HB1410 95TH GENERAL ASSEMBLY

LRB095 08803 BDD 28988 b

95TH GENERAL ASSEMBLY
State of Illinois
2007 and 2008
HB1410

Introduced 2/21/2007, by Rep. Kurt M. Granberg

SYNOPSIS AS INTRODUCED:

New Act
735 ILCS 30/15-5-45 new

Creates the Technology Development Zone Act. Sets forth procedures for municipalities, in consultation with a college, university, or community college in the municipality, to certify territory in the municipality as a technology zone. Sets forth procedures for the Department of Commerce and Economic Opportunity to certify 10 technology zones in the State. Sets forth procedures for tax increment financing for certified technology zones. Sets forth procedures for the issuance of municipal bonds for activities in technology zones. Sets forth the powers or municipalities with respect to technology zones. Contains other provisions. Amends the the Eminent Domain Act concerning condemnation authority. Effective immediately.

FISCAL NOTE ACT MAY APPLY

HOUSING AFFORDABILITY IMPACT NOTE ACT MAY APPLY

A BILL FOR

AN ACT concerning technology.

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

Section 1. Short title. This Act may be cited as the Technology Development Zone Act.

Section 5. Definitions. As used in this Act:

"Department" means the Department of Commerce and Economic Opportunity.

"Technology-zone program" means any development project or program in furtherance of the objectives of this Act.

"Technology-zone project costs" include costs for:

(1) the purchase and rehabilitation of real and personal property and the construction of infrastructure serving the zone;

(2) the construction of publicly-owned, technology-oriented facilities such as technology or small business incubators, research and development laboratories, training centers, testing laboratories, and a portion of the operating cost of the facility; and

(3) operating costs related to the management, marketing, and promotion of technology zones and operating costs related to post-secondary school programs to provide workers, students, and interns within the zone.

Section 10. Creation of a technology-zone plan.

(a) A municipality, in cooperation with a college, university, or community college located within that municipality, may create a written plan that sets forth a tecnology-zone program. Each tecnology zone plan must include, without limitation, all of the following:

(1) the estimated costs of the tecnology-zone program;

(2) the sources of funds to pay those costs;

(3) the nature and term of any obligations to be issued by the local government to pay those costs;

(4) the most recent equalized assessed valuation of prperty within the technology zone;

(5) an estimate of the equalized assessed valuation of the technology zone after the completion of the technology-zone program;

(6) the estimated date of completion of the technology-zone program that is proposed to be undertaken;

(7) a general description of any proposed developer, user, or tenant of any property to be located or improved within the technology zone;

(8) a description of the type, structure, and general character of the facilities to be developed or improved in the technology zone;

(9) a description of the general land uses to apply in the technology zone;

(10) a description of the type, class, and number of employees to be employed in the operation of the facilities to be developed or improved in the technology zone; and

(11) a commitment by the municipality to fair employment practices and an affirmative-action plan with respect to any technology-zone program to be undertaken by the local government.

Section 15. Initiation of technology zones by municipalities.

(a) A municipality, after consultation with a college, university, or community college located within that municipality, may by ordinance propose the establishment of a technology zone within the boundaries of the municipality and fix a time and place for a public hearing. The municipality must submit a certified copy of the ordinance as adopted to the Department.

(b) The notice of the public hearing must be given by publication and by mailing. The notice by publication must be given by publication at least twice, the first publication to be not more than 30 nor less than 10 days prior to the hearing in a newspaper of general circulation within the taxing districts having property in the proposed technology zone. The notice by mailing must be given by depositing the notice in the United States mails by certified mail addressed to the person or persons in whose name the general taxes for the last preceding year were paid on each lot, block, tract, or parcel of land lying within the technology zone. The notice must be mailed not less than 10 days prior to the date set for the public hearing. If taxes for the last preceding year were not paid, the notice must also be sent to the persons last listed on the tax rolls within the preceding 3 years as the owners of the property.

