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91_SB1451enr
SB1451 Enrolled LRB9110178MWgc
1 AN ACT to amend the Illinois Municipal Code by changing
2 Sections 8-8-3.5, 11-74.4-5, and 11-74.6-22.
3 Be it enacted by the People of the State of Illinois,
4 represented in the General Assembly:
5 Section 5. The Illinois Municipal Code is amended by
6 changing Sections 8-8-3.5, 11-74.4-5, and 11-74.6-22 as
7 follows:
8 (65 ILCS 5/8-8-3.5)
9 Sec. 8-8-3.5. Tax Increment Financing Report. The
10 reports filed under subsection (d) of Section 11-74.4-5 of
11 the Tax Increment Allocation Redevelopment Act and the
12 reports filed under subsection (d) of Section 11-74.6-22 of
13 the Industrial Jobs Recovery Law in the Illinois Municipal
14 Code must be separate from any other annual report filed with
15 the Comptroller. The Comptroller must, in cooperation with
16 reporting municipalities, create a format for the reporting
17 of information described in paragraphs (1.5) and (5) and in
18 subparagraph (G) of paragraph (7) of subsection (d) of
19 Section 11-74.4-5 of the Tax Increment Allocation
20 Redevelopment Act and the information described in paragraphs
21 (1.5) and (5) and in subparagraph (G) of paragraph (7) of
22 subsection (d) of Section 11-74.6-22 of the Industrial Jobs
23 Recovery Law that facilitates consistent reporting among the
24 reporting municipalities. The Comptroller may allow these
25 reports to be filed electronically and may display the
26 report, or portions of the report, electronically via the
27 Internet. All reports filed under this Section must be made
28 available for examination and copying by the public at all
29 reasonable times.
30 (Source: P.A. 91-478, eff. 11-1-99.)
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1 (65 ILCS 5/11-74.4-5) (from Ch. 24, par. 11-74.4-5)
2 Sec. 11-74.4-5. (a) The changes made by this amendatory
3 Act of the 91st General Assembly do not apply to a
4 municipality that, (i) before the effective date of this
5 amendatory Act of the 91st General Assembly, has adopted an
6 ordinance or resolution fixing a time and place for a public
7 hearing under this Section or (ii) before July 1, 1999, has
8 adopted an ordinance or resolution providing for a
9 feasibility study under Section 11-74.4-4.1, but has not yet
10 adopted an ordinance approving redevelopment plans and
11 redevelopment projects or designating redevelopment project
12 areas under Section 11-74.4-4, until after that municipality
13 adopts an ordinance approving redevelopment plans and
14 redevelopment projects or designating redevelopment project
15 areas under Section 11-74.4-4; thereafter the changes made by
16 this amendatory Act of the 91st General Assembly apply to the
17 same extent that they apply to redevelopment plans and
18 redevelopment projects that were approved and redevelopment
19 projects that were designated before the effective date of
20 this amendatory Act of the 91st General Assembly.
21 Prior to the adoption of an ordinance proposing the
22 designation of a redevelopment project area, or approving a
23 redevelopment plan or redevelopment project, the municipality
24 by its corporate authorities, or as it may determine by any
25 commission designated under subsection (k) of Section
26 11-74.4-4 shall adopt an ordinance or resolution fixing a
27 time and place for public hearing. Prior to the adoption of
28 the ordinance or resolution establishing the time and place
29 for the public hearing, the municipality shall make available
30 for public inspection a redevelopment plan or a separate
31 report that provides in reasonable detail the basis for the
32 eligibility of the redevelopment project area. The report
33 along with the name of a person to contact for further
34 information shall be sent within a reasonable time after the
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1 adoption of such ordinance or resolution to the affected
2 taxing districts by certified mail. On and after the
3 effective date of this amendatory Act of the 91st General
4 Assembly, the municipality shall print in a newspaper of
5 general circulation within the municipality a notice that
6 interested persons may register with the municipality in
7 order to receive information on the proposed designation of a
8 redevelopment project area or the approval of a redevelopment
9 plan. The notice shall state the place of registration and
10 the operating hours of that place. The municipality shall
11 have adopted reasonable rules to implement this registration
12 process under Section 11-74.4-4.2. Notice of the
13 availability of the redevelopment plan and eligibility
14 report, including how to obtain this information, shall also
15 be sent by mail within a reasonable time after the adoption
16 of the ordinance or resolution to all residents within the
17 postal zip code area or areas contained in whole or in part
18 within the proposed redevelopment project area or
19 organizations that operate in the municipality that have
20 registered with the municipality for that information in
21 accordance with the registration guidelines established by
22 the municipality under Section 11-74.4-4.2.
