Illinois General Assembly - Bill Status for SB1822

Replaces everything after the enacting clause. Amends the Tax Increment Allocation Redevelopment Act of the Illinois Municipal Code. Provides that, if a redevelopment plan is for a qualifying transit facility located within a transit facility improvement area and the applicable project is subject to the process for evaluation of environmental effects under the National Environmental Policy Act of 1969, then a housing impact study need not be performed. Provides that, for a transit facility improvement area established prior to, on, or after the effective date of the amendatory Act, the following apply: (i) defines "redevelopment project costs"; and (ii) provides that specified provisions regarding tax increment allocation financing for a redevelopment project area located in a transit facility improvement area shall apply only to the lots, blocks, tracts, and parcels of real property that are located within the boundaries of such redevelopment project area and not to the lots, blocks, tracts and parcels of real property that are located outside the boundaries of such redevelopment project area. Provides that, on and after the effective date of the amendatory Act, the following provisions apply to transit facility improvement areas, and to redevelopment project areas located in a transit facility improvement area, established prior to, on, or after the effective date of the amendatory Act: a redevelopment project area established within a transit facility improvement area whose boundaries satisfy specified requirements shall be deemed to satisfy specified contiguity requirements, regardless of whether all of the parcels of real property included in the redevelopment project area are adjacent to one another, and this applies through and including the completion date of the redevelopment project located within the transit facility improvement area established and the date of retirement of obligations issued to finance redevelopment project costs. In provisions concerning municipal powers and duties in redevelopment project areas, provides that the various powers and duties described applying to a redevelopment project area shall also apply to a transit facility improvement area established either prior to or after the effective date of the amendatory Act. Extends the dates of completion of various redevelopment project areas. Makes other changes. Effective immediately.

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