The notices issued under this Section must include the following:

(1) the time and place of public hearing;

(2) the boundaries of the proposed technology zone by legal description and by street location if possible;

(3) a statement that all interested persons will be given an opportunity to be heard at the public hearing;

(4) an invitation for any person to submit alternative proposals or bids for any proposed conveyance, lease, mortgage, or other disposition of land within the technology zone;

(5) a description of the technology zone plan if a plan or project is a subject matter of the hearing; and

(6) any other matters as the municipality may deem appropriate.

Not less than 30 days prior to the date set for hearing, the municipality shall give notice by mail as provided in this subsection (b) to all taxing districts in which taxable property is included in the technology zone and to the Department.

In addition to the other requirements under this subsection (b), the notice shall include an invitation to the Department and each taxing district to submit comments to the municipality concerning the subject matter of the hearing prior to the date of the hearing.

(c) At the public hearing, any interested person, the Department, or any affected taxing district may file written objections and may be heard orally with respect to any issues embodied in the notice. The municipality shall hear and determine all alternate proposals. The hearing may be adjourned to another date without further notice other than a motion to be entered upon the minutes fixing the time and place of the adjourned hearing. Public hearings with regard to a technology-zone plan, technology zone, or technology-zone project may be held simultaneously.

(d) At the public hearing or at any time prior to the adoption of an ordinance approving a technology-zone plan, the municipality may make changes in the technology-zone plan. The following changes may be made only after notice and hearing in accordance with the procedures set forth under this Section:

(1) changes that alter the exterior boundaries of the proposed technology zone;

(2) changes that substantially affect the general land uses established in the proposed technology-zone plan;

(3) changes that substantially change the nature of the proposed technology-zone program;

(4) changes that change the general description of any proposed developer, user, or tenant of any property to be located or improved within the technology zone; or

(5) changes that change the description of the type, class, and number of employees to be employed in the operation of the facilities to be developed or improved within the technology zone. Any other changes be made without further hearing, but the municipality must give notice of its changes by mail to the Department and to each affected taxing district and by publication in a newspaper or newspapers of general circulation within the affected taxing districts. The notice by mail and by publication must each occur not later than 10 days following the adoption by ordinance of the changes.

(e) At any time within 30 days after the final adjournment of the public hearing, the municipality may, by ordinance, approve the technology-zone plan, establish the technology zone, and authorize tax increment allocation financing for that technology zone.

Section 20. Submission to Department; certification by Department; limitation on number of permissible technology zones.

(a) The municipality shall submit certified copies of any ordinances adopted under subsection (d) of Section 15 to the Department, together with (1) a map of the technology zone, (2) a copy of the technology-zone plan as approved, (3) an estimate of the economic impact of the technology-zone project and the use of tax increment allocation financing upon the revenues of the municipality and the affected taxing districts, (4) a record of all public hearings had in connection with the establishment of the technology zone, and (6) any other information that the Department may require.

(b) Upon receipt of an application from a municipality the Department shall review the application to determine whether the technology zone qualifies under this Act. At its discretion, the Department may accept or reject the application or may request such additional information as it deems necessary or advisable to aid its review.

If any such area is found to be qualified to be a technology zone, then the Department shall approve and certify the technology zone and shall provide written notice of its approval and certification to the municipality and to the county clerk.

In determining whether a technology-zone project area shall be approved and certified, the Department shall consider:

(1) whether, without public intervention, the State would suffer substantial technological dislocation, such as relocation of technology-related commercial businesses or industrial or manufacturing facilities to another state, territory, or country or would not otherwise benefit from private investment offering substantial employment opportunities and economic growth in the technology sector; and

(2) the impact on the revenues of the municipality and the affected taxing districts of the use of tax increment allocation financing in connection with the technology-zone project.

The Department may not certify more than 10 technology zones in the State.