23 At the public hearing any interested person or affected
24 taxing district may file with the municipal clerk written
25 objections to and may be heard orally in respect to any
26 issues embodied in the notice. The municipality shall hear
27 and determine all protests and objections at the hearing and
28 the hearing may be adjourned to another date without further
29 notice other than a motion to be entered upon the minutes
30 fixing the time and place of the subsequent hearing. At the
31 public hearing or at any time prior to the adoption by the
32 municipality of an ordinance approving a redevelopment plan,
33 the municipality may make changes in the redevelopment plan.
34 Changes which (1) add additional parcels of property to the
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1 proposed redevelopment project area, (2) substantially affect
2 the general land uses proposed in the redevelopment plan, (3)
3 substantially change the nature of or extend the life of the
4 redevelopment project, or (4) increase the number of low or
5 very low income households to be displaced from the
6 redevelopment project area, provided that measured from the
7 time of creation of the redevelopment project area the total
8 displacement of the households will exceed 10, shall be made
9 only after the municipality gives notice, convenes a joint
10 review board, and conducts a public hearing pursuant to the
11 procedures set forth in this Section and in Section 11-74.4-6
12 of this Act. Changes which do not (1) add additional parcels
13 of property to the proposed redevelopment project area, (2)
14 substantially affect the general land uses proposed in the
15 redevelopment plan, (3) substantially change the nature of or
16 extend the life of the redevelopment project, or (4) increase
17 the number of low or very low income households to be
18 displaced from the redevelopment project area, provided that
19 measured from the time of creation of the redevelopment
20 project area the total displacement of the households will
21 exceed 10, may be made without further hearing, provided that
22 the municipality shall give notice of any such changes by
23 mail to each affected taxing district and registrant on the
24 interested parties registry, provided for under Section
25 11-74.4-4.2, and by publication in a newspaper of general
26 circulation within the affected taxing district. Such notice
27 by mail and by publication shall each occur not later than 10
28 days following the adoption by ordinance of such changes.
29 Hearings with regard to a redevelopment project area, project
30 or plan may be held simultaneously.
31 (b) Prior to holding a public hearing to approve or
32 amend a redevelopment plan or to designate or add additional
33 parcels of property to a redevelopment project area, the
34 municipality shall convene a joint review board. The board
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1 shall consist of a representative selected by each community
2 college district, local elementary school district and high
3 school district or each local community unit school district,
4 park district, library district, township, fire protection
5 district, and county that will have the authority to directly
6 levy taxes on the property within the proposed redevelopment
7 project area at the time that the proposed redevelopment
8 project area is approved, a representative selected by the
9 municipality and a public member. The public member shall
10 first be selected and then the board's chairperson shall be
11 selected by a majority of the board members present and
12 voting.
13 For redevelopment project areas with redevelopment plans
14 or proposed redevelopment plans that would result in the
15 displacement of residents from 10 or more inhabited
16 residential units or that include 75 or more inhabited
17 residential units, the public member shall be a person who
18 resides in the redevelopment project area. If, as determined
19 by the housing impact study provided for in paragraph (5) of
20 subsection (n) of Section 11-74.4-3, or if no housing impact
21 study is required then based on other reasonable data, the
22 majority of residential units are occupied by very low, low,
23 or moderate income households, as defined in Section 3 of the
24 Illinois Affordable Housing Act, the public member shall be a
25 person who resides in very low, low, or moderate income
26 housing within the redevelopment project area.
