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1 | AN ACT concerning local government.
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2 | Be it enacted by the People of the State of Illinois,
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3 | represented in the General Assembly:
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4 | Section 5. The Illinois Municipal Code is amended by | ||||||
5 | changing Section 11-74.4-3.5 as follows: | ||||||
6 | (65 ILCS 5/11-74.4-3.5) | ||||||
7 | (Text of Section before amendment by P.A. 95-1028 ) | ||||||
8 | Sec. 11-74.4-3.5. Completion dates for redevelopment | ||||||
9 | projects. | ||||||
10 | (a) Unless otherwise stated in this Section, the estimated | ||||||
11 | dates of completion
of the redevelopment project and retirement | ||||||
12 | of obligations issued to finance
redevelopment project costs | ||||||
13 | (including refunding bonds under Section 11-74.4-7) may not be
| ||||||
14 | later than December 31 of the year in which the payment to the | ||||||
15 | municipal
treasurer, as provided in subsection (b) of Section | ||||||
16 | 11-74.4-8 of this Act, is to
be made with respect to ad valorem | ||||||
17 | taxes levied in the 23rd
calendar year after the year in which | ||||||
18 | the ordinance approving the
redevelopment project area was | ||||||
19 | adopted if the ordinance was adopted on or after
January 15, | ||||||
20 | 1981. | ||||||
21 | (b) The estimated dates of completion
of the redevelopment | ||||||
22 | project and retirement of obligations issued to finance
| ||||||
23 | redevelopment project costs (including refunding bonds under |
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| |||||||
1 | Section 11-74.4-7) may not be later than December 31 of the | ||||||
2 | year in which the payment to the municipal
treasurer as | ||||||
3 | provided in subsection (b) of Section 11-74.4-8 of this Act is | ||||||
4 | to
be made with respect to ad valorem taxes levied in the 33rd | ||||||
5 | calendar
year after the year in which the ordinance approving | ||||||
6 | the
redevelopment project area was adopted, if the ordinance | ||||||
7 | was adopted on May 20, 1985 by the Village of Wheeling. | ||||||
8 | (c) The estimated dates of completion
of the redevelopment | ||||||
9 | project and retirement of obligations issued to finance
| ||||||
10 | redevelopment project costs (including refunding bonds under | ||||||
11 | Section 11-74.4-7) may not be later than December 31 of the | ||||||
12 | year in which the payment to the municipal
treasurer as | ||||||
13 | provided in subsection (b) of Section 11-74.4-8 of this Act is | ||||||
14 | to
be made with respect to ad valorem taxes levied in the 35th | ||||||
15 | calendar
year after the year in which the ordinance approving | ||||||
16 | the
redevelopment project area was adopted: | ||||||
17 | (1) if the ordinance was adopted before January 15, | ||||||
18 | 1981; | ||||||
19 | (2) if the ordinance was adopted in December 1983, | ||||||
20 | April 1984, July 1985,
or December 1989; | ||||||
21 | (3) if the ordinance was adopted in December 1987 and | ||||||
22 | the redevelopment
project is located within one mile of | ||||||
23 | Midway Airport; | ||||||
24 | (4) if the ordinance was adopted before January 1, 1987 | ||||||
25 | by a municipality in
Mason County; | ||||||
26 | (5) if the municipality is subject to the Local |
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| |||||||
1 | Government Financial Planning
and Supervision Act or the | ||||||
2 | Financially Distressed City Law; | ||||||
3 | (6) if the ordinance was adopted in December 1984 by | ||||||
4 | the Village of Rosemont; | ||||||
5 | (7) if the ordinance was adopted on December 31, 1986 | ||||||
6 | by a municipality
located in Clinton County for which at | ||||||
7 | least $250,000 of tax increment
bonds were authorized on | ||||||
8 | June 17, 1997, or if the ordinance was adopted on
December | ||||||
9 | 31, 1986 by a municipality with a population in 1990 of | ||||||
10 | less than
3,600 that is located in a county with a | ||||||
