Synopsis As Introduced Creates the Local Government Stabilization Authority Act. Authorizes the corporate authorities of Calumet Township, Thornton Township, and Bremen Township to create, by ordinance, a Local Government Stabilization Authority that shall use available funds to facilitate the return of vacant, abandoned, and tax-delinquent properties to productive use, combatting community deterioration, and creating economic growth. Provides definitions. Sets forth procedure regarding the creation of an Authority and funding sources. Further provides for the following: (1) an Authority's tax-exempt status; (2) the appointment of the Board of Directors and Chairperson, their terms of office, their removal, and vacancies; (3) the responsibilities and powers of the Board of Directors; and (4) an Executive Director to administer an Authority on a day-to-day basis. Sets forth the powers of an Authority to implement the purpose of the Act, including the authority to borrow money, enter into partnerships and joint ventures, and contract for goods and services. Permits an Authority to acquire, hold, manage, and dispose of real property. Requires an Authority to prepare an annual budget and provide annual financial statements and reports to the corporate authorities. Permits the corporate authorities to dissolve an Authority and provides requirements regarding the transfer of an Authority's debts, liabilities, and obligations. Effective immediately.
House Floor Amendment No. 1 Provides that the members of the Board of Directors shall not sell property to the Authority or buy property held by the Authority. Removes the a power of the Authority to discharge and extinguish real property taxes owed to a township, or to another party pursuant to an agreement with such party, that encumbers real property owned by those entities through the Authority. Further provides that to the extent that any power or duty of the Authority created under this Act conflicts with the powers or duties of a county or township official, the powers or duties of that county or township official shall prevail.
House Floor Amendment No. 2 Expands the scope of the Local Government Stabilization Authority Act to include Bloom and Rich Townships (currently, it applies only to Bremen, Calumet, and Thornton Townships).