55 ILCS 90/30

(55 ILCS 90/30) (from Ch. 34, par. 8030)

Sec. 30.

Ordinance adopted after public hearing.

(a) At any time within 30 days of the final adjournment of the public
hearing, a county may, by ordinance, approve the economic development plan,
establish the economic development project area, and authorize tax
increment allocation financing for the economic development project area.
Any ordinance adopted that approves  the economic development plan shall
contain findings (i) that the economic development project is reasonably
expected to create or retain not fewer than 1,000 full-time equivalent jobs
within a stated period after the completion of the proposed economic
development project (the period being reasonable in light of the nature,
type, and size of the proposed project), (ii) that private investment in an
amount not less than $100,000,000 is reasonably expected to occur in the
economic development project area, (iii) that the economic development
project will encourage the increase of commerce and industry within the
State, thereby reducing the evils attendant upon unemployment and
increasing opportunities for personal income, and (iv) that the economic
development project will increase or maintain the property, sales, and
income tax bases of the county and of the State.  Any ordinance adopted
that establishes an economic development project area shall contain the
boundaries of the area by legal description and, where possible, by street
location.  Any ordinance adopted that authorizes tax increment allocation
financing shall provide that the ad valorem taxes, if any, arising from the
levies upon taxable real property in the economic development project area
by taxing districts and tax rates determined in the manner provided in
subsection (b) of Section 45 each year after the effective date of the
ordinance until economic development project costs and all county
obligations financing economic development project costs incurred under
this Act have been paid shall be divided as follows:

(1) That portion of taxes levied upon each taxable

lot, block, tract, or parcel of real property that is attributable to the lower of the current equalized assessed value or the initial equalized assessed value of each taxable lot, block, tract, or parcel of real property in the economic development project area shall be allocated to (and when collected shall be paid by the county collector to) the respective affected taxing districts in the manner required by law in the absence of the adoption of tax increment allocation financing.

(2) That portion, if any, of the taxes that is

attributable to the increase in the current equalized assessed valuation of each taxable lot, block, tract, or parcel of real property in the economic development project area over and above the initial equalized assessed value of each property in the economic development project area shall be allocated to (and when collected shall be paid to) the county treasurer, who shall deposit the taxes into a special fund called the special tax allocation fund of the county for the purpose of paying economic development project costs and obligations incurred in the payment of those costs.

(b) In adopting an ordinance or ordinances under this Section, the
county shall consider (i) whether, without public intervention, the
economic development project area would not otherwise benefit from private
investment offering substantial employment opportunities and economic
growth and (ii) the impact on the revenues of the affected taxing districts
of the use of tax increment allocation financing for the proposed economic
development project.

(Source: P.A. 87-1.)