developer with a jobs creation project within
2    an existing enterprise zone is not receiving enterprise
3    zone benefits or elects to terminate its existing
4    enterprise zone benefits, the developer shall be eligible
5    for benefits as set forth in this Act.
 
6    Section 70. Payment of project costs; revenues from
7municipal property. Revenues received by the municipality from
8any property, building, or facility owned, leased, or operated
9by the municipality or any agency or authority established by
10the municipality, or from repayments of loans, may be used to
11pay jobs creation project costs, or reduce outstanding
12obligations of the municipality incurred under this Act for
13jobs creation project costs. The municipality may place those
14revenues in the Jobs Creation Finance Fund, which shall be held
15by the municipal treasurer or other person designated by the
16municipality.
 
17    Section 75. Partial invalidity. If any Section,
18subdivision, paragraph, sentence, or clause of this Act is, for
19any reason, held to be invalid or unconstitutional, that
20decision shall not affect any remaining portion, Section, or
21part thereof that can be given effect without the invalid
22provision.
 
23    Section 99. Effective date. This Act takes effect upon
24becoming law.