(d) Within 18 months after the effective date of this Act, the Department shall submit to the General Assembly a report detailing the number of technology zones it has approved and certified, the number and type of jobs created or retained therein, the aggregate amount of private investment therein, the impact on the revenues of municipalities and counties and affected taxing districts of the use of tax increment allocation financing therein, and such additional information as the Department may determine to be relevant.

(e) Within 20 months after the effective date of this Act, the authority granted under this Act to municipalities and counties to establish technology zones and to adopt tax increment allocation financing in connection therewith and to the Department to approve and certify technology zones expires unless the General Assembly, by law, authorizes municipalities, counties, and the Department to continue to exercise the powers granted to them under this Act.

Section 25. Filing with county clerk; certification of initial equalized assessed value.

(a) The municipality shall file a certified copy of any ordinance authorizing tax increment allocation financing for a technology zone with the county clerk, and the county clerk shall immediately thereafter determine:

(1) the most recently ascertained equalized assessed value of each lot, block, tract, or parcel of real property within the technology zone from which must be deducted the homestead exemptions provided by Sections 15-170, 15-175, and 15-176 of the Property Tax Code, which value shall be the "initial equalized assessed value" of each such piece of property; and

(2) the total equalized assessed value of all taxable real property within the technology zone by adding together the most recently ascertained equalized assessed value of each taxable lot, block, tract, or parcel of real property within the technology zone, from which must be deducted the homestead exemptions provided by Sections 15-170, 15-175, and 15-176 of the Property Tax Code, and shall certify that amount as the "total initial equalized assessed value" of the taxable real property within the technology zone.

(b) After the county clerk has certified the "total initial equalized assessed value" of the taxable real property in the technology zone, then in respect to every taxing district containing a technology zone, the county clerk or any other official required by law to ascertain the amount of the equalized assessed value of all taxable property within that taxing district for the purpose of computing the rate per cent of tax to be extended upon taxable property within that taxing district, shall in every year that tax increment allocation financing is in effect ascertain the amount of value of taxable property in a technology zone by including in that amount the lower of the current equalized assessed value or the certified "total initial equalized assessed value" of all taxable real property in such area. The rate per cent of tax determined shall be extended to the current equalized assessed value of all property in the technology zone in the same manner as the rate per cent of tax is extended to all other taxable property in the taxing district. The method of allocating taxes established under this Section terminates when the municipality adopts an ordinance dissolving the special tax allocation fund for the technology zone, terminating the technology zone, and terminating the use of tax increment allocation financing for the technology zone. This Act may not be construed as relieving property owners within a technology zone from paying a uniform rate of taxes upon the current equalized assessed value of their taxable property as provided in the Property Tax Code.

Section 30. Creation of special tax allocation fund.

(a) If a municipality has adopted tax increment allocation financing for a technology zone by ordinance, the county clerk has thereafter certified the "total initial equalized assessed value" of the taxable real property within the a technology zone in the manner provided in Section 25 of this Act, and the Department has approved and certified the a technology zone, each year after the date of the certification by the county clerk of the "total initial equalized assessed value" until a technology-zone project costs and all municipal obligations financing technology-zone project costs have been paid, the ad valorem taxes, if any, arising from the levies upon the taxable real property in the technology zone by taxing districts and tax rates determined in the manner provided in subsection (b) of Section 25 of this Act are divided as follows:

(1) that portion of the taxes levied upon each taxable lot, block, tract or parcel of real property that is attributable to the lower of (i) the current equalized assessed value or (ii) the initial equalized assessed value of each such taxable lot, block, tract, or parcel of real property existing at the time tax increment allocation financing was adopted, is allocated to and when collected must be paid by the county collector to the respective affected taxing districts in the manner required by law in the absence of the adoption of tax increment allocation financing; and

(2) That portion, if any, of those taxes that is attributable to the increase in the current equalized assessed valuation of each taxable lot, block, tract, or parcel of real property in the technology zone over and above the initial equalized assessed value of each property existing at the time tax increment allocation financing was adopted is allocated to and when collected must be paid to the municipal treasurer, who must deposit those taxes into a special fund called the special tax allocation fund of the municipality for the purpose of paying technology-zone project costs and obligations incurred in the payment thereof.

