Full Text of HB3637 94th General Assembly
HB3637ham001 94TH GENERAL ASSEMBLY
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Rep. Naomi D. Jakobsson
Filed: 4/12/2005
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| AMENDMENT TO HOUSE BILL 3637
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| AMENDMENT NO. ______. Amend House Bill 3637 by replacing | 3 |
| everything after the enacting clause with the following:
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| "Section 1. Short title. This Act shall be known and may be | 5 |
| cited as the Economic Development Area Tax Increment Allocation | 6 |
| Act of 2005 . | 7 |
| Section 5. Legislative declaration of public purpose. The | 8 |
| General Assembly hereby finds, determines and declares that: | 9 |
| (a) cooperation between State universities and local | 10 |
| communities in planning public and private development | 11 |
| activities is important to capitalize on the research, | 12 |
| technology transfer and other activities of universities in | 13 |
| order to provide employment opportunities to graduates of post | 14 |
| secondary educational institutions and to foster economic | 15 |
| growth of the State and local communities; | 16 |
| (b) the loss of job opportunities for the residents of the | 17 |
| State is a serious menace to the health, safety, morals and | 18 |
| general welfare of the people of the entire State; | 19 |
| (c) a vigorous, growing economy is the basic source of job | 20 |
| opportunities; | 21 |
| (d) planned commercial, industrial, manufacturing and | 22 |
| research and technology facilities must be made accessible to | 23 |
| the places of residence of substantial numbers of unemployed | 24 |
| persons, and the construction of residential facilities |
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| provides job opportunities in the construction industry; | 2 |
| (e) protection against the economic burdens associated | 3 |
| with the loss of job opportunities, the consequent spread of | 4 |
| economic stagnation and the resulting harm to the tax base of | 5 |
| the State can best be provided by promoting, attracting, | 6 |
| stimulating, retaining and revitalizing commerce, industry, | 7 |
| manufacturing, residential housing and research and technology | 8 |
| within the State; | 9 |
| (f) the continual encouragement, development, growth and | 10 |
| expansion of commercial, industrial, manufacturing, | 11 |
| residential housing and research and technology facilities | 12 |
| within the State requires a cooperative and continuous | 13 |
| partnership between government and the private sector; | 14 |
| (g) the State has a responsibility to help create a | 15 |
| favorable climate for the increased application and | 16 |
| development of technology and new and improved job | 17 |
| opportunities for its citizens and to increase the tax base of | 18 |
| the State and its political subdivisions by encouraging the | 19 |
| development by the private sector of new commercial, | 20 |
| industrial, manufacturing, residential housing and research | 21 |
| and technology facilities and the retention of existing | 22 |
| commercial, industrial, manufacturing, residential housing and | 23 |
| research and technology facilities within the State; | 24 |
| (h) loss of job opportunities within the State has | 25 |
| persisted despite efforts of State and local authorities and | 26 |
| private organizations to attract new commercial, industrial, | 27 |
| manufacturing, residential housing and research and technology | 28 |
| facilities to the State and to retain existing commercial, | 29 |
| industrial, manufacturing, residential housing and research | 30 |
| and technology facilities within the State; | 31 |
| (i) persistent loss of job opportunities in the State may | 32 |
| continue and worsen if the State and its political subdivisions | 33 |
| are not able to provide additional incentives to commercial, | 34 |
| industrial, manufacturing, residential housing and research |
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| and technology facilities to locate or to remain in the State; | 2 |
| and | 3 |
| (j) the provision of additional incentives by the State and | 4 |
| its political subdivisions is intended to promote cooperation | 5 |
| between the State and local communities in planning public and | 6 |
| private development in order to create new employment | 7 |
| opportunities, relieve conditions of unemployment, maintain | 8 |
| existing levels of employment, retain jobs within the State, | 9 |
| increase industry and commerce within the State, thereby | 10 |
| creating job opportunities for the residents of the State and | 11 |
| reducing the evils attendant upon unemployment, and increase | 12 |
| the tax base of the State and its political subdivisions. | 13 |
| It is hereby declared to be the policy of the State, in the | 14 |
| interest of promoting the health, safety, morals and general | 15 |
| welfare of all the people of the State, to provide incentives | 16 |
| that will create new job opportunities retain jobs and retain | 17 |
| and expand existing commercial, industrial, manufacturing, | 18 |
| residential housing and research and technology facilities | 19 |
| within the State, and it is further determined and declared | 20 |
| that the creation of new job opportunities, the relief of | 21 |
| conditions of unemployment, the maintenance of existing levels | 22 |
| of employment, the retention of existing commercial, | 23 |
| industrial, manufacturing, residential housing and research | 24 |
| and technology facilities within the State, the increase of | 25 |
| commerce, industry, manufacturing, residential housing and | 26 |
| research and technology within the State, the reduction of the | 27 |
| evils attendant upon unemployment, and the increase of the tax | 28 |
| base of the State and its political subdivisions are public | 29 |
| purposes and for the public safety, benefit, and welfare of the | 30 |
| residents of this State. | 31 |
| Section 10. Definitions. In this Act, words or terms have | 32 |
| the following meanings: | 33 |
| (a) "Assisted housing units" means new residential housing |
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| units located within the economic development project area for | 2 |
| which the developer or other person receives financial | 3 |
| assistance through an agreement with the municipality or | 4 |
| because the municipality incurs the cost of necessary | 5 |
| infrastructure improvements within the boundaries of the | 6 |
| economic development project area necessary for the completion | 7 |
| of that housing authorized by this Act, and which costs shall | 8 |
| be paid by the municipality from the Special Tax Allocation | 9 |
| Fund when such tax increment revenue is received. | 10 |
| (b) "Economic development plan" means the written plan of a | 11 |
| municipality that sets forth an economic development program | 12 |
| for an economic development project area. Each economic | 13 |
| development plan shall include but not be limited to (1) an | 14 |
| itemized list of estimated economic development project costs, | 15 |
| (2) the sources of funds to pay those costs, (3) the nature and | 16 |
| term of any obligations to be issued to pay those costs, (4) | 17 |
| the most recent equalized assessed valuation of the economic | 18 |
| development project area, (5) an estimate of the equalized | 19 |
| assessed valuation of the economic development project area | 20 |
| after completion of an economic development project, (6) the | 21 |
| estimated date of completion of any economic development | 22 |
| project proposed to be undertaken, (7) a general description of | 23 |
| the types of any proposed developers, users or tenants of any | 24 |
| property to be located or improved within the economic | 25 |
| development project area, (8) a description of the type, | 26 |
| structure and general character of the facilities to be | 27 |