27 Municipalities with fewer than 15,000 residents shall not be
28 required to select a person who lives in very low, low, or
29 moderate income housing within the redevelopment project
30 area, provided that the redevelopment plan or project will
31 not result in displacement of residents from 10 or more
32 inhabited units, and the municipality so certifies in the
33 plan. If no person satisfying these requirements is
34 available or if no qualified person will serve as the public
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1 member, then the joint review board is relieved of this
2 paragraph's selection requirements for the public member.
3 Within 90 days of the effective date of this amendatory
4 Act of the 91st General Assembly, each municipality that
5 designated a redevelopment project area for which it was not
6 required to convene a joint review board under this Section
7 shall convene a joint review board to perform the duties
8 specified under paragraph (e) of this Section.
9 All board members shall be appointed and the first board
10 meeting held following at least 14 days after notice by the
11 municipality to all the taxing districts as required by
12 Section 11-74.4-6(c). Such notice shall also advise the
13 taxing bodies represented on the joint review board of the
14 time and place of the first meeting of the board. Additional
15 meetings of the board shall be held upon the call of any
16 member. The municipality seeking designation of the
17 redevelopment project area shall provide administrative
18 support to the board.
19 The board shall review (i) the public record, planning
20 documents and proposed ordinances approving the redevelopment
21 plan and project and (ii) proposed amendments to the
22 redevelopment plan or additions of parcels of property to the
23 redevelopment project area to be adopted by the municipality.
24 As part of its deliberations, the board may hold additional
25 hearings on the proposal. A board's recommendation shall be
26 an advisory, non-binding recommendation. The recommendation
27 shall be adopted by a majority of those members present and
28 voting. The recommendations shall be submitted to the
29 municipality within 30 days after convening of the board.
30 Failure of the board to submit its report on a timely basis
31 shall not be cause to delay the public hearing or any other
32 step in the process of designating or amending the
33 redevelopment project area but shall be deemed to constitute
34 approval by the joint review board of the matters before it.
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1 The board shall base its recommendation to approve or
2 disapprove the redevelopment plan and the designation of the
3 redevelopment project area or the amendment of the
4 redevelopment plan or addition of parcels of property to the
5 redevelopment project area on the basis of the redevelopment
6 project area and redevelopment plan satisfying the plan
7 requirements, the eligibility criteria defined in Section
8 11-74.4-3, and the objectives of this Act.
9 The board shall issue a written report describing why the
10 redevelopment plan and project area or the amendment thereof
11 meets or fails to meet one or more of the objectives of this
12 Act and both the plan requirements and the eligibility
13 criteria defined in Section 11-74.4-3. In the event the Board
14 does not file a report it shall be presumed that these taxing
15 bodies find the redevelopment project area and redevelopment
16 plan satisfy the objectives of this Act and the plan
17 requirements and eligibility criteria.
18 If the board recommends rejection of the matters before
19 it, the municipality will have 30 days within which to
20 resubmit the plan or amendment. During this period, the
21 municipality will meet and confer with the board and attempt
22 to resolve those issues set forth in the board's written
23 report that lead to the rejection of the plan or amendment.
24 In the event that the municipality and the board are unable
25 to resolve these differences, or in the event that the
26 resubmitted plan or amendment is rejected by the board, the
27 municipality may proceed with the plan or amendment, but only
28 upon a three-fifths vote of the corporate authority
29 responsible for approval of the plan or amendment, excluding
30 positions of members that are vacant and those members that
31 are ineligible to vote because of conflicts of interest.