(b) The municipality, by an ordinance adopting tax increment allocation financing, may pledge the funds in and to be deposited into the special tax allocation fund for the payment of obligations issued under this Act and for the payment of technology-zone project costs. No part of the current equalized assessed valuation of each property in the technology zone attributable to any increase above the total initial equalized assessed value of such properties may be used in calculating the general State school aid formula, provided for in Section 18-8.05 of the School Code, until such time as all technology-zone project costs have been paid as provided for in this Section.

(c) When the technology-zone project costs, including without limitation all obligations financing technology-zone project costs incurred under this Act, have been paid, all surplus funds then remaining in the special tax allocation fund shall be distributed by being paid by the municipal treasurer to the county collector, who shall immediately thereafter pay those funds to the taxing districts having taxable property in the technology zone in the same manner and proportion as the most recent distribution by the county collector to those taxing districts of real property taxes from real property in the technology zone.

(d) Upon the payment of all technology-zone project costs, retirement of obligations, and the distribution of any excess moneys pursuant to this Section, the municipality shall adopt an ordinance dissolving the special tax allocation fund for the technology zone, terminating the technology zone, and terminating the use of tax increment allocation financing for the technology zone. Thereafter, the rates of the taxing districts must be extended and taxes levied, collected, and distributed in the manner applicable in the absence of the adoption of tax increment allocation financing.

(e) Nothing in this Section may be construed as relieving property in technology zones from being assessed as provided in the Property Tax Code, or as relieving owners of that property from paying a uniform rate of taxes, as required by Section 4 of Article IX of the Illinois Constitution.

Section 35. Issuance of obligations for technology-zone costs.

(a) Obligations secured by the special tax allocation fund provided for in Section 30 of this Act for a technology zone may be issued to provide for technology-zone costs. Those obligations, when so issued, shall be retired in the manner provided in the ordinance authorizing the issuance of the obligations by the receipts of taxes levied as specified in Section 25 of this Act against the taxable property included in the technology-zone project area and by other revenue designated or pledged by the municipality. A municipality may in the ordinance pledge all or any part of the funds in and to be deposited in the special tax allocation fund created pursuant to Section 30 of this Act to the payment of the technology-zone costs and obligations. Whenever a municipality pledges all of the funds to the credit of a special tax allocation fund to secure obligations issued or to be issued to pay technology-zone costs, the municipality may specifically provide that funds remaining to the credit of such special tax allocation fund after the payment of those obligations shall be accounted for annually and shall be deemed to be "surplus" funds. If a municipality pledges less than all of the moneys to the credit of a special tax allocation fund to secure obligations issued or to be issued to pay technology-zone costs, then the municipality shall provide that moneys to the credit of the special tax allocation fund and not subject to that pledge or otherwise encumbered or required for payment of contractual obligations for specific technology-zone costs shall be calculated annually and shall be deemed to be "surplus" funds. All funds to the credit of a special tax allocation fund that are deemed to be "surplus" funds shall be distributed annually within 180 days after the close of the municipality's fiscal year by being paid by the municipal treasurer to the county collector. The county collector shall, thereafter, make distribution to the respective taxing districts in the same manner and proportion as the most recent distribution by the county collector to those taxing districts of real property taxes from real property in the technology zone.

(b) Without limiting the provisions of subsection (a), the municipality may, in addition to obligations secured by the special tax allocation fund, pledge for a period not greater than the term of the obligations towards payment of those obligations any part or any combination of the following:

(1) net revenues of all or part of any technology-zone project;

(2) taxes levied and collected on any or all property in the municipality, including, specifically, taxes levied or imposed by the municipality in a special service area pursuant to the Special service Area Tax Law in the Property Tax Code;

(3) the full faith and credit of the municipality;

(4) a mortgage on part or all of the technology-zone project; or

(5) any other taxes or anticipated receipts that the municipality may lawfully pledge.