| developed or improved in the economic development project area, | 28 |
| (9) a description of the general land uses to apply in the | 29 |
| economic development project area, (10) a general description | 30 |
| or an estimate of the type, class and number of employees to be | 31 |
| employed in the operation of the facilities to be developed or | 32 |
| improved in the economic development project area, (11) a | 33 |
| commitment by the municipality to fair employment practices and | 34 |
| an affirmative action plan regarding any economic development |
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| program to be undertaken by the municipality, and (12) if | 2 |
| property is to be annexed to the municipality, the terms of the | 3 |
| annexation agreement. | 4 |
| (c) "Economic development project" means any development | 5 |
| project furthering the objectives of this Act. | 6 |
| (d) "Economic development project area" means any improved | 7 |
| area or vacant area that (1) is located within, contiguous to, | 8 |
| or within three miles of a boundary of, a medical research and | 9 |
| high technology park as defined in 110 ILCS 305/7(a) or similar | 10 |
| statutory provision, established by the board of trustees of a | 11 |
| State university, (2) is located entirely within a municipality | 12 |
| that is a home rule unit of government within the meaning of | 13 |
| Section 6 of Article VII, of the Illinois Constitution, which | 14 |
| municipality is contiguous to another home rule municipality | 15 |
| and which municipalities are located within a county with a | 16 |
| population of less than 400,000, (3) is suitable for siting | 17 |
| facilities for research, commerce, manufacturing, industry, | 18 |
| transportation, recreation, government or residential housing | 19 |
| and to include, but not be limited to, educational facilities, | 20 |
| research facilities, medical facilities, incubator building, | 21 |
| agricultural research facilities, child care facilities, | 22 |
| athletic facilities, recreational facilities, retirement | 23 |
| facilities, commercial businesses, offices, convention | 24 |
| centers, hotels, public buildings, offices or professional | 25 |
| service facilities, test facilities, transportation | 26 |
| facilities, single or multi family residential housing units or | 27 |
| businesses and services supporting medical research and | 28 |
| technology activities, regardless of whether or not the area | 29 |
| has been used at any time for the facilities and whether or not | 30 |
| the area has been used or is suitable for other uses, including | 31 |
| commercial agricultural purposes, and (4) which has been | 32 |
| established by the corporate authorities of the municipality | 33 |
| under this Act. | 34 |
| (e) "Economic development project costs" means and |
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| includes the total of all reasonable or necessary costs | 2 |
| incurred or to be incurred in connection with an economic | 3 |
| development project, including, without limitation, the | 4 |
| following: | 5 |
| (1) Costs of studies, surveys, development of plans and | 6 |
| specifications, implementation and administration of an | 7 |
| economic development plan, and personnel and professional | 8 |
| service costs for architectural, engineering, legal, | 9 |
| marketing, financial, planning, police, fire, public | 10 |
| works, public utility or other services. No charges for | 11 |
| personnel and professional services, however, shall (x) be | 12 |
| based on a percentage of incremental tax revenues; derived | 13 |
| from the economic development project area, (y) include | 14 |
| general administrative or overhead costs of the | 15 |
| municipality that would have been incurred by the | 16 |
| municipality if the municipality had not established the | 17 |
| economic development project area, or (z) be paid pursuant | 18 |
| to any professional service contract with a term extending | 19 |
| beyond a period of 3 years. | 20 |
| (2) Property assembly costs within an economic | 21 |
| development project area, including but not limited to | 22 |
| acquisition of land and other real or personal property or | 23 |
| rights or interests in property, and specifically | 24 |
| including payments to developers or other persons as | 25 |
| reimbursement for such costs incurred by such developer or | 26 |
| person. | 27 |
| (3) Site preparation costs, including but not limited | 28 |
| to clearance of any area within an economic development | 29 |
| project area by demolition or removal of any existing | 30 |
| buildings, structures, fixtures, utilities, and | 31 |
| improvements and clearing and grading; and including | 32 |
| installation, repair, construction, reconstruction, | 33 |
| extension or relocation of public streets, public | 34 |
| utilities, and other public site improvements located |
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| outside the boundaries of an economic development project | 2 |
| area that are essential to the preparation of the economic | 3 |
| development project area for use pursuant to an economic | 4 |
| development plan, and specifically including payments to | 5 |
| developers or other persons as reimbursement for such costs | 6 |
| incurred by such developer or person. | 7 |
| (4) Costs of renovation, rehabilitation, | 8 |
| reconstruction, relocation, repair or remodeling of any | 9 |
| existing buildings, improvements, equipment and fixtures | 10 |
| within an economic development project area, and | 11 |
| specifically including payments to developers or other | 12 |
| persons as reimbursement for such costs incurred by such | 13 |
| developer or nongovernmental person. | 14 |
| (5) Costs of installation or construction within an | 15 |
| economic development project area of any buildings, | 16 |
| structures, works, streets, improvements, equipment, | 17 |
| utilities or fixtures which constitute, or are convenient | 18 |
| or necessary for, an economic development project, whether | 19 |
| publicly or privately owned or operated, and specifically | 20 |
| including payments to developers or other persons as | 21 |
| reimbursement for such costs incurred by such developer or | 22 |
| person, provided, however, that economic development | 23 |
| project costs shall not include the cost of a new municipal | 24 |
| public building principally used to provide offices, | 25 |
| storage space or conference facilities or vehicle storage, | 26 |
| maintenance or repair for administrative, public safety or | 27 |
| public works personnel unless the municipality makes a | 28 |
| reasonable determination in the economic development plan, | 29 |
| supported by information that provides the basis for its | 30 |
| determination, that such new municipal building is | 31 |
| required to meet an increase in the need for public safety | 32 |
| anticipated to result from the implementation of the | 33 |
| economic development plan. | 34 |
| (6) Financing costs, including but not limited to all |
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| necessary and incidental expenses related to the issuance | 2 |
| of obligations, payment of any interest on any obligations | 3 |
| issued under this Act that accrues during the estimated | 4 |
| period of construction of any economic development project | 5 |
| for which the obligations are issued and for not more than | 6 |
| 36 months after that period, and any reasonable reserves | 7 |
| related to the issuance of the obligations. | 8 |
| (7) All or a portion of a taxing district's capital or | 9 |
| operating costs resulting from an economic development | 10 |
| project necessarily incurred or estimated to be incurred by | 11 |
| a taxing district in the furtherance of the objectives of | 12 |
| an economic development project, to the extent that the | 13 |
| municipality, by written agreement, accepts and approves | 14 |
| those costs. An elementary, secondary or unit school | 15 |