32 (c) After a municipality has by ordinance approved a
33 redevelopment plan and designated a redevelopment project
34 area, the plan may be amended and additional properties may
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1 be added to the redevelopment project area only as herein
2 provided. Amendments which (1) add additional parcels of
3 property to the proposed redevelopment project area, (2)
4 substantially affect the general land uses proposed in the
5 redevelopment plan, (3) substantially change the nature of
6 the redevelopment project, (4) increase the total estimated
7 redevelopment project costs set out in the redevelopment plan
8 by more than 5% after adjustment for inflation from the date
9 the plan was adopted, (5) add additional redevelopment
10 project costs to the itemized list of redevelopment project
11 costs set out in the redevelopment plan, or (6) increase the
12 number of low or very low income households to be displaced
13 from the redevelopment project area, provided that measured
14 from the time of creation of the redevelopment project area
15 the total displacement of the households will exceed 10,
16 shall be made only after the municipality gives notice,
17 convenes a joint review board, and conducts a public hearing
18 pursuant to the procedures set forth in this Section and in
19 Section 11-74.4-6 of this Act. Changes which do not (1) add
20 additional parcels of property to the proposed redevelopment
21 project area, (2) substantially affect the general land uses
22 proposed in the redevelopment plan, (3) substantially change
23 the nature of the redevelopment project, (4) increase the
24 total estimated redevelopment project cost set out in the
25 redevelopment plan by more than 5% after adjustment for
26 inflation from the date the plan was adopted, (5) add
27 additional redevelopment project costs to the itemized list
28 of redevelopment project costs set out in the redevelopment
29 plan, or (6) increase the number of low or very low income
30 households to be displaced from the redevelopment project
31 area, provided that measured from the time of creation of the
32 redevelopment project area the total displacement of the
33 households will exceed 10, may be made without further
34 hearing, provided that the municipality shall give notice of
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1 any such changes by mail to each affected taxing district and
2 registrant on the interested parties registry, provided for
3 under Section 11-74.4-4.2, and by publication in a newspaper
4 of general circulation within the affected taxing district.
5 Such notice by mail and by publication shall each occur not
6 later than 10 days following the adoption by ordinance of
7 such changes.
8 (d) After the effective date of this amendatory Act of
9 the 91st General Assembly, a municipality shall submit the
10 following information for each redevelopment project area (i)
11 to the State Comptroller under Section 8-8-3.5 of the
12 Illinois Municipal Code and (ii) to all taxing districts
13 overlapping the redevelopment project area no later than 180
14 days after the close of each municipal fiscal year or as soon
15 thereafter as the audited financial statements become
16 available and, in any case, shall be submitted before the
17 annual meeting of the Joint Review Board to each of the
18 taxing districts that overlap the redevelopment project area:
19 (1) Any amendments to the redevelopment plan, the
20 redevelopment project area, or the State Sales Tax
21 Boundary.
22 (1.5) A list of the redevelopment project areas
23 administered by the municipality and, if applicable, the
24 date each redevelopment project area was designated or
25 terminated by the municipality.
26 (2) Audited financial statements of the special tax
27 allocation fund once a cumulative total of $100,000 has
28 been deposited in the fund.
29 (3) Certification of the Chief Executive Officer of
30 the municipality that the municipality has complied with
31 all of the requirements of this Act during the preceding
32 fiscal year.
33 (4) An opinion of legal counsel that the
34 municipality is in compliance with this Act.
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1 (5) An analysis of the special tax allocation fund
2 which sets forth:
3 (A) the balance in the special tax allocation
4 fund at the beginning of the fiscal year;
5 (B) all amounts deposited in the special tax
6 allocation fund by source;
7 (C) an itemized list of all expenditures from
8 the special tax allocation fund by category of
9 permissible redevelopment project cost; and
10 (D) the balance in the special tax allocation
11 fund at the end of the fiscal year including a
12 breakdown of that balance by source and a breakdown
13 of that balance identifying any portion of the
14 balance that is required, pledged, earmarked, or
15 otherwise designated for payment of or securing of
16 obligations and anticipated redevelopment project
17 costs. Any portion of such ending balance that has
18 not been identified or is not identified as being
19 required, pledged, earmarked, or otherwise
20 designated for payment of or securing of obligations
21 or anticipated redevelopment projects costs shall be
22 designated as surplus as set forth in Section
23 11-74.4-7 hereof.
24 (6) A description of all property purchased by the
25 municipality within the redevelopment project area
26 including:
27 (A) Street address.
28 (B) Approximate size or description of
29 property.
