Rep. John E. Bradley

Filed: 5/29/2011





09700SB0540ham004LRB097 04293 KMW 56591 a


2    AMENDMENT NO. ______. Amend Senate Bill 540, AS AMENDED,
3with reference to page and line numbers of House Amendment No.
43, on page 117, by replacing lines 10 through 18 with the
6    "On and after January 1, 2012, revenues used pursuant to
7this subsection shall be used only for the mutual benefit of
8the redevelopment project area that the revenues were received
9from and the redevelopment project area to which the revenues
10were sent. A redevelopment project area that uses revenues
11pursuant to this subsection for reimbursement of private
12developer costs may not transfer revenues to another
13redevelopment project area before repaying the redevelopment
14project area from which the revenues were received.
15Notwithstanding the above, in a municipality with a population
16of less than 25,000 inhabitants, public costs as defined in
17paragraph (4) of subsection (a) of Section 11-74.4-3 shall not
18be subject to this transfer prohibition. ".