| district's increased capital or operating costs | 16 |
| attributable to assisted housing units shall be calculated | 17 |
| annually as follows: | 18 |
| (A) for foundation districts, by multiplying the | 19 |
| district's increase in attendance resulting from the | 20 |
| net increase in new students enrolled in that school | 21 |
| district who reside in assisted housing units since the | 22 |
| designation of the economic development project area | 23 |
| by the most recently available per capita tuition cost | 24 |
| as defined in Section 10-20.12a of the School Code less | 25 |
| any increase in general State aid as defined in Section | 26 |
| 18-8.05 of the School Code attributable to these added | 27 |
| new students subject to the following annual | 28 |
| limitations: | 29 |
| (i) for unit school districts with a district | 30 |
| average 1995-96 Per Capita Tuition Charge of less | 31 |
| than $5,900, no more than 25% of the total amount | 32 |
| of property tax increment revenue produced by | 33 |
| those assisted housing units; | 34 |
| (ii) for elementary school districts with a |
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| district average 1995-96 Per Capita Tuition Charge | 2 |
| of less than $5,900, no more than 17% of the total | 3 |
| amount of property tax increment revenue produced | 4 |
| by those assisted housing units; and | 5 |
| (iii) for secondary school districts with a | 6 |
| district average 1995-96 Per Capita Tuition Charge | 7 |
| of less than $5,900, no more than 8% of the total | 8 |
| amount of property tax increment revenue produced | 9 |
| by those assisted housing units. | 10 |
| (B) For alternate method districts, flat grant | 11 |
| districts, and foundation districts with a district | 12 |
| average 1995-96 Per Capita Tuition Charge equal to or | 13 |
| more than $5,900 by multiplying the district's | 14 |
| increase in attendance resulting from the net increase | 15 |
| in new students enrolled in that school district who | 16 |
| reside in assisted housing units since the designation | 17 |
| of the economic development project area by the most | 18 |
| recently available per capita tuition cost as defined | 19 |
| in Section 10-20.12a of the School Code less any | 20 |
| increase in general state aid as defined in Section | 21 |
| 18-8.05 of the School Code attributable to these added | 22 |
| new students subject to the following annual | 23 |
| limitations: | 24 |
| (i) for unit school districts, no more than 40% | 25 |
| of the total amount of property tax increment | 26 |
| revenue produced by those assisted housing units; | 27 |
| (ii) for elementary school districts, no more | 28 |
| than 27% of the total amount of property tax | 29 |
| increment revenue produced by those assisted | 30 |
| housing units; and | 31 |
| (iii) for secondary school districts, no more | 32 |
| than 13% of the total amount of property tax | 33 |
| increment revenue produced by those assisted | 34 |
| housing units. |
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| Any school district seeking payment under this | 2 |
| paragraph shall, after July 1 and before September 30 of | 3 |
| each year, provide the municipality with reasonable | 4 |
| evidence to support its claim for reimbursement before the | 5 |
| municipality shall be required to approve or make the | 6 |
| payment to the school district. If the school district | 7 |
| fails to provide the information during this period in any | 8 |
| year, it shall forfeit any claim to reimbursement for that | 9 |
| year. School districts may adopt a resolution waiving the | 10 |
| right to all or a portion of the reimbursement otherwise | 11 |
| required by this paragraph. By acceptance of this | 12 |
| reimbursement the school district waives the right to | 13 |
| directly or indirectly set aside, modify, or contest in any | 14 |
| manner the establishment of the redevelopment project area | 15 |
| or projects. | 16 |
| (9) Relocation costs to the extent that a municipality | 17 |
| determines that relocation costs shall be paid or is | 18 |
| required to pay relocation costs by federal or State law. | 19 |
| (10) The estimated tax revenues from real property in | 20 |
| an economic development project area acquired by a | 21 |
| municipality which, according to the economic development | 22 |
| plan, is to be used for a private use and which any taxing | 23 |
| district would have received had the municipality not | 24 |
| adopted tax increment allocation financing for an economic | 25 |
| development project area and which would result from such | 26 |
| taxing district's levies made after the time of the | 27 |
| adoption by the municipality of tax increment allocation | 28 |
| financing to the time the current equalized assessed value | 29 |
| of real property in the economic development project area | 30 |
| exceeds the total initial equalized value of real property | 31 |
| in said area. | 32 |
| (11) Costs of rebating ad valorem taxes paid by any | 33 |
| developer or other person in whose name the general taxes | 34 |
| were paid for the last preceding year on any lot, block, |
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| tract or parcel of land in the economic development project | 2 |
| area, provided that: | 3 |
| (A) the economic development project area is | 4 |
| located in an enterprise zone created under the | 5 |
| Illinois Enterprise Zone Act; | 6 |
| (B) the ad valorem taxes shall be rebated only in | 7 |
| amounts and for a tax year or years as the municipality | 8 |
| and any one or more affected taxing districts have | 9 |
| agreed by prior written agreement; | 10 |
| (C) any amount of rebate of taxes shall not exceed | 11 |
| the portion, if any, of taxes levied by the | 12 |
| municipality or taxing district or districts that is | 13 |
| attributable to the increase in the current equalized | 14 |
| assessed valuation of each taxable lot, block, tract or | 15 |
| parcel of real property in the economic development | 16 |
| project area over and above the initial equalized | 17 |
| assessed value of each property existing at the time | 18 |
| property tax allocation financing was adopted for the | 19 |
| economic development project area; and | 20 |
| (D) costs of rebating ad valorem taxes shall be | 21 |
| paid by a municipality solely from the special tax | 22 |
| allocation fund established under this Act and shall | 23 |
| not be paid from the proceeds of any obligations issued | 24 |
| by a municipality. | 25 |
| (12) Costs of job training, retraining, advanced | 26 |
| vocational education or career education, including but | 27 |
| not limited to courses in occupational, semi technical or | 28 |
| technical fields leading directly to employment, incurred | 29 |
| by one or more taxing districts, and including costs of | 30 |
| "welfare to work" programs implemented by businesses, | 31 |
| provided that such costs (i) are related to the | 32 |
| establishment and maintenance of additional job training, | 33 |
| advanced vocational education or career education programs | 34 |
| for persons employed or to be employed by employers located |
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| in the economic development project area and (ii) when | 2 |
| incurred by a taxing district or taxing districts other | 3 |
| than a municipality, are set forth in a written agreement | 4 |
| by or among the municipality and the taxing district or | 5 |
| taxing districts, which agreement describes the program to | 6 |
| be undertaken, including but not limited to the number of | 7 |
| employees to be trained, a description of the training and | 8 |
| services to be provided, the number and type of positions | 9 |
| available or to be available, itemized costs of the program | 10 |
| and sources of funds to pay for the same, and the term of | 11 |
| the agreement. These costs include, specifically, the | 12 |
| payment by community college districts of costs pursuant to | 13 |
