MUNI CD-TIF REDEVELOPMENT AREA
Synopsis of Bill as introduced:
Amends the Property Tax Extension Limitation Law in the Property
Tax Code concerning the computation of the amount to be extended
within a county with 3,000,000 or more inhabitants. Provides that in
the first year after a municipality removes property from a
redevelopment project area, "recovered tax increment value" means the
amount of the current year's equalized assessed value of the removed
property over and above the initial equalized assessed value of that
property. Amends the Governmental Account Audit Act and amends the
Tax Increment Allocation Redevelopment Act in the Illinois Municipal
Code. Requires a municipality to include in its fiscal year financial
report to the Comptroller and in its fiscal year report to all
overlapping taxing districts the redevelopment project areas it has
administered, designated, or terminated. Further amends the Tax
Increment Allocation Redevelopment Act in the Illinois Municipal Code.
Provides that the amendatory provisions do not apply to a municipality
that has set a public hearing before the effective date of this
amendatory Act, but has not approved a redevelopment plan or project.
Amends the provisions concerning a county with 3,000,000 or more
inhabitants that uses an estimated installment procedure for
collecting the redevelopment area taxes. Provides that the conditions
placed upon municipalities to receive tax revenue for redevelopment
project costs are effective only for those payments made by the county
on or before December 31, 1999. Provides that the county may send a
liability notice and seek a refund for an erroneous overpayment of tax
revenue made to the municipal treasurer. Provides that the refund
shall be limited to the amount of the overpayment. Makes other
changes. Effective 60 days after becoming law.
SENATE AMENDMENT NO. 1.
Adds reference to:
30 ILCS 805/8.23 new
Deletes everything. Reinserts the provisions of the bill. In
the definition of redevelopment project costs, excludes school
districts with a population of 1,000,000 or more from the component
including the increased costs of a school district. Deletes the
provision providing that a special service area is not a taxing
district under the Act. Deletes the provisions limiting the
application of the amendatory provisions. Amends the State Mandates
Act to require implementation without reimbursement. Makes other
changes. Changes the effective date so that the provisions take
effect on the first day of the third month after becoming law.
HOUSE AMENDMENT NO. 1.
Deletes reference to:
50 ILCS 310/3
Deletes everything. Reinstates the provisions of the bill
without the changes to the Governmental Account Audit Act. Provides
that the amendatory provisions do not apply to a municipality that has
set a public hearing before the effective date of this amendatory Act
or set a feasibility study before July 1, 1999, but has not approved a
redevelopment plan or project. Provides that redevelopment project
costs include the cost of low-income families' day care services in
municipalities with a population of more than 100,000. Includes as a
factor within the definition of "blighted area" property that has been
the subject of tax sales under the Property Tax Code within the last 5
years. Includes within the definition of "redevelopment project
costs" day care services for children of employees from low-income
families working for businesses located within the redevelopment
project area and all or a portion of the cost of operation of day care
centers established by redevelopment project area businesses to serve
these employees. Defines "low-income families". Provides that the
municipal power to utilize tax increment financing revenues for
contiguous areas is limited to redevelopment project areas that are
located within a municipality with a population of more than 100,000
established before the effective date of this amendatory Act.
HOUSE AMENDMENT NO. 2.
Adds reference to:
65 ILCS 5/8-8-3.5 new
Provides that the information for each redevelopment project area
required to be submitted to the Comptroller must be separate from any
other annual report filed with the Comptroller. Provides that the
Comptroller must, in cooperation with reporting municipalities, create
a format for the reporting of certain information. Provides that the
Comptroller may allow these reports to be filed electronically and may
display the report, or portions of the report, electronically via the
Internet. Provides that the reports must be made available for
examination and copying by the public at all reasonable times.
HOUSE AMENDMENT NO. 4.
Provides that the maturity date for tax increment financing
obligations may not exceed 35 years if the ordinance
approving the redevelopment project was adopted in December
1984 by the Village of Rosemont.
HOUSE AMENDMENT NO. 6.
Provides that "blighted area" includes a vacant area where the
sound growth is impaired by a combination of certain factors each of
which is reasonably distributed throughout the vacant part to which it
HOUSE AMENDMENT NO. 7.
Provides that a property interest acquired in a single parcel of
property by a member of the corporate authority, which property is
used exclusively as the member's primary residence, shall not be
deemed to constitute a prohibited interest in any property included
in a redevelopment area or proposed redevelopment area that was
established before December 31, 1989, but the member must disclose
the acquisition to the municipal clerk.
Last action on Bill: PUBLIC ACT.............................. 91-0478
Last action date: 99-08-11
Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 5 SENATE - 1
END OF INQUIRY
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