11 | population in 1990 of less than
34,000 and for which at | ||||||
12 | least $250,000 of tax increment bonds were authorized
on | ||||||
13 | June 17, 1997; | ||||||
14 | (8) if the ordinance was adopted on October 5, 1982 by | ||||||
15 | the City of Kankakee, or if the ordinance was adopted on | ||||||
16 | December 29, 1986 by East St. Louis; | ||||||
17 | (9) if
the ordinance was adopted on November 12, 1991 | ||||||
18 | by the Village of Sauget; | ||||||
19 | (10) if the ordinance was
adopted on February 11, 1985 | ||||||
20 | by the City of Rock Island; | ||||||
21 | (11) if the ordinance was adopted before December 18, | ||||||
22 | 1986 by the City of
Moline; | ||||||
23 | (12) if the ordinance was adopted in September 1988 by | ||||||
24 | Sauk Village; | ||||||
25 | (13) if the ordinance was adopted in October 1993 by | ||||||
26 | Sauk Village; |
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| |||||||
1 | (14) if the ordinance was adopted on December 29, 1986 | ||||||
2 | by the City of Galva; | ||||||
3 | (15) if the ordinance was adopted in March 1991 by the | ||||||
4 | City of Centreville; | ||||||
5 | (16) if the ordinance was adopted on January 23, 1991
| ||||||
6 | by the City of East St. Louis; | ||||||
7 | (17) if the ordinance was adopted on December 22, 1986 | ||||||
8 | by the City of Aledo; | ||||||
9 | (18) if the ordinance was adopted on February 5, 1990 | ||||||
10 | by the City of Clinton; | ||||||
11 | (19) if the ordinance was adopted on September 6, 1994 | ||||||
12 | by the City of Freeport; | ||||||
13 | (20) if the ordinance was adopted on December 22, 1986 | ||||||
14 | by the City of Tuscola; | ||||||
15 | (21) if the ordinance was adopted on December 23, 1986 | ||||||
16 | by the City of Sparta; | ||||||
17 | (22) if the ordinance was adopted on December 23, 1986 | ||||||
18 | by the City of
Beardstown; | ||||||
19 | (23) if the ordinance was adopted on April 27, 1981, | ||||||
20 | October 21, 1985, or
December 30, 1986 by the City of | ||||||
21 | Belleville; | ||||||
22 | (24) if the ordinance was adopted on December 29, 1986 | ||||||
23 | by the City of
Collinsville; | ||||||
24 | (25) if the ordinance was adopted on September 14, 1994 | ||||||
25 | by the
City of Alton; | ||||||
26 | (26) if the ordinance was adopted on November 11, 1996 |
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1 | by the
City of Lexington; | ||||||
2 | (27) if the ordinance was adopted on November 5, 1984 | ||||||
3 | by
the City of LeRoy; | ||||||
4 | (28) if the ordinance was adopted on April 3, 1991 or
| ||||||
5 | June 3, 1992 by the City of Markham; | ||||||
6 | (29) if the ordinance was adopted on November 11, 1986 | ||||||
7 | by the City of Pekin; | ||||||
8 | (30) if the ordinance was adopted on December 15, 1981 | ||||||
9 | by the City of Champaign; | ||||||
10 | (31) if the ordinance was adopted on December 15, 1986 | ||||||
11 | by the City of Urbana; | ||||||
12 | (32) if the ordinance was adopted on December 15, 1986 | ||||||
13 | by the Village of Heyworth; | ||||||
14 | (33) if the ordinance was adopted on February 24, 1992 | ||||||
15 | by the Village of Heyworth; | ||||||
16 | (34) if the ordinance was adopted on March 16, 1995 by | ||||||
17 | the Village of Heyworth; | ||||||
18 | (35) if the ordinance was adopted on December 23, 1986 | ||||||
19 | by the Town of Cicero; | ||||||
20 | (36) if the ordinance was adopted on December 30, 1986 | ||||||
21 | by the City of Effingham; | ||||||
22 | (37) if the ordinance was adopted on May 9, 1991 by the | ||||||
23 | Village of
Tilton; | ||||||
24 | (38) if the ordinance was adopted on October 20, 1986 | ||||||
25 | by the City of Elmhurst; | ||||||
26 | (39) if the ordinance was adopted on January 19, 1988 |
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1 | by the City of
Waukegan; | ||||||
2 | (40) if the ordinance was adopted on September 21, 1998 | ||||||
3 | by the City of
Waukegan; | ||||||
4 | (41) if the ordinance was adopted on December 31, 1986 | ||||||
5 | by the City of Sullivan; | ||||||
6 | (42) if the ordinance was adopted on December 23, 1991 | ||||||
