65 ILCS 110/30

(65 ILCS 110/30)

Sec. 30.

Ordinance adopted after public hearing.

(a) At any time within
30
days of the final adjournment of the public hearing, a municipality 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 would not reasonably be developed without the adoption of
the economic development plan, (ii) that the economic development plan and
project conform to any general plan for the development of the closed military
installation as a whole, (iii) that the economic development project will
encourage the increase of either commerce and industry or affordable housing
within the State, thereby reducing the evils attendant upon employment or
unsafe or inadequate housing and increasing opportunities for personal income
and decent, safe, and adequate housing, and (iv) that the economic development
project will increase or maintain the property, sales, and income tax bases of
the municipality 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 municipal 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 municipality 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
municipality shall consider (i) whether, without public intervention, the
economic development project area would not otherwise benefit from public and
private sector investment for civilian use 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. 89-176, eff. 1-1-96.)