30 (C) Purchase price.
31 (D) Seller of property.
32 (7) A statement setting forth all activities
33 undertaken in furtherance of the objectives of the
34 redevelopment plan, including:
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1 (A) Any project implemented in the preceding
2 fiscal year.
3 (B) A description of the redevelopment
4 activities undertaken.
5 (C) A description of any agreements entered
6 into by the municipality with regard to the
7 disposition or redevelopment of any property within
8 the redevelopment project area or the area within
9 the State Sales Tax Boundary.
10 (D) Additional information on the use of all
11 funds received under this Division and steps taken
12 by the municipality to achieve the objectives of the
13 redevelopment plan.
14 (E) Information regarding contracts that the
15 municipality's tax increment advisors or consultants
16 have entered into with entities or persons that have
17 received, or are receiving, payments financed by tax
18 increment revenues produced by the same
19 redevelopment project area.
20 (F) Any reports submitted to the municipality
21 by the joint review board.
22 (G) A review of public and, to the extent
23 possible, private investment actually undertaken to
24 date after the effective date of this amendatory Act
25 of the 91st General Assembly and estimated to be
26 undertaken during the following year. This review
27 shall, on a project-by-project basis, set forth the
28 estimated amounts of public and private investment
29 incurred after the effective date of this amendatory
30 Act of the 91st General Assembly and provide the
31 ratio of private investment to public investment to
32 the date of the report and as estimated to the
33 completion of the redevelopment project.
34 (8) With regard to any obligations issued by the
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1 municipality:
2 (A) copies of any official statements; and
3 (B) an analysis prepared by financial advisor
4 or underwriter setting forth: (i) nature and term of
5 obligation; and (ii) projected debt service
6 including required reserves and debt coverage.
7 (9) For special tax allocation funds that have
8 experienced cumulative deposits of incremental tax
9 revenues of $100,000 or more, a certified audit report
10 reviewing compliance with this Act performed by an
11 independent public accountant certified and licensed by
12 the authority of the State of Illinois. The financial
13 portion of the audit must be conducted in accordance with
14 Standards for Audits of Governmental Organizations,
15 Programs, Activities, and Functions adopted by the
16 Comptroller General of the United States (1981), as
17 amended, or the standards specified by Section 8-8-5 of
18 the Illinois Municipal Auditing Law of the Illinois
19 Municipal Code. The audit report shall contain a letter
20 from the independent certified public accountant
21 indicating compliance or noncompliance with the
22 requirements of subsection (q) of Section 11-74.4-3. For
23 redevelopment plans or projects that would result in the
24 displacement of residents from 10 or more inhabited
25 residential units or that contain 75 or more inhabited
26 residential units, notice of the availability of the
27 information, including how to obtain the report, required
28 in this subsection shall also be sent by mail to all
29 residents or organizations that operate in the
30 municipality that register with the municipality for that
31 information according to registration procedures adopted
32 under Section 11-74.4-4.2. All municipalities are
33 subject to this provision.
34 (d-1) Prior to the effective date of this amendatory Act
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1 of the 91st General Assembly, municipalities with populations
2 of over 1,000,000 shall, after adoption of a redevelopment
3 plan or project, make available upon request to any taxing
4 district in which the redevelopment project area is located
5 the following information:
6 (1) Any amendments to the redevelopment plan, the
7 redevelopment project area, or the State Sales Tax
8 Boundary; and
9 (2) In connection with any redevelopment project
10 area for which the municipality has outstanding
11 obligations issued to provide for redevelopment project
12 costs pursuant to Section 11-74.4-7, audited financial
13 statements of the special tax allocation fund.
14 (e) The joint review board shall meet annually 180 days
15 after the close of the municipal fiscal year or as soon as
16 the redevelopment project audit for that fiscal year becomes
17 available to review the effectiveness and status of the
18 redevelopment project area up to that date.
19 (f) (Blank).