7 | by the City of Sullivan; | ||||||
8 | (43) if the ordinance was adopted on December 31, 1986 | ||||||
9 | by the City of Oglesby; | ||||||
10 | (44) if the ordinance was adopted on July 28, 1987 by | ||||||
11 | the City of Marion; | ||||||
12 | (45) if the ordinance was adopted on April 23, 1990 by | ||||||
13 | the City of Marion; | ||||||
14 | (46) if the ordinance was adopted on August 20, 1985 by | ||||||
15 | the Village of Mount Prospect; | ||||||
16 | (47) if the ordinance was adopted on February 2, 1998 | ||||||
17 | by the Village of Woodhull; | ||||||
18 | (48) if the ordinance was adopted on April 20, 1993 by | ||||||
19 | the Village of Princeville; | ||||||
20 | (49) if the ordinance was adopted on July 1, 1986 by | ||||||
21 | the City of Granite City; | ||||||
22 | (50) if the ordinance was adopted on February 2, 1989 | ||||||
23 | by the Village of Lombard; | ||||||
24 | (51) if the ordinance was adopted on December 29, 1986 | ||||||
25 | by the Village of Gardner; | ||||||
26 | (52) if the ordinance was adopted on July 14, 1999 by |
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1 | the Village of Paw Paw; | ||||||
2 | (53) if the ordinance was adopted on November 17, 1986 | ||||||
3 | by the Village of Franklin Park; | ||||||
4 | (54) if the ordinance was adopted on November 20, 1989 | ||||||
5 | by the Village of South Holland; | ||||||
6 | (55) if the ordinance was adopted on July 14, 1992 by | ||||||
7 | the Village of Riverdale; | ||||||
8 | (56) if the ordinance was adopted on December 29, 1986 | ||||||
9 | by the City of Galesburg; | ||||||
10 | (57) if the ordinance was adopted on April 1, 1985 by | ||||||
11 | the City of Galesburg; | ||||||
12 | (58) if the ordinance was adopted on May 21, 1990 by | ||||||
13 | the City of West Chicago; | ||||||
14 | (59) if the ordinance was adopted on December 16, 1986 | ||||||
15 | by the City of Oak Forest; | ||||||
16 | (60) if the ordinance was adopted in 1999 by the City | ||||||
17 | of Villa Grove; | ||||||
18 | (61) if the ordinance was adopted on January 13, 1987 | ||||||
19 | by the Village of Mt. Zion; | ||||||
20 | (62) if the ordinance was adopted on December 30, 1986 | ||||||
21 | by the Village of Manteno; | ||||||
22 | (63) if the ordinance was adopted on April 3, 1989 by | ||||||
23 | the City of Chicago Heights; | ||||||
24 | (64) if the ordinance was adopted on January 6, 1999 by | ||||||
25 | the Village of Rosemont; | ||||||
26 | (65) if the ordinance was adopted on December 19, 2000 |
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| |||||||
1 | by the Village of Stone Park; | ||||||
2 | (66) if the ordinance was adopted on December 22, 1986 | ||||||
3 | by the City of DeKalb; or | ||||||
4 | (67) if the ordinance was adopted on December 2, 1986 | ||||||
5 | by the City of Aurora ; .
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6 | (68)
(67) if the ordinance was adopted on December 31, | ||||||
7 | 1986 by the Village of Milan; or | ||||||
8 | (69)
(68) if the ordinance was adopted on September 8, | ||||||
9 | 1994 by the City of West Frankfort ; . | ||||||
10 | (70) if the ordinance was adopted on December 23, 1986 | ||||||
11 | by the Village of Libertyville; or | ||||||
12 | (71) if the ordinance was adopted on September 17, 1986 | ||||||
13 | by the Village of Sherman. | ||||||
14 | (d) For redevelopment project areas for which bonds were | ||||||
15 | issued before
July 29, 1991, or for which contracts were | ||||||
16 | entered into before June 1,
1988, in connection with a | ||||||
17 | redevelopment project in the area within
the State Sales Tax | ||||||
18 | Boundary, the estimated dates of completion of the
| ||||||
19 | redevelopment project and retirement of obligations to finance | ||||||
20 | redevelopment
project costs (including refunding bonds under | ||||||
21 | Section 11-74.4-7) may be extended by municipal ordinance to | ||||||
22 | December 31, 2013.
The termination procedures of subsection (b) | ||||||
23 | of Section 11-74.4-8 are not
required for
these redevelopment | ||||||
24 | project areas in 2009 but are required in 2013.