| Sections 3-37, 3-38, 3-40 and 3-40.1 of the Public | 14 |
| Community College Act and by school districts of costs | 15 |
| pursuant to Sections 10-22.20a and 10-23.3a of the School | 16 |
| Code. | 17 |
| (13) Private financing costs incurred by a developer or | 18 |
| other persons in connection with an economic development | 19 |
| project, provided that: | 20 |
| (A) private financing costs shall be paid or | 21 |
| reimbursed by a municipality only pursuant to the prior | 22 |
| official action of the municipality evidencing intent | 23 |
| to pay or reimburse the private financing costs; | 24 |
| (B) except as provided in subparagraph (D), the | 25 |
| aggregate amount of the costs paid or reimbursed by a | 26 |
| municipality in any one year shall not exceed 30% of | 27 |
| the costs paid or incurred by the developer or other | 28 |
| person in that year; | 29 |
| (C) private financing costs shall be paid or | 30 |
| reimbursed by a municipality solely from the special | 31 |
| tax allocation fund established under this Act and | 32 |
| shall not be paid from the proceeds of any obligations | 33 |
| issued by a municipality; and | 34 |
| (D) if there are not sufficient moneys available in |
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| the special tax allocation fund in any year to make the | 2 |
| payment or reimbursement in full, any amount of the | 3 |
| interest costs remaining to be paid or reimbursed by a | 4 |
| municipality shall accrue and be payable when moneys | 5 |
| are available in the special tax allocation fund to | 6 |
| make the payment. | 7 |
| If a special service area has been established under | 8 |
| the Special Service Area Tax Act, then any tax increment | 9 |
| revenues derived from the tax imposed pursuant to the | 10 |
| Special Service Area Tax Act may be used within the | 11 |
| economic development project area for the purposes | 12 |
| permitted by that Act as well as the purposes permitted by | 13 |
| this Act. | 14 |
| (f) "Joint Review Board" means a representative from each | 15 |
| affected taxing district and any other governmental unit having | 16 |
| property located within the economic development project area. | 17 |
| (g) "Municipality" means a city, village or incorporated | 18 |
| town. | 19 |
| (h) "Obligations" means any instrument evidencing the | 20 |
| obligation of a municipality to pay money, including without | 21 |
| limitation, bonds, notes, installment or financing contracts, | 22 |
| certificates, tax anticipation warrants or notes, vouchers, | 23 |
| and any other evidence of indebtedness. | 24 |
| (i) "Taxing districts" means counties, townships, | 25 |
| municipalities, and school, road, park, sanitary, mosquito | 26 |
| abatement, forest preserve, public health, fire protection, | 27 |
| river conservancy, tuberculosis sanitarium districts and any | 28 |
| other municipal corporations or districts with the power to | 29 |
| levy taxes. | 30 |
| Section 15. Establishment of economic development project | 31 |
| areas; ordinance; notice; hearing; changes in economic | 32 |
| development plan; amendment of economic development plan. | 33 |
| Economic development project areas shall be established as |
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| follows: | 2 |
| (a) The corporate authorities of a municipality shall by | 3 |
| ordinance propose the establishment of an economic development | 4 |
| project area and fix a time and place for a public hearing. | 5 |
| (b)(1) Notice of the public hearing shall be given by | 6 |
| publication and mailing. Notice by publication shall be given | 7 |
| by publication at least twice, the first publication to be not | 8 |
| more than 30 nor less than 10 days before the public hearing in | 9 |
| a newspaper of general circulation within the taxing districts | 10 |
| having property in the proposed economic development project | 11 |
| area. Notice by mailing shall be given by depositing the notice | 12 |
| together with a copy of the proposed economic development plan | 13 |
| in the United States mails by certified mail addressed to the | 14 |
| person or persons in whose name the general taxes for the last | 15 |
| preceding year were paid on each lot, block, tract, or parcel | 16 |
| of land lying within the economic development project area. The | 17 |
| notice shall be mailed not less than 10 days before the date | 18 |
| set for the public hearing. If taxes for the last preceding | 19 |
| year were not paid, the notice shall also be sent to any person | 20 |
| or persons listed on the tax rolls as the owner of record of | 21 |
| the property. | 22 |
| (2) The notices issued under this Section shall include | 23 |
| the following: | 24 |
| (A) The time and place of the public hearing. | 25 |
| (B) The boundaries of the proposed economic | 26 |
| development project area by legal description and, | 27 |
| where possible, by street location. | 28 |
| (C) A notification that all interested persons | 29 |
| will be given an opportunity to be heard at the public | 30 |
| hearing. | 31 |
| (D) An invitation for any person to submit | 32 |
| alternative proposals or bids for any proposed | 33 |
| conveyance, lease, mortgage or other disposition of | 34 |
| land within the proposed economic development project |
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| area. | 2 |
| (E) A description of the economic development plan | 3 |
| or economic development project for the proposed | 4 |
| economic development project area if a plan or project | 5 |
| is the subject matter of the hearing. | 6 |
| (F) Other matters the municipality deems | 7 |
| appropriate. | 8 |
| (3) Not less than 45 days before the date set for the | 9 |
| hearing, the municipality shall give notice by mail as | 10 |
| provided in this Section to all taxing districts that have | 11 |
| taxable property included in the economic development | 12 |
| project area. In addition to the other requirements of this | 13 |
| Section, the notice shall include the following: | 14 |
| (A) An invitation, to a representative designated | 15 |
| by the taxing district, to serve as a member of a joint | 16 |
| review board and to attend a meeting of the joint | 17 |
| review board to be held not less than 15 days before | 18 |
| the public hearing for the purpose of reviewing the | 19 |
| proposed economic development plan. | 20 |
| (B) Information as to the time, date and place of | 21 |
| the meeting of the joint review board. | 22 |
| (C) A statement that the joint review board is | 23 |
| invited to submit any oral or written comments on the | 24 |
| proposed economic development project at or before the | 25 |
| public hearing and the name, address and telephone | 26 |
| number of the person designated by the municipality to | 27 |
| receive comments before the public hearing. | 28 |
| (D) A copy of the proposed economic development | 29 |
| plan if the economic development plan is the subject of | 30 |
| the public hearing. | 31 |
| (c) At the public hearing any interested person or any | 32 |
| affected taxing district may file written objections with the | 33 |
| municipal clerk and may be heard orally regarding any issues | 34 |
| embodied in the notice. The municipality shall hear and |
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| determine all protests and objections at the hearing, and the | 2 |
| hearing may be adjourned to another date without further notice | 3 |
| other than a motion to be entered upon the minutes fixing the | 4 |
| time and place of the adjourned hearing. Public hearings with | 5 |
| regard to an economic development plan, economic development | 6 |
| project area, or economic development project may be held | 7 |
| simultaneously. | 8 |
| (d) At the public hearing or at any time before the | 9 |
| adoption by the municipality of an ordinance approving an | 10 |
| economic development plan, the municipality may make changes in | 11 |
| the economic development plan. Changes that (1) alter the | 12 |
