94TH GENERAL ASSEMBLY
State of Illinois
2005 and 2006
SB1667


 
Introduced 2/24/2005, by Sen. Richard J. Winkel, Jr.
 
SYNOPSIS AS INTRODUCED:
 		














20 ILCS 620/5
  from Ch. 67 1/2, par. 1005







    Amends the Economic Development Area Tax Increment Allocation Act. Makes a technical change in a Section concerning the certification of economic development project areas.
















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A BILL FOR









 











SB1667

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    AN ACT concerning State government.

 
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    Be it enacted by the People of the State of Illinois,
 
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represented in the General Assembly:


 
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    Section 5. The Economic Development Area Tax Increment 
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Allocation Act is amended  by changing Section 5 as follows:
 



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    (20 ILCS 620/5)  (from Ch. 67 1/2, par. 1005)



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    Sec. 5. Submission to Department; certification by 
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Department;
limitation on number of permissible economic 
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development project areas.

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    (a) The municipality shall submit certified copies of any 
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ordinances
adopted approving an economic development plan, 
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establishing an
economic development project area, and 
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authorizing tax increment allocation
financing for such 
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economic development project area to the
the Department,

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together with (1) a map of the economic
development project 
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area, (2) a copy of the economic development plan as
approved, 
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(3) an analysis, and any supporting documents and statistics,

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demonstrating that the economic development project shall

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create or retain
not less than 2,000 full-time equivalent jobs 
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and that private investment
in the amount of not less than 
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$100,000,000 shall occur
in the economic development project 
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area, (4) an estimate of the economic
impact of the economic 
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development project and the use of tax increment
allocation 
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financing upon the revenues of the municipality and the 
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affected
taxing districts, (5) a record of all public hearings 
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had in connection
with the establishment of the economic 
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development project area, and (6)
such other information as the 
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Department by regulation may require.

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    (b) Upon receipt of an application from a municipality the 
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Department
shall review the application to determine whether 
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the economic development
project area qualifies as an economic 
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development project area under this
Act.  At its discretion, the 
 


 






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Department may accept or reject the
application or may request 
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such additional information as it deems
necessary or advisable 
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to aid its review.  If any such area is found to be
qualified to 
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be an economic development project area, the Department shall

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approve and certify such economic development project area and 
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shall
provide written notice of its approval and certification 
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to the municipality and
to the county clerk.  In determining 
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whether an economic development
project area shall be approved 
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and certified, the Department shall consider
(1) whether, 
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without public intervention, the State would suffer

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substantial economic dislocation, such as relocation of a 
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commercial
business or industrial or manufacturing facility to 
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another state,
territory or country, or would not otherwise 
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benefit from private
investment offering substantial 
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employment opportunities and economic
growth, and (2) the 
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impact on the revenues of the municipality and the
affected 
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taxing districts of the use of tax increment allocation 
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financing
in connection with the economic development project.

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    (c) On or before the date which is 18 months following the 
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date on which
this Act becomes law, the Department shall submit 
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to the General Assembly a
report detailing the number of 
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economic development project areas it has
approved and 
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certified, the number and type of jobs created or retained

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therein, the aggregate amount of private investment therein, 
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the impact on
the revenues of municipalities and affected 
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taxing districts of the use of
tax increment allocation 
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financing therein, and such additional information
as the 
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Department may determine to be relevant. On or after the date 
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which
is 20 months following the date on which this Act becomes 
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law the authority
granted hereunder to municipalities to 
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establish economic development
project areas and to adopt tax 
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increment allocation financing in connection
therewith and to 
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the Department to approve and certify economic development

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project areas shall expire unless the General Assembly shall 
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have
authorized municipalities and the Department to continue 
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to exercise the
powers granted to them hereunder.

 


 






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(Source: P.A. 86-38.)