The extension | ||||||
25 | allowed by Public Act 87-1272 shall not apply to real
property | ||||||
26 | tax increment allocation financing under Section 11-74.4-8. |
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1 | (e) Those dates, for purposes of real property tax | ||||||
2 | increment allocation
financing pursuant to Section 11-74.4-8 | ||||||
3 | only, shall be not more than 35 years
for redevelopment project | ||||||
4 | areas that were adopted on or after December 16,
1986 and for | ||||||
5 | which at least $8 million worth of municipal bonds were | ||||||
6 | authorized
on or after December 19, 1989 but before January 1, | ||||||
7 | 1990; provided that the
municipality elects to extend the life | ||||||
8 | of the redevelopment project area to 35
years by the adoption | ||||||
9 | of an ordinance after at least 14 but not more than 30
days' | ||||||
10 | written notice to the taxing bodies, that would otherwise | ||||||
11 | constitute the
joint review board for the redevelopment project | ||||||
12 | area, before the adoption of
the ordinance. | ||||||
13 | (f) Those dates, for purposes of real property tax | ||||||
14 | increment allocation
financing pursuant to Section 11-74.4-8 | ||||||
15 | only, shall be not more than 35 years
for redevelopment project | ||||||
16 | areas that were established on or after December 1,
1981 but | ||||||
17 | before January 1, 1982 and for which at least $1,500,000 worth | ||||||
18 | of
tax increment revenue bonds were authorized
on or after | ||||||
19 | September 30, 1990 but before July 1, 1991; provided that the
| ||||||
20 | municipality elects to extend the life of the redevelopment | ||||||
21 | project area to 35
years by the adoption of an ordinance after | ||||||
22 | at least 14 but not more than 30
days' written notice to the | ||||||
23 | taxing bodies, that would otherwise constitute the
joint review | ||||||
24 | board for the redevelopment project area, before the adoption | ||||||
25 | of
the ordinance. | ||||||
26 | (g) In consolidating the material relating to completion |
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| |||||||
1 | dates from Sections 11-74.4-3 and 11-74.4-7 into this Section, | ||||||
2 | it is not the intent of the 95th General Assembly to make any | ||||||
3 | substantive change in the law, except for the extension of the | ||||||
4 | completion dates date for the City of Aurora , the Village of | ||||||
5 | Milan ,
and the City of West Frankfort , and the Village of | ||||||
6 | Libertyville set forth under items item (67) ,
and (68) , (69), | ||||||
7 | and (70) of subsection (c) of this Section.
| ||||||
8 | (Source: P.A. 95-932, eff. 8-26-08; 95-964, eff. 9-23-08; | ||||||
9 | incorporates P.A. 95-777, eff. 9-22-08; revised 10-14-08.) | ||||||
10 | (Text of Section after amendment by P.A. 95-1028 ) | ||||||
11 | Sec. 11-74.4-3.5. Completion dates for redevelopment | ||||||
12 | projects. | ||||||
13 | (a) Unless otherwise stated in this Section, the estimated | ||||||
14 | dates of completion
of the redevelopment project and retirement | ||||||
15 | of obligations issued to finance
redevelopment project costs | ||||||
16 | (including refunding bonds under Section 11-74.4-7) may not be
| ||||||
17 | later than December 31 of the year in which the payment to the | ||||||
18 | municipal
treasurer, as provided in subsection (b) of Section | ||||||
19 | 11-74.4-8 of this Act, is to
be made with respect to ad valorem | ||||||
20 | taxes levied in the 23rd
calendar year after the year in which | ||||||
21 | the ordinance approving the
redevelopment project area was | ||||||
22 | adopted if the ordinance was adopted on or after
January 15, | ||||||
23 | 1981. | ||||||
24 | (b) The estimated dates of completion
of the redevelopment | ||||||
25 | project and retirement of obligations issued to finance
|
| |||||||
| |||||||
1 | redevelopment project costs (including refunding bonds under | ||||||
2 | Section 11-74.4-7) may not be later than December 31 of the | ||||||
3 | year in which the payment to the municipal
treasurer as | ||||||
4 | provided in subsection (b) of Section 11-74.4-8 of this Act is | ||||||
5 | to
be made with respect to ad valorem taxes levied in the 33rd | ||||||
