90th General Assembly
Summary of SB1501
   [ Home ]   [ Back ]   [ Legislation ]
Please enter a bill number.

 Full Text  Bill Status
Senate 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 a redevelopment plan entered      
   into after the effective date of this amendatory Act shall not contain      
   provisions for  the  development  of  a  golf  course.  Provides  that      
   professional  services contracts, except architectural and engineering      
   contracts, incidental to a  redevelopment  plan  or  project  may  not      
   exceed  a  term  of  3  years.  Includes,  after  July 1, 1998, annual      
   administrative costs directly related to the  on-going  administration      
   of  the TIF district in the definition of redevelopment project costs.      
   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 the 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      
   that is intended to be used only to provide office space for                
   administrative personnel or in connection with public safety or public      
   works.   Excludes  payments  to  other  taxing  bodies associated with      
   intergovernmental revenue-sharing agreements from  the  definition  of      
   redevelopment  project  costs.  Requires all TIFs to establish a joint      
   review board to meet annually.  Provides that the  board  may,  rather      
   than  shall,  issue a written report describing the redevelopment plan      
   and project. Requires the municipality to  prepare,  as  part  of  the      
   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. 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: Senate

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


 Full Text  Bill Status