| exterior boundaries of the proposed economic development | 13 |
| project area, (2) substantially affect the general land uses | 14 |
| established in the proposed economic development plan, or (3) | 15 |
| substantially change the nature of the proposed economic | 16 |
| development project, shall be made only after notice and public | 17 |
| hearing pursuant to the procedures set forth in this Section. | 18 |
| Changes that do not (1) alter the exterior boundaries of a | 19 |
| proposed economic development project area, (2) substantially | 20 |
| affect the general land uses established in the proposed | 21 |
| economic development plan, or (3) substantially change the | 22 |
| nature of the proposed economic development project may be made | 23 |
| without further public hearing, provided that the municipality | 24 |
| shall give notice of its changes by first class mail to each | 25 |
| affected taxing district and by publication in a newspaper or | 26 |
| newspapers of general circulation within the affected taxing | 27 |
| districts. The notice by first class mail and by publication | 28 |
| shall each be given not later than 10 days following the | 29 |
| adoption by ordinance of the changes. | 30 |
| (e) At any time within 90 days of the final adjournment of | 31 |
| the public hearing, a municipality may, by ordinance, approve | 32 |
| the economic development plan, establish the economic | 33 |
| development project area, and authorize tax increment | 34 |
| allocation financing for the economic development project |
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| area. Any ordinance adopted that approves the economic | 2 |
| development plan shall contain findings that (i) the economic | 3 |
| development project area would not reasonably be developed | 4 |
| without the adoption of the economic development plan, (ii) the | 5 |
| economic development project will encourage the increase of | 6 |
| commerce, industry, manufacturing, residential housing, | 7 |
| research and technology within the State, thereby reducing the | 8 |
| evils attendant upon employment and increasing opportunities | 9 |
| for personal income, and (iii) that the economic development | 10 |
| project will increase or maintain the property, sales and | 11 |
| income tax bases of the municipality, the affected taxing | 12 |
| districts and the State. Any ordinance adopted that establishes | 13 |
| an economic development project area shall contain the | 14 |
| boundaries of the area by legal description and, where | 15 |
| possible, by street location. Any ordinance adopted that | 16 |
| authorizes tax increment allocation financing shall provide | 17 |
| that the ad valorem taxes, if any, arising from the levies upon | 18 |
| taxable real property in the economic development project area | 19 |
| by taxing districts and tax rates determined in the manner | 20 |
| provided in subsection (b) of Section 20 of this Act each year | 21 |
| after the effective date of the ordinance until economic | 22 |
| development project costs and all obligations financing | 23 |
| economic development project costs incurred under this Act have | 24 |
| been paid shall be divided as follows: | 25 |
| (1) That portion of taxes levied upon each taxable lot, | 26 |
| block, tract or parcel of real property that is | 27 |
| attributable to the lower of the current equalized assessed | 28 |
| value or the initial equalized assessed value of each | 29 |
| taxable lot, block, tract or parcel of real property in the | 30 |
| economic development project area shall be allocated to | 31 |
| (and when collected shall be paid by the county collector | 32 |
| to) the respective affected taxing districts in the manner | 33 |
| required by law in the absence of the adoption of tax | 34 |
| increment allocation financing. |
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| (2) That portion, if any, of the taxes that is | 2 |
| attributable to the increase in the current equalized | 3 |
| assessed valuation of each taxable lot, block, tract or | 4 |
| parcel of real property in the economic development project | 5 |
| area over and above the initial equalized assessed value of | 6 |
| each property in the economic development project area | 7 |
| shall be allocated to (and when collected shall be paid to) | 8 |
| the municipal treasurer, who shall deposit the taxes into a | 9 |
| special fund called the "[Name of] Economic Development | 10 |
| Project Area Special Tax Allocation Fund" of the | 11 |
| municipality for the purpose of paying economic | 12 |
| development project costs and obligations incurred in the | 13 |
| payment of those costs. | 14 |
| (f) After a municipality has by ordinance approved an | 15 |
| economic development plan and established an economic | 16 |
| development project area, the plan may be amended and the | 17 |
| boundaries of the area may be altered only as provided in this | 18 |
| Section. Amendments that (1) alter the exterior boundaries of | 19 |
| the economic development project area, (2) substantially | 20 |
| affect the general land uses established pursuant to the | 21 |
| economic development plan, or (3) substantially change the | 22 |
| nature of the economic development project shall be made only | 23 |
| after notice and hearing pursuant to the procedures set forth | 24 |
| in this Section. Amendments that do not (1) alter the | 25 |
| boundaries of the economic development project area, (2) | 26 |
| substantially affect the general land uses established in the | 27 |
| economic development plan, or (3) substantially change the | 28 |
| nature of the economic development project may be made without | 29 |
| further public hearing, provided that the municipality shall | 30 |
| give notice of any amendment by first class mail to each taxing | 31 |
| district and by publication in a newspaper or newspapers of | 32 |
| general circulation within the affected taxing districts. The | 33 |
| notice by first class mail and by publication shall each occur | 34 |
| not later than 10 days following the adoption by ordinance of |
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| any amendments. | 2 |
| Section 20. Filing with County Clerk; Certification of | 3 |
| Initial Equalized Assessed Value. | 4 |
| (a) A municipality that has by ordinance approved an | 5 |
| economic development plan, established an economic development | 6 |
| project area, and adopted tax increment allocation financing | 7 |
| for that area shall file certified copies of the ordinance or | 8 |
| ordinances with the county clerk of each county in which any | 9 |
| portion of the economic development project area
is located. | 10 |
| Upon receiving the ordinance or ordinances, the county clerk | 11 |
| shall immediately determine (1) the most recently ascertained | 12 |
| equalized assessed value of each lot, block, tract, or parcel | 13 |
| of real property within the economic development project area | 14 |
| located within the relevant county from which shall be deducted | 15 |
| the homestead exemptions provided by Sections 15-170, 15-175 | 16 |
| and 15-176 of the Property Tax Code (that value being the | 17 |
| "initial equalized assessed value" of each such piece of | 18 |
| property) and (2) the total equalized assessed value of all | 19 |
| taxable real property within the economic development project | 20 |
| area located within the relevant county by adding together the | 21 |
| most recently ascertained equalized assessed value of each | 22 |
| taxable lot, block, tract, or parcel of real property within | 23 |
| the economic development project area located within the | 24 |
| relevant county, from which shall be deducted the homestead | 25 |
| exemptions provided by Sections 15-170, 15-175 and 15-176 of | 26 |
| the Property Tax Code, and shall certify that amount as the | 27 |
| "total initial equalized assessed value" of the taxable real | 28 |
| property within the economic development project area located | 29 |
| within the relevant county.