6 | calendar
year after the year in which the ordinance approving | ||||||
7 | the
redevelopment project area was adopted, if the ordinance | ||||||
8 | was adopted on May 20, 1985 by the Village of Wheeling. | ||||||
9 | (c) The estimated dates of completion
of the redevelopment | ||||||
10 | project and retirement of obligations issued to finance
| ||||||
11 | redevelopment project costs (including refunding bonds under | ||||||
12 | Section 11-74.4-7) may not be later than December 31 of the | ||||||
13 | year in which the payment to the municipal
treasurer as | ||||||
14 | provided in subsection (b) of Section 11-74.4-8 of this Act is | ||||||
15 | to
be made with respect to ad valorem taxes levied in the 35th | ||||||
16 | calendar
year after the year in which the ordinance approving | ||||||
17 | the
redevelopment project area was adopted: | ||||||
18 | (1) if the ordinance was adopted before January 15, | ||||||
19 | 1981; | ||||||
20 | (2) if the ordinance was adopted in December 1983, | ||||||
21 | April 1984, July 1985,
or December 1989; | ||||||
22 | (3) if the ordinance was adopted in December 1987 and | ||||||
23 | the redevelopment
project is located within one mile of | ||||||
24 | Midway Airport; | ||||||
25 | (4) if the ordinance was adopted before January 1, 1987 | ||||||
26 | by a municipality in
Mason County; |
| |||||||
| |||||||
1 | (5) if the municipality is subject to the Local | ||||||
2 | Government Financial Planning
and Supervision Act or the | ||||||
3 | Financially Distressed City Law; | ||||||
4 | (6) if the ordinance was adopted in December 1984 by | ||||||
5 | the Village of Rosemont; | ||||||
6 | (7) if the ordinance was adopted on December 31, 1986 | ||||||
7 | by a municipality
located in Clinton County for which at | ||||||
8 | least $250,000 of tax increment
bonds were authorized on | ||||||
9 | June 17, 1997, or if the ordinance was adopted on
December | ||||||
10 | 31, 1986 by a municipality with a population in 1990 of | ||||||
11 | less than
3,600 that is located in a county with a | ||||||
12 | population in 1990 of less than
34,000 and for which at | ||||||
13 | least $250,000 of tax increment bonds were authorized
on | ||||||
14 | June 17, 1997; | ||||||
15 | (8) if the ordinance was adopted on October 5, 1982 by | ||||||
16 | the City of Kankakee, or if the ordinance was adopted on | ||||||
17 | December 29, 1986 by East St. Louis; | ||||||
18 | (9) if
the ordinance was adopted on November 12, 1991 | ||||||
19 | by the Village of Sauget; | ||||||
20 | (10) if the ordinance was
adopted on February 11, 1985 | ||||||
21 | by the City of Rock Island; | ||||||
22 | (11) if the ordinance was adopted before December 18, | ||||||
23 | 1986 by the City of
Moline; | ||||||
24 | (12) if the ordinance was adopted in September 1988 by | ||||||
25 | Sauk Village; | ||||||
26 | (13) if the ordinance was adopted in October 1993 by |
| |||||||
| |||||||
1 | Sauk Village; | ||||||
2 | (14) if the ordinance was adopted on December 29, 1986 | ||||||
3 | by the City of Galva; | ||||||
4 | (15) if the ordinance was adopted in March 1991 by the | ||||||
5 | City of Centreville; | ||||||
6 | (16) if the ordinance was adopted on January 23, 1991
| ||||||
7 | by the City of East St. Louis; | ||||||
8 | (17) if the ordinance was adopted on December 22, 1986 | ||||||
9 | by the City of Aledo; | ||||||
10 | (18) if the ordinance was adopted on February 5, 1990 | ||||||
11 | by the City of Clinton; | ||||||
12 | (19) if the ordinance was adopted on September 6, 1994 | ||||||
13 | by the City of Freeport; | ||||||
14 | (20) if the ordinance was adopted on December 22, 1986 | ||||||
15 | by the City of Tuscola; | ||||||
16 | (21) if the ordinance was adopted on December 23, 1986 | ||||||
17 | by the City of Sparta; | ||||||
18 | (22) if the ordinance was adopted on December 23, 1986 | ||||||
19 | by the City of
Beardstown; | ||||||
20 | (23) if the ordinance was adopted on April 27, 1981, | ||||||
21 | October 21, 1985, or
December 30, 1986 by the City of | ||||||
22 | Belleville; | ||||||
23 | (24) if the ordinance was adopted on December 29, 1986 | ||||||
24 | by the City of
Collinsville; | ||||||