20 (g) In the event that a municipality has held a public
21 hearing under this Section prior to March 14, 1994 (the
22 effective date of Public Act 88-537), the requirements
23 imposed by Public Act 88-537 relating to the method of fixing
24 the time and place for public hearing, the materials and
25 information required to be made available for public
26 inspection, and the information required to be sent after
27 adoption of an ordinance or resolution fixing a time and
28 place for public hearing shall not be applicable.
29 (Source: P.A. 91-357, eff. 7-29-99; 91-478, eff. 11-1-99.)
30 (65 ILCS 5/11-74.6-22)
31 Sec. 11-74.6-22. Adoption of ordinance; requirements;
32 changes.
33 (a) Before adoption of an ordinance proposing the
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1 designation of a redevelopment planning area or a
2 redevelopment project area, or both, or approving a
3 redevelopment plan or redevelopment project, the municipality
4 or commission designated pursuant to subsection (l) of
5 Section 11-74.6-15 shall fix by ordinance or resolution a
6 time and place for public hearing. Prior to the adoption of
7 the ordinance or resolution establishing the time and place
8 for the public hearing, the municipality shall make available
9 for public inspection a redevelopment plan or a report that
10 provides in sufficient detail, the basis for the eligibility
11 of the redevelopment project area. The report along with the
12 name of a person to contact for further information shall be
13 sent to the affected taxing district by certified mail within
14 a reasonable time following the adoption of the ordinance or
15 resolution establishing the time and place for the public
16 hearing.
17 At the public hearing any interested person or affected
18 taxing district may file with the municipal clerk written
19 objections to the ordinance and may be heard orally on any
20 issues that are the subject of the hearing. The municipality
21 shall hear and determine all alternate proposals or bids for
22 any proposed conveyance, lease, mortgage or other disposition
23 of land and all protests and objections at the hearing and
24 the hearing may be adjourned to another date without further
25 notice other than a motion to be entered upon the minutes
26 fixing the time and place of the later hearing. At the public
27 hearing or at any time prior to the adoption by the
28 municipality of an ordinance approving a redevelopment plan,
29 the municipality may make changes in the redevelopment plan.
30 Changes which (1) add additional parcels of property to the
31 proposed redevelopment project area, (2) substantially affect
32 the general land uses proposed in the redevelopment plan, or
33 (3) substantially change the nature of or extend the life of
34 the redevelopment project shall be made only after the
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1 municipality gives notice, convenes a joint review board, and
2 conducts a public hearing pursuant to the procedures set
3 forth in this Section and in Section 11-74.6-25. Changes
4 which do not (1) add additional parcels of property to the
5 proposed redevelopment project area, (2) substantially affect
6 the general land uses proposed in the redevelopment plan, or
7 (3) substantially change the nature of or extend the life of
8 the redevelopment project may be made without further
9 hearing, provided that the municipality shall give notice of
10 any such changes by mail to each affected taxing district and
11 by publication in a newspaper of general circulation within
12 the affected taxing district. Such notice by mail and by
13 publication shall each occur not later than 10 days following
14 the adoption by ordinance of such changes.
15 (b) Before adoption of an ordinance proposing the
16 designation of a redevelopment planning area or a
17 redevelopment project area, or both, or amending the
18 boundaries of an existing redevelopment project area or
19 redevelopment planning area, or both, the municipality shall
20 convene a joint review board to consider the proposal. The
21 board shall consist of a representative selected by each
22 taxing district that has authority to levy real property
23 taxes on the property within the proposed redevelopment
24 project area and that has at least 5% of its total equalized
25 assessed value located within the proposed redevelopment
26 project area, a representative selected by the municipality
27 and a public member. The public member and the board's
28 chairperson shall be selected by a majority of other board
29 members.
30 All board members shall be appointed and the first board
31 meeting held within 14 days following the notice by the
32 municipality to all the taxing districts as required by
33 subsection (c) of Section 11-74.6-25. The notice shall also
34 advise the taxing bodies represented on the joint review
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1 board of the time and place of the first meeting of the
2 board. Additional meetings of the board shall be held upon
3 the call of any 2 members. The municipality seeking
4 designation of the redevelopment project area may provide
5 administrative support to the board.
