(65 ILCS 5/11-74.4-8b)
Cancellation and repayment of tax and other benefits.
Any tax abatement or benefit granted by a taxing district under an agreement
entered into under this
Act to a private individual or entity for the purpose of originating, locating,
maintaining, rehabilitating, or expanding a business facility shall be
cancelled if the individual or entity relocated its entire facility in
violation of the agreement, and the amount of the abatements or tax benefits
granted before the cancellation shall be repaid to the taxing district within
30 days, as provided in Section 18-183 of the Property Tax Code.
In addition, any private individual or entity that receives other benefits under this Act for the purpose of originating, locating,
maintaining, rehabilitating, or expanding a business facility and that abandons or relocates its facility in violation of the agreement shall pay to the municipality an amount equal to the value of the benefit prorated based on (i) the time from the date of the agreement to the date of abandonment or relocation; compared to (ii) the time from the date of the agreement to the date upon which the redevelopment plan must be completed, determined at the time of the agreement.
(Source: P.A. 96-324, eff. 1-1-10.)