HB5603sam002 96TH GENERAL ASSEMBLY

Sen. Dave Syverson

Filed: 4/28/2010

09600HB5603sam002 LRB096 17895 HLH 40803 a

AMENDMENT TO HOUSE BILL 5603

AMENDMENT NO. ______. Amend House Bill 5603 on page 2, immediately below line 2, by inserting the following:

"Section 10. The Illinois Municipal Code is amended by changing Section 11-74.6-50 as follows:

(65 ILCS 5/11-74.6-50)

Sec. 11-74.6-50. Report; sunset of authority. On or before the date which is 60 months following the date on which this amendatory Act of 1994 becomes law, the Department shall submit to the General Assembly a report detailing the number of redevelopment project areas that have been established, the number and type of jobs created or retained therein, the aggregate amount of tax increment incentives provided, the aggregate amount of private investment produced therein, the amount of tax increment revenue produced and available for expenditure within the tax increment financing districts and such additional information as the Department may determine to be relevant.

On or after January 1, 2013 the date which is 16 years following the date on which this amendatory Act of 1994 becomes law the authority granted hereunder to municipalities to establish redevelopment project areas and to adopt tax increment allocation financing in connection therewith shall expire unless the General Assembly shall have authorized municipalities to continue to exercise said powers.

(Source: P.A. 91-474, eff. 11-1-99.)".