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65 ILCS 5/8-11-20

    (65 ILCS 5/8-11-20)
    Sec. 8-11-20. Economic incentive agreements. The corporate authorities of a municipality may enter into an economic incentive agreement relating to the development or redevelopment of land within the corporate limits of the municipality. Under this agreement, the municipality may agree to share or rebate a portion of any retailers' occupation taxes received by the municipality that were generated by the development or redevelopment over a finite period of time. Before entering into the agreement authorized by this Section, the corporate authorities shall make the following findings:
    (1) If the property subject to the agreement is vacant:
        (A) that the property has remained vacant for at
least one year, or
        (B) that any building located on the property was
demolished within the last year and that the building would have qualified under finding (2) of this Section;
    (2) If the property subject to the agreement is currently developed:
        (A) that the buildings on the property no longer
comply with current building codes, or
        (B) that the buildings on the property have remained
less than significantly unoccupied or underutilized for a period of at least one year;
    (3) That the project is expected to create or retain job opportunities within the municipality;
    (4) That the project will serve to further the development of adjacent areas;
    (5) That without the agreement, the project would not be possible;
    (6) That the developer meets high standards of creditworthiness and financial strength as demonstrated by one or more of the following:
        (A) corporate debenture ratings of BBB or higher by
Standard & Poor's Corporation or Baa or higher by Moody's Investors Service, Inc.;
        (B) a letter from a financial institution with assets
of $10,000,000 or more attesting to the financial strength of the developer; or
        (C) specific evidence of equity financing for not
less than 10% of the total project costs;
    (7) That the project will strengthen the commercial sector of the municipality;
    (8) That the project will enhance the tax base of the municipality; and
    (9) That the agreement is made in the best interest of the municipality.
(Source: P.A. 92-263, eff. 8-7-01.)