6 The board shall review the public record, planning
7 documents and proposed ordinances approving the redevelopment
8 plan and project to be adopted by the municipality. As part
9 of its deliberations, the board may hold additional hearings
10 on the proposal. A board's recommendation, if any, shall be a
11 written recommendation adopted by a majority vote of the
12 board and submitted to the municipality within 30 days after
13 the board convenes. A board's recommendation shall be binding
14 upon the municipality. Failure of the board to submit its
15 recommendation on a timely basis shall not be cause to delay
16 the public hearing or the process of establishing or amending
17 the redevelopment project area. The board's recommendation on
18 the proposal shall be based upon the area satisfying the
19 applicable eligibility criteria defined in Section 11-74.6-10
20 and whether there is a basis for the municipal findings set
21 forth in the redevelopment plan as required by this Act. If
22 the board does not file a recommendation it shall be presumed
23 that the board has found that the redevelopment project area
24 satisfies the eligibility criteria.
25 (c) After a municipality has by ordinance approved a
26 redevelopment plan and designated a redevelopment planning
27 area or a redevelopment project area, or both, the plan may
28 be amended and additional properties may be added to the
29 redevelopment project area only as herein provided.
30 Amendments which (1) add additional parcels of property to
31 the proposed redevelopment project area, (2) substantially
32 affect the general land uses proposed in the redevelopment
33 plan, (3) substantially change the nature of the
34 redevelopment project, (4) increase the total estimated
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1 redevelopment project costs set out in the redevelopment plan
2 by more than 5% after adjustment for inflation from the date
3 the plan was adopted, or (5) add additional redevelopment
4 project costs to the itemized list of redevelopment project
5 costs set out in the redevelopment plan shall be made only
6 after the municipality gives notice, convenes a joint review
7 board, and conducts a public hearing pursuant to the
8 procedures set forth in this Section and in Section
9 11-74.6-25. Changes which do not (1) add additional parcels
10 of property to the proposed redevelopment project area, (2)
11 substantially affect the general land uses proposed in the
12 redevelopment plan, (3) substantially change the nature of
13 the redevelopment project, (4) increase the total estimated
14 redevelopment project cost set out in the redevelopment plan
15 by more than 5% after adjustment for inflation from the date
16 the plan was adopted, or (5) add additional redevelopment
17 project costs to the itemized list of redevelopment project
18 costs set out in the redevelopment plan may be made without
19 further hearing, provided that the municipality shall give
20 notice of any such changes by mail to each affected taxing
21 district and by publication in a newspaper of general
22 circulation within the affected taxing district. Such notice
23 by mail and by publication shall each occur not later than 10
24 days following the adoption by ordinance of such changes.
25 (d) After the effective date of this amendatory Act of
26 the 91st General Assembly, a municipality shall submit the
27 following information for each redevelopment project area (i)
28 to the State Comptroller under Section 8-8-3.5 of the
29 Illinois Municipal Code in the financial report required
30 under Section 3 of the Governmental Account Audit Act and
31 (ii) to all taxing districts overlapping the redevelopment
32 project area no later than 180 days after the close of each
33 municipal fiscal year or as soon thereafter as the audited
34 financial statements become available and, in any case, shall
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1 be submitted before the annual meeting of the joint review
2 board to each of the taxing districts that overlap the
3 redevelopment project area:
4 (1) Any amendments to the redevelopment plan, or
5 the redevelopment project area.
6 (1.5) A list of the redevelopment project areas
7 administered by the municipality and, if applicable, the
8 date each redevelopment project area was designated or
9 terminated by the municipality.
10 (2) Audited financial statements of the special tax
11 allocation fund once a cumulative total of $100,000 of
12 tax increment revenues has been deposited in the fund.
13 (3) Certification of the Chief Executive Officer of
14 the municipality that the municipality has complied with
15 all of the requirements of this Act during the preceding
16 fiscal year.
17 (4) An opinion of legal counsel that the
18 municipality is in compliance with this Act.
