90th General Assembly
Summary of HB3765
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House Sponsors:

Short description: 
MUNI CD-TIF OMNI                                                           

Synopsis of Bill as introduced:
        Amends the Tax Increment  Allocation  Redevelopment  Act  in  the      
   Illinois  Municipal  Code.   Provides that after the effective date of      
   this amendatory Act, none of the redevelopment costs shall be eligible      
   redevelopment costs if those costs would provide financial support  to      
   a  retail  operation  initiated  in the TIF district by a retailer who      
   terminated a retail operation at a site within 10 miles of but outside      
   of the TIF. Excludes from the  definition  of  "redevelopment  project      
   costs",  subject to certain exceptions, the cost of constructing a new      
   municipal public building which is intended to be used only to provide      
   meeting space for public officials or office space for  administrative      
   personnel  or  in  connection  with  public  safety  or  public works.      
   Requires the municipality to prepare, as part of an eligibility study,      
   a housing impact study addressing certain  factors  if  tax  increment      
   revenues will be used to remove 10 or more inhabited residential units      
   in  a  redevelopment  project area. Requires the redevelopment plan to      
   provide for certain assistance if the plan would require removal of 10      
   or more  inhabited  residential  units.  Provides  that  redevelopment      
   project  costs include up to 75% of the annual interest costs incurred      
   by a redeveloper with regard to the redevelopment project  cost  in  a      
   year  for  the  financing  of rehabilitated or new housing for low and      
   very low income families.  Makes other changes.                             
Last action on Bill: SESSION SINE DIE

   Last action date: 99-01-12

           Location: House

 Amendments to Bill: AMENDMENTS ADOPTED: HOUSE -   0     SENATE -   0


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