(c) Such obligations may be issued in one or more series bearing interest at such rate or rates as the corporate authorities of the municipality shall determine by ordinance, which rate or rates may be variable or fixed, without regard to any limitations contained in any law now in effect or hereafter adopted. Such obligations shall bear such date or dates, mature at such time or times not exceeding 20 years from their respective dates, but in no event exceeding 23 years from the date of establishment of the technology zone, be in such denomination, be in such form, whether coupon, registered or book-entry, carry such registration, conversion and exchange privileges, be executed in such manner, be payable in such medium of payment at such place or places within or without the State of Illinois, contain such covenants, terms and conditions, be subject to redemption with or without premium, be subject to defeasance upon such terms, and have such rank or priority, as such ordinance shall provide. Obligations issued pursuant to this Act may be sold at public or private sale at such price as shall be determined by the corporate authorities of the municipalities. Such obligations may, but need not, be issued using the provisions of any one or more of the omnibus bond Acts specified in Section 1.33 of the Statute on Statutes. No referendum approval of the electors is required as a condition to the issuance of obligations pursuant to this Act except as provided in this Section.

(d) Whenever a municipality issues bonds for the purpose of financing technology-zone costs, the municipality may provide by ordinance for the appointment of a trustee, which may be any trust company within the State, and for the establishment of the funds or accounts to be maintained by such trustee as the municipality shall deem necessary to provide for the security and payment of the bonds. If the municipality provides for the appointment of a trustee, the trustee shall be considered the assignee of any payments assigned by the municipality pursuant to the ordinance and this Section. Any amounts paid to the trustee as assignee shall be deposited in the funds or accounts established pursuant to the trust agreement, and shall be held by the trustee in trust for the benefit of the holders of the bonds, and the holders shall have a lien on and a security interest in those bonds or accounts so long as the bonds remain outstanding and unpaid. Upon retirement of the bonds, the trustee shall pay over any excess amounts held to the municipality for deposit in the special tax allocation fund.

(e) In the event the municipality authorizes the issuance of obligations pursuant to the authority of this Act secured by the full faith and credit of the municipality, or pledges ad valorem taxes pursuant to item (2) of subsection (b) of this Section, which obligations are other than obligations that may be issued under home rule powers provided by Article VII, Section 6 of the Illinois Constitution, or which ad valorem taxes are other than ad valorem taxes which may be pledged under home rule powers provided by Article VII, Section 6 of the Illinois Constitution, or which are levied in a special service area pursuant to Special Service Area Tax Law in the Property Tax Code, the ordinance authorizing the issuance of those obligations or pledging those taxes shall be published within 10 days after the ordinance has been adopted, in one or more newspapers having a general circulation within the municipality. The publication of the ordinance shall be accompanied by a notice of:

(1) the specific number of voters required to sign a petition requesting the question of the issuance of the obligations or pledging such ad valorem taxes to be submitted to the electors;

(2) the time within which the petition must be filed; and

(3) the date of the prospective referendum.

The municipal clerk shall provide a petition form to any individual requesting one.

If no petition is filed with the municipal clerk, as provided in this Section, within 21 days after the publication of the ordinance, the ordinance shall be in effect. If, however, within that 21-day period, a petition is filed with the municipal clerk, signed by electors numbering not less than 15% of the number of electors voting for the mayor or president at the last general municipal election, asking that the question of issuing obligations using full faith and credit of the municipality as security for the cost of paying for technology-zone costs, or of pledging such ad valorem taxes for the payment of those obligations, or both, be submitted to the electors of the municipality, the municipality shall not be authorized to issue obligations of the municipality using the full faith and credit of the municipality as security or pledging such ad valorem taxes for the payment of those obligations, or both, until the proposition has been submitted to and approved by a majority of the voters voting on the proposition at a regularly scheduled election. The municipality shall certify the proposition to the proper election authorities for submission in accordance with the general election law. The ordinance authorizing the obligations may provide that the obligations shall contain a recital that they are issued pursuant to this Act, which recital shall be conclusive evidence of their validity and of the regularity of their issuance.