19 (5) An analysis of the special tax allocation fund
20 which sets forth:
21 (A) the balance in the special tax allocation
22 fund at the beginning of the fiscal year;
23 (B) all amounts deposited in the special tax
24 allocation fund by source;
25 (C) an itemized list of all expenditures from
26 the special tax allocation fund by category of
27 permissible redevelopment project cost; and
28 (D) the balance in the special tax allocation
29 fund at the end of the fiscal year including a
30 breakdown of that balance by source and a breakdown
31 of that balance identifying any portion of the
32 balance that is required, pledged, earmarked, or
33 otherwise designated for payment of or securing of
34 obligations and anticipated redevelopment project
SB1451 Enrolled -19- LRB9110178MWgc
1 costs. Any portion of such ending balance that has
2 not been identified or is not identified as being
3 required, pledged, earmarked, or otherwise
4 designated for payment of or securing of obligations
5 or anticipated redevelopment project costs shall be
6 designated as surplus as set forth in Section
7 11-74.6-30 hereof.
8 (6) A description of all property purchased by the
9 municipality within the redevelopment project area
10 including:
11 (A) Street address.
12 (B) Approximate size or description of
13 property.
14 (C) Purchase price.
15 (D) Seller of property.
16 (7) A statement setting forth all activities
17 undertaken in furtherance of the objectives of the
18 redevelopment plan, including:
19 (A) Any project implemented in the preceding
20 fiscal year.
21 (B) A description of the redevelopment
22 activities undertaken.
23 (C) A description of any agreements entered
24 into by the municipality with regard to the
25 disposition or redevelopment of any property within
26 the redevelopment project area.
27 (D) Additional information on the use of all
28 funds received under this Division and steps taken
29 by the municipality to achieve the objectives of the
30 redevelopment plan.
31 (E) Information regarding contracts that the
32 municipality's tax increment advisors or consultants
33 have entered into with entities or persons that have
34 received, or are receiving, payments financed by tax
SB1451 Enrolled -20- LRB9110178MWgc
1 increment revenues produced by the same
2 redevelopment project area.
3 (F) Any reports submitted to the municipality
4 by the joint review board.
5 (G) A review of public and, to the extent
6 possible, private investment actually undertaken to
7 date after the effective date of this amendatory Act
8 of the 91st General Assembly and estimated to be
9 undertaken during the following year. This review
10 shall, on a project-by-project basis, set forth the
11 estimated amounts of public and private investment
12 incurred after the effective date of this amendatory
13 Act of the 91st General Assembly and provide the
14 ratio of private investment to public investment to
15 the date of the report and as estimated to the
16 completion of the redevelopment project.
17 (8) With regard to any obligations issued by the
18 municipality:
19 (A) copies of any official statements; and
20 (B) an analysis prepared by financial advisor
21 or underwriter setting forth: (i) nature and term of
22 obligation; and (ii) projected debt service
23 including required reserves and debt coverage.
24 (9) For special tax allocation funds that have
25 received cumulative deposits of incremental tax revenues
26 of $100,000 or more, a certified audit report reviewing
27 compliance with this Act performed by an independent
28 public accountant certified and licensed by the authority
29 of the State of Illinois. The financial portion of the
30 audit must be conducted in accordance with Standards for
31 Audits of Governmental Organizations, Programs,
32 Activities, and Functions adopted by the Comptroller
33 General of the United States (1981), as amended, or the
34 standards specified by Section 8-8-5 of the Illinois
SB1451 Enrolled -21- LRB9110178MWgc
1 Municipal Auditing Law of the Illinois Municipal Code.
2 The audit report shall contain a letter from the
3 independent certified public accountant indicating
4 compliance or noncompliance with the requirements of
5 subsection (o) of Section 11-74.6-10.
6 (e) The joint review board shall meet annually 180 days
7 after the close of the municipal fiscal year or as soon as
8 the redevelopment project audit for that fiscal year becomes
9 available to review the effectiveness and status of the
10 redevelopment project area up to that date.
11 (Source: P.A. 91-474, eff. 11-1-99.)
12 Section 99. Effective date. This Act takes effect upon
13 becoming law.
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