| 30 |
| (b) After the county clerk has certified the "total initial | 31 |
| equalized assessed value" of the taxable real property in the | 32 |
| economic development project area, then in respect to every | 33 |
| taxing district containing an economic development project |
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| area, the county clerk or any other official required by law to | 2 |
| ascertain the amount of the equalized assessed value of all | 3 |
| taxable property within the taxing district for the purpose of | 4 |
| computing the rate per cent of tax to be extended upon taxable | 5 |
| property within the taxing district shall, in every year after | 6 |
| such time as an economic development plan has been approved | 7 |
| until the municipality adopts an ordinance dissolving the | 8 |
| special tax allocation fund for the economic development | 9 |
| project area, ascertain the amount of value of taxable property | 10 |
| in an economic development project area by including in that | 11 |
| amount the lower of the current equalized assessed value or the | 12 |
| certified "total initial equalized assessed value" of all | 13 |
| taxable real property in the economic development project area. | 14 |
| The rate per cent of tax determined shall be extended to the | 15 |
| current equalized assessed value of all property in the | 16 |
| economic development project area in the same manner as the | 17 |
| rate per cent of tax is extended to all other taxable property | 18 |
| in the taxing district. The method of extending taxes | 19 |
| established under this Section shall terminate when the | 20 |
| municipality adopts an ordinance dissolving the special tax | 21 |
| allocation fund for the economic development project area. This | 22 |
| Act shall not be construed as relieving owners or lessees of | 23 |
| property within an economic development project area from | 24 |
| paying a uniform rate of taxes upon the current equalized | 25 |
| assessed value of their taxable property as provided in the | 26 |
| Property Tax Code. | 27 |
| Section 25. Creation of special tax allocation fund. | 28 |
| (a) If a municipality has adopted tax increment allocation | 29 |
| financing for an economic development project area by | 30 |
| ordinance, and the county clerk has thereafter certified the | 31 |
| "total initial equalized assessed value" of the taxable real | 32 |
| property within an economic development project area in the | 33 |
| manner provided in Section 20 of this Act, each year after the |
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| date of the certification by the county clerk of the "total | 2 |
| initial equalized assessed value" until economic development | 3 |
| project costs and all obligations financing economic | 4 |
| development project costs have been paid, the ad valorem taxes, | 5 |
| if any, arising from the levies upon the taxable real property | 6 |
| in the economic development project area by taxing districts | 7 |
| and tax rates determined in the manner provided in subsection | 8 |
| (b) of Section 20 of this Act shall be divided as follows: | 9 |
| (1) That portion of the taxes levied upon each taxable | 10 |
| lot, block, tract or parcel of real property that is | 11 |
| attributable to the lower of the current equalized assessed | 12 |
| value or the initial equalized assessed value of each | 13 |
| taxable lot, block, tract, or parcel of real property | 14 |
| existing at the time tax increment allocation financing was | 15 |
| adopted, shall be allocated to (and when collected shall be | 16 |
| paid by the county collector to) the respective affected | 17 |
| taxing districts in the manner required by law in the | 18 |
| absence of the adoption of tax increment allocation | 19 |
| financing. | 20 |
| (2) That portion, if any, of the taxes that is | 21 |
| attributable to the increase in the current equalized | 22 |
| assessed valuation of each taxable lot, block, tract, or | 23 |
| parcel of real property in the economic development project | 24 |
| area, over and above the initial equalized assessed value | 25 |
| of each property existing at the time tax increment | 26 |
| allocation financing was adopted, shall be allocated to | 27 |
| (and when collected shall be paid to) the municipal | 28 |
| treasurer, who shall deposit the taxes into a special fund | 29 |
| (called the "[Name of] Economic Development Project Area | 30 |
| Special Tax Allocation Fund" of the municipality) for the | 31 |
| purpose of paying economic development project costs and | 32 |
| obligations incurred in the payment of those costs. | 33 |
| (b) The municipality, by an ordinance adopting tax | 34 |
| increment allocation financing, may pledge the moneys in and to |
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| be deposited into the special tax allocation fund for the | 2 |
| payment of obligations issued to finance economic development | 3 |
| project costs and for the payment of economic development | 4 |
| project costs. No part of the current equalized assessed | 5 |
| valuation of each property in the economic development project | 6 |
| area attributable to any increase above the total initial | 7 |
| equalized assessed value of those properties shall be used in | 8 |
| calculating the general State school aid formula under Section | 9 |
| 18-8.05 of the School Code until all economic development | 10 |
| projects costs have been paid as provided for in this Section. | 11 |
| (c) When the economic development project costs, including | 12 |
| without limitation all obligations financing economic | 13 |
| development project costs incurred under this Act, have been | 14 |
| paid, all surplus moneys then remaining in the special tax | 15 |
| allocation fund shall be distributed by being paid by the | 16 |
| municipal treasurer to the county collector, who shall | 17 |
| immediately pay the moneys to the taxing districts having | 18 |
| taxable property in the economic development project area in | 19 |
| the same manner and proportion as the most recent distribution | 20 |
| by the county collector to those taxing districts of real | 21 |
| property taxes from real property in the economic development | 22 |
| project area. | 23 |
| (d) Upon the payment of all economic development project | 24 |
| costs, retirement of obligations and distribution of any excess | 25 |
| moneys under this Section and not later than 35 years from the | 26 |
| date of the adoption of the ordinance establishing the economic | 27 |
| development project area, the municipality shall adopt an | 28 |
| ordinance dissolving the special tax allocation fund for the | 29 |
| economic development project area, terminating the economic | 30 |
| development project area, and terminating the use of tax | 31 |
| increment allocation financing for the economic development | 32 |
| project area. Thereafter, the rates of the taxing districts | 33 |
| shall be calculated and taxes levied, collected and distributed | 34 |
| in the manner applicable in the absence of the adoption of tax |
|
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| increment allocation financing. | 2 |
| (e) Nothing in this Section shall be construed as relieving | 3 |
| property in economic development project areas from being | 4 |
| assessed as provided in the Property Tax Code, or as relieving | 5 |
| owners or lessees of that property from paying a uniform rate | 6 |
| of taxes, as required by Section 4 of Article 9 of the Illinois | 7 |
| Constitution. | 8 |
| Section 30. Pledge of special tax allocation fund; surplus | 9 |
| revenues. | 10 |
| (a) Obligations secured by the special tax allocation fund | 11 |