In the event the municipality authorizes issuance of obligations pursuant to this Act secured by the full faith and credit of the municipality, the ordinance authorizing the obligations may provide for the levy and collection of a direct annual tax upon all taxable property within the municipality sufficient to pay the principal thereof and interest thereon as it matures, which levy may be in addition to and exclusive of the maximum of all other taxes authorized to be levied by the municipality, which levy, however, shall be abated to the extent that moneys from other sources are available for payment of the obligations and the municipality certifies the amount of those monies available to the county clerk.

(f) A certified copy of the ordinance shall be filed with the county clerk of each county in which any portion of the municipality is situated, and shall constitute the authority for the extension and collection of the taxes to be deposited in the special tax allocation fund. A municipality may also issue its obligations to refund, in whole or in part, obligations theretofore issued by the municipality under the authority of this Act, whether at or prior to maturity. However, the last maturity of the refunding obligations shall not be expressed to mature later than 23 years from the date of the ordinance establishing the technology zone.

(g) In the event a municipality issues obligations under home rule powers or other legislative authority, the proceeds of which are pledged to pay for technology-zone costs, the municipality may, if it has followed the procedures in conformance with this Act, retire those obligations from funds in the special tax allocation fund in amounts and in such manner as if those obligations had been issued pursuant to the provisions of this Act.

(h) No obligations issued pursuant to this Act shall be regarded as indebtedness of the municipality issuing those obligations or any other taxing district for the purpose of any limitation imposed by law.

Obligations issued pursuant to this Act shall not be subject to the provisions of the Bond Authorization Act.

Section 40. Cancellation and repayment of tax benefits. Any tax abatement or benefit granted by a taxing district under an agreement entered into under this Act to a private individual or entity for the purpose of originating, locating, maintaining, rehabilitating, or expanding a business facility shall be cancelled if the individual or entity relocated its entire facility in violation of the agreement, and the amount of the abatements or tax benefits granted before the cancellation shall be repaid to the taxing district within 30 days, as provided in Section 18-183 of the Property Tax Code.

Section 45. Powers of municipalities. In addition to powers that it may now have, any municipality has the power under this Act:

(1) To make and enter into all contracts necessary or incidental to the implementation and furtherance of a technology-zone plan.

(2) Within a technology zone, to acquire by purchase, donation, lease, or eminent domain, and to own, convey, lease, mortgage or dispose of land and other real or personal property or rights or interests therein; and to grant or acquire licenses, easements and options with respect thereto, all in the manner and at such price the municipality determines is reasonably necessary to achieve the objectives of the technology-zone project. No conveyance, lease, mortgage, disposition of land or other property acquired by the municipality, or agreement relating to the development of property, shall be made or executed except pursuant to prior official action of the municipality. No conveyance, lease, mortgage or other disposition of land, and no agreement relating to the development of property, shall be made without making public disclosure of the terms and disposition of all bids and proposals submitted to the municipality in connection therewith.

(3) To clear any area within a technology zone by demolition or removal of any existing buildings, structures, fixtures, utilities, or improvements, and to clear and grade land.

(4) To install, repair, construct, reconstruct or relocate public streets, public utilities, and other public site improvements within or without a technology zone which are essential to the preparation of a technology zone for use in accordance with a technology-zone plan.

(5) To renovate, rehabilitate, reconstruct, relocate, repair or remodel any existing buildings, improvements, and fixtures within a technology zone.

(6) To construct public improvements, including but not limited to, buildings, structures, works, utilities or fixtures within any technology zone.

(7) To issue obligations as in this Act provided.

(8) To fix, charge, and collect fees, rents, and charges for the use of any building, facility, or property or any portion thereof owned or leased by the municipality within a technology zone.

(9) To accept grants, guarantees, donations of property or labor, or any other thing of value for use in connection with a technology-zone project.

(10) To pay or cause to be paid technology-zone project costs. Any payments to be made by the municipality to developers or other nongovernmental persons for technology-zone costs incurred by such developer or other nongovernmental person shall be made only pursuant to the prior official action of the municipality evidencing an intent to pay or cause to be paid such technology-zone costs. A municipality is not required to obtain any right, title, or interest in any real or personal property in order to pay technology-zone costs associated with such property. The municipality shall adopt such accounting procedures as may be necessary to determine that such technology-zone costs are properly paid.

(11) To exercise any and all other powers necessary to effectuate the purposes of this Act.

(12) To create a commission of not less than 5 or more than 15 persons to be appointed by the mayor or president of the municipality with the consent of the majority of the corporate authorities of the municipality. Members of a commission shall be appointed for initial terms of 1, 2, 3, 4, and 5 years, respectively, in such numbers as to provide that the terms of not more than 1/3 of all such members shall expire in any one year. Their successors shall be appointed for a term of 5 years. The commission, subject to approval of the corporate authorities, may exercise the powers enumerated in this Section. The commission shall also have the power to hold the public hearings required by this Act and make recommendations to the corporate authorities concerning the approval of technology-zone plans, the establishment of technology zones, and the adoption of tax increment allocation financing for technology zones.

Section 50. Eminent domain. Notwithstanding any other provision of this Act, any power granted under this Act to acquire property by condemnation or eminent domain is subject to, and shall be exercised in accordance with, the Eminent Domain Act.

Section 55. Conflicts of interest; disclosure. If any member of the corporate authorities of a municipality, or any employee or consultant of the municipality involved in the planning, analysis, preparation or administration of a technology-zone plan or a technology-zone project, or any proposed technology-zone plan or any proposed technology-zone project, owns or controls any interest, direct or indirect, in any property included in any technology zone or proposed technology zone, he or she shall disclose the same in writing to the municipal clerk, which disclosure shall include the dates, terms and conditions of any disposition of any such interest. The disclosures shall be acknowledged by the corporate authorities of the municipality and entered upon the official records and files of the corporate authorities. Any such individual holding any such interest shall refrain from any further official involvement regarding such established or proposed technology zone, technology-zone plan or technology-zone project, and shall also refrain from voting on any matter pertaining to that project, plan or area and from communicating with any members of the corporate authorities or any employees or consultants of the municipality regarding any matter relating to that project, plan or area. No member of the corporate authorities of the municipality and no employee of the municipality shall acquire any interest, direct or indirect, in any real or personal property or rights or interest therein within a technology zone or a proposed technology zone after that person obtains knowledge of the project, plan or area or after the first public notice of the project, plan or area is given by the municipality, whichever occurs first.

Section 60. Payment of project costs; revenues from municipal property. Revenues received by a municipality from any property, building, or facility owned, leased, or operated by the municipality or any agency or authority established by the municipality may be used to pay technology-zone costs, or reduce outstanding obligations of the municipality incurred under this Act for technology-zone costs. The municipality may place those revenues in the special tax allocation fund that shall be held by the municipal treasurer or other person designated by the municipality. Revenue received by the municipality from the sale or other disposition of real or personal property or rights or interests therein acquired by the municipality with the proceeds of obligations funded by tax increment allocation financing shall be deposited by the municipality in the special tax allocation fund.

Section 900. The Eminent Domain Act is amended by adding Section 15-5-45 as follows:

(735 ILCS 30/15-5-45 new)

Sec. 15-5-45. Eminent domain powers in New Acts. The following provisions of law may include express grants of the power to acquire property by condemnation or eminent domain: Technology Development Zone Act; municipalities; for activities associated with technology zones.

Section 999. Effective date. This Act takes effect upon becoming law.