| provided for in Section 25 of this Act for the economic | 12 |
| development project area, including any revenues deposited | 13 |
| therein pursuant to Section 10 of this Act, may be issued by a | 14 |
| municipality to provide for the payment of economic development | 15 |
| project costs. A municipality may in the ordinance pledge all | 16 |
| or any part of the moneys in and to be deposited into the | 17 |
| special tax allocation fund created under Section 6 of this Act | 18 |
| to the payment of the economic development project costs and | 19 |
| obligations. Whenever a municipality pledges all of the moneys | 20 |
| to the credit of a special tax allocation fund to secure | 21 |
| obligations issued or to be issued to pay economic development | 22 |
| project costs, the municipality may specifically provide that | 23 |
| moneys remaining to the credit of the special tax allocation | 24 |
| fund after the payment of the obligations shall be accounted | 25 |
| for annually and shall be deemed to be "surplus" moneys, and | 26 |
| those "surplus" moneys shall be distributed as provided in this | 27 |
| Section. Whenever a municipality pledges less than all of the | 28 |
| moneys to the credit of a special tax allocation fund to secure | 29 |
| obligations issued or to be issued to pay economic development | 30 |
| project costs, the municipality shall provide that moneys to | 31 |
| the credit of the special tax allocation fund and not subject | 32 |
| to the pledge or otherwise encumbered or required for payment | 33 |
| of contractual obligations for specific economic development |
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| project costs shall be calculated annually and shall be deemed | 2 |
| to be "surplus" moneys, and those "surplus" moneys shall be | 3 |
| distributed as provided in this Section. All moneys to the | 4 |
| credit of the special tax allocation fund that are deemed to be | 5 |
| "surplus" moneys shall be distributed annually within 180 days | 6 |
| after the close of the municipality's fiscal year by being paid | 7 |
| by the municipal treasurer to the county collector. The county | 8 |
| collector shall make distribution to the respective taxing | 9 |
| districts in the same manner and proportion as the most recent | 10 |
| distribution by the county collector to those taxing districts | 11 |
| of real property taxes from real property in the economic | 12 |
| development project area. | 13 |
| (b) No referendum approval of the electors shall be | 14 |
| required as a condition to the issuance of any obligations | 15 |
| under this Act. | 16 |
| (c) The ordinance authorizing the obligations may provide | 17 |
| that the obligations shall contain a recital that they are | 18 |
| issued under this Act, and that recital shall be conclusive | 19 |
| evidence of their validity and of the regularity of their | 20 |
| issuance. | 21 |
| (d) No obligations issued under this Act shall be regarded | 22 |
| as an indebtedness of the municipality issuing the obligations | 23 |
| or any other taxing district for the purpose of any limitation | 24 |
| imposed by law. | 25 |
| Section 35. Powers of municipalities. In addition to powers | 26 |
| that it may now have, a municipality has the following powers | 27 |
| under this Act: | 28 |
| (a) To make and enter into all contracts necessary or | 29 |
| incidental to the implementation and furtherance of an economic | 30 |
| development plan. | 31 |
| (b) Within an economic development project area, to acquire | 32 |
| by purchase, donation or lease, and to own, convey, lease, | 33 |
| mortgage or dispose of land and other real or personal property |
|
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| or rights or interests in property; and to grant or acquire | 2 |
| licenses, easements and options with respect to property, all | 3 |
| in the manner and at a price the municipality determines is | 4 |
| reasonably necessary to achieve the objectives of the economic | 5 |
| development project. No conveyance, lease, mortgage, | 6 |
| disposition of land or agreement relating to the development of | 7 |
| property owned by a municipality shall be made or executed | 8 |
| except pursuant to prior official action of the municipality. | 9 |
| No conveyance, lease, mortgage or other disposition of land in | 10 |
| furtherance of an economic development project, and no | 11 |
| agreement relating to the development of property owned by a | 12 |
| municipality in furtherance of an economic development | 13 |
| project, shall be made without making public disclosure of the | 14 |
| terms and disposition of all bids and proposals submitted to | 15 |
| the municipality in connection with that action. | 16 |
| (c) To clear any area within an economic development | 17 |
| project area by demolition or removal of any existing | 18 |
| buildings, structures, fixtures, utilities or improvements, | 19 |
| and to clear and grade land. | 20 |
| (d) To install, repair, construct, reconstruct, extend or | 21 |
| relocate public streets, public utilities, and other public | 22 |
| site improvements within or without an economic development | 23 |
| project area that are essential to the preparation of an | 24 |
| economic development project area for use in accordance with an | 25 |
| economic development plan. | 26 |
| (e) To renovate, rehabilitate, reconstruct, relocate, | 27 |
| repair or remodel any existing buildings, improvements and | 28 |
| fixtures within an economic development project area. | 29 |
| (f) To install or construct public improvements, including | 30 |
| but not limited to, buildings, structures, works, streets, | 31 |
| improvements, utilities or fixtures, within an economic | 32 |
| development project area. | 33 |
| (g) To issue obligations as provided in this Act | 34 |
| (h) To fix, charge and collect fees, rents and charges for |
|
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| the use of any building, facility or property or any portion | 2 |
| thereof owned or leased by the municipality in furtherance of | 3 |
| an economic development project under this Act within an | 4 |
| economic development project area. | 5 |
| (i) To accept grants, guarantees, donations of property or | 6 |
| labor, or any other thing of value for use in connection with | 7 |
| an economic development project. | 8 |
| (j) To pay or cause to be paid economic development project | 9 |
| costs including, specifically, to reimburse any developer or | 10 |
| other person for economic development project costs incurred by | 11 |
| that person. Any payments to be made by the municipality to | 12 |
| developers or other persons for economic development project | 13 |
| costs incurred by a developer or other person shall be made | 14 |
| only if (x) such costs (but not including planning and other | 15 |
| preliminary costs) have first been approved by the municipality | 16 |
| as part of an economic development plan, (y) are paid pursuant | 17 |
| to the prior official action of the municipality evidencing an | 18 |
| intent to pay or cause to be paid those economic development | 19 |
| project costs and (z) are consistent with the objectives of the | 20 |
| economic development plan as originally approved or as | 21 |
| subsequently amended as provided in Section 15 of this Act. A | 22 |
| municipality is not required to obtain any right, title or | 23 |
| interest in any real or personal property in order to pay | 24 |
| economic development project costs associated with the | 25 |
| property. The municipality shall adopt accounting procedures | 26 |
| necessary to determine that the economic development project | 27 |
| costs are properly paid. | 28 |
| (k) To create a commission of not less than 5 nor more than | 29 |
| 15 persons to be appointed by the mayor or president of the | 30 |
| municipality with the consent of the majority of the corporate | 31 |
| authorities of the municipality. Members of a commission | 32 |
| appointed after the effective date of this Act shall be | 33 |
| appointed for initial terms of one, 2, 3, 4 and 5 years, | 34 |
| respectively, in such numbers as to provide that the terms of |
|
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| not more than one-third of all such members shall expire in any | 2 |
| one year. Their successors shall be appointed for a term of | 3 |
| five years. The commission, subject to approval of the | 4 |
| corporate authorities, may exercise the powers enumerated in | 5 |
| this Section. The commission shall also have the power to hold | 6 |
| the public hearings required by this Act and make | 7 |
| recommendations to the corporate authorities concerning the | 8 |
| adoption of economic development plans, economic development | 9 |
| projects and designation of the economic development project | 10 |
| areas. | 11 |
| (l) To jointly undertake and perform economic development | 12 |
| plans and projects and utilize the provisions of this Act | 13 |
| wherever one or more municipalities have contiguous economic | 14 |
| development project areas or one or more municipalities | 15 |
| determine to adopt tax increment allocation financing with | 16 |
| respect to an economic development project area which includes | 17 |
| contiguous real property within the boundaries of such | 18 |
| municipalities, and in doing so, such municipalities may, by | 19 |
| agreement between them, issue obligations, separately or | 20 |
| jointly, and expend revenues received under this Act for | 21 |
| eligible expenses anywhere within two or more contiguous | 22 |
| economic development project areas, to pay obligations issued | 23 |
| to finance economic development project costs and as otherwise | 24 |
| permitted under this Act. | 25 |
| (m) Utilize revenues received (or the proceeds of any | 26 |
| obligation issued) under this Act from one economic development | 27 |
| project area for eligible economic development costs incurred | 28 |
| or to be incurred in another economic development project area | 29 |
| that is either contiguous to, or is separated only by a public | 30 |
| right of way from, the economic development project area from | 31 |
| which the revenues are received or for which such obligation | 32 |
| are issued. | 33 |
| (n) To exercise any and all other powers necessary to | 34 |
| effectuate the purposes of this Act. |
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| Section 40. Conflicts of Interest; Disclosure. | 2 |
| (a) If any member of the corporate authorities of a | 3 |
| municipality or an employee or consultant of the municipality | 4 |
| involved in the planning, analysis, preparation or | 5 |
| administration of an economic development plan or an economic | 6 |
| development project (or a proposed economic development plan or | 7 |
| proposed economic development project) owns or controls any | 8 |
| direct or indirect interest in any property included in an | 9 |
| economic development project area or proposed economic | 10 |
| development project area, he or she shall disclose the interest | 11 |
| in writing to the municipal clerk. The disclosure shall include | 12 |
| the dates, terms and conditions of any disposition of any such | 13 |
| interest. The disclosures shall be acknowledged by the | 14 |
| corporate authorities of the municipality and entered upon the | 15 |
| official records and files of the corporate authorities. | 16 |
| (b) An individual holding an interest shall refrain from | 17 |
| any further official involvement regarding the established or | 18 |
| proposed economic development project area, economic | 19 |
| development plan or economic development project and shall also | 20 |
| refrain from voting on any matter pertaining to that project, | 21 |
| plan or area and from communicating with any members of the | 22 |
| corporate authorities or any employees or consultants of the | 23 |
| municipality regarding any matter relating to the project, plan | 24 |
| or area. | 25 |
| (c) No member of the corporate authorities of the | 26 |
| municipality and no employee of the municipality shall acquire | 27 |
| any direct or indirect interest in any real or personal | 28 |
| property or rights or interest in property within an economic | 29 |
| development project area or a proposed economic development | 30 |
| project area after the person obtains knowledge of the project, | 31 |
| plan or area or after the first public notice of the project, | 32 |
| plan or area is given by the municipality, whichever first | 33 |
| occurs. |
|
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| Section 45. Payment of project costs; revenues from | 2 |
| municipal property. Revenues received by the municipality from | 3 |
| any property, building or facility owned, leased or operated by | 4 |
| the municipality or any agency or authority established by the | 5 |
| municipality in furtherance of an economic development project | 6 |
| under this Act may be used to pay economic development project | 7 |
| costs, or reduce outstanding obligations issued to finance | 8 |
| economic development project costs. The municipality may place | 9 |
| those revenues in the special tax allocation fund, which shall | 10 |
| be held by the municipal treasurer or other person designated | 11 |
| by the municipality. Revenue received by the municipality from | 12 |
| the sale or other disposition of real or personal property or | 13 |
| rights or interests therein acquired by the municipality with | 14 |
| the proceeds of obligations funded by obligations issued under | 15 |
| this Act shall be deposited by the municipality in the special | 16 |
| tax allocation fund. | 17 |
| Section 47. Application of Prevailing Wage Act. The | 18 |
| requirements of the Prevailing Wage Act apply to any economic | 19 |
| development project that is constructed under this Act. | 20 |
| Section 50. Partial invalidity. If any Section, | 21 |
| subdivision, paragraph, sentence or clause of this Act is, for | 22 |
| any reason, held to be invalid or unconstitutional, the | 23 |
| decision shall not affect any remaining portion, Section or | 24 |
| part of this Act that can be given effect without the invalid | 25 |
| provision. | 26 |
| Section 55. Act as complete, alternate method; | 27 |
| construction of Act. The foregoing Sections of this Act shall | 28 |
| be deemed to provide a complete, additional and alternate | 29 |
| method for the doing of the things authorized thereby. The | 30 |
| grant of authority contained in this Act is supplemental and in |
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09400HB3637ham001 |
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LRB094 10967 BDD 44242 a |
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| 1 |
| addition to all other power or authority granted to | 2 |
| governmental units, shall be construed liberally and shall not | 3 |
| be construed as a limitation of any power or authority granted | 4 |
| otherwise. | 5 |
| Section 60. Home rule powers. This Act shall not be | 6 |
| construed as a limitation of any power or authority granted | 7 |
| under Section 6 of Article VII of the 1970 Constitution of the | 8 |
| State of Illinois.
| 9 |
| Section 99. Effective date. This Act takes effect upon | 10 |
| becoming law.".
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