25 | (25) if the ordinance was adopted on September 14, 1994 | ||||||
26 | by the
City of Alton; |
| |||||||
| |||||||
1 | (26) if the ordinance was adopted on November 11, 1996 | ||||||
2 | by the
City of Lexington; | ||||||
3 | (27) if the ordinance was adopted on November 5, 1984 | ||||||
4 | by
the City of LeRoy; | ||||||
5 | (28) if the ordinance was adopted on April 3, 1991 or
| ||||||
6 | June 3, 1992 by the City of Markham; | ||||||
7 | (29) if the ordinance was adopted on November 11, 1986 | ||||||
8 | by the City of Pekin; | ||||||
9 | (30) if the ordinance was adopted on December 15, 1981 | ||||||
10 | by the City of Champaign; | ||||||
11 | (31) if the ordinance was adopted on December 15, 1986 | ||||||
12 | by the City of Urbana; | ||||||
13 | (32) if the ordinance was adopted on December 15, 1986 | ||||||
14 | by the Village of Heyworth; | ||||||
15 | (33) if the ordinance was adopted on February 24, 1992 | ||||||
16 | by the Village of Heyworth; | ||||||
17 | (34) if the ordinance was adopted on March 16, 1995 by | ||||||
18 | the Village of Heyworth; | ||||||
19 | (35) if the ordinance was adopted on December 23, 1986 | ||||||
20 | by the Town of Cicero; | ||||||
21 | (36) if the ordinance was adopted on December 30, 1986 | ||||||
22 | by the City of Effingham; | ||||||
23 | (37) if the ordinance was adopted on May 9, 1991 by the | ||||||
24 | Village of
Tilton; | ||||||
25 | (38) if the ordinance was adopted on October 20, 1986 | ||||||
26 | by the City of Elmhurst; |
| |||||||
| |||||||
1 | (39) if the ordinance was adopted on January 19, 1988 | ||||||
2 | by the City of
Waukegan; | ||||||
3 | (40) if the ordinance was adopted on September 21, 1998 | ||||||
4 | by the City of
Waukegan; | ||||||
5 | (41) if the ordinance was adopted on December 31, 1986 | ||||||
6 | by the City of Sullivan; | ||||||
7 | (42) if the ordinance was adopted on December 23, 1991 | ||||||
8 | by the City of Sullivan; | ||||||
9 | (43) if the ordinance was adopted on December 31, 1986 | ||||||
10 | by the City of Oglesby; | ||||||
11 | (44) if the ordinance was adopted on July 28, 1987 by | ||||||
12 | the City of Marion; | ||||||
13 | (45) if the ordinance was adopted on April 23, 1990 by | ||||||
14 | the City of Marion; | ||||||
15 | (46) if the ordinance was adopted on August 20, 1985 by | ||||||
16 | the Village of Mount Prospect; | ||||||
17 | (47) if the ordinance was adopted on February 2, 1998 | ||||||
18 | by the Village of Woodhull; | ||||||
19 | (48) if the ordinance was adopted on April 20, 1993 by | ||||||
20 | the Village of Princeville; | ||||||
21 | (49) if the ordinance was adopted on July 1, 1986 by | ||||||
22 | the City of Granite City; | ||||||
23 | (50) if the ordinance was adopted on February 2, 1989 | ||||||
24 | by the Village of Lombard; | ||||||
25 | (51) if the ordinance was adopted on December 29, 1986 | ||||||
26 | by the Village of Gardner; |
| |||||||
| |||||||
1 | (52) if the ordinance was adopted on July 14, 1999 by | ||||||
2 | the Village of Paw Paw; | ||||||
3 | (53) if the ordinance was adopted on November 17, 1986 | ||||||
4 | by the Village of Franklin Park; | ||||||
5 | (54) if the ordinance was adopted on November 20, 1989 | ||||||
6 | by the Village of South Holland; | ||||||
7 | (55) if the ordinance was adopted on July 14, 1992 by | ||||||
8 | the Village of Riverdale; | ||||||
9 | (56) if the ordinance was adopted on December 29, 1986 | ||||||
10 | by the City of Galesburg; | ||||||
11 | (57) if the ordinance was adopted on April 1, 1985 by | ||||||
12 | the City of Galesburg; | ||||||
13 | (58) if the ordinance was adopted on May 21, 1990 by | ||||||
14 | the City of West Chicago; | ||||||
15 | (59) if the ordinance was adopted on December 16, 1986 | ||||||
16 | by the City of Oak Forest; | ||||||
17 | (60) if the ordinance was adopted in 1999 by the City | ||||||
18 | of Villa Grove; | ||||||
19 | (61) if the ordinance was adopted on January 13, 1987 | ||||||
20 | by the Village of Mt. Zion; | ||||||
21 | (62) if the ordinance was adopted on December 30, 1986 | ||||||
22 | by the Village of Manteno; | ||||||
23 | (63) if the ordinance was adopted on April 3, 1989 by | ||||||
24 | the City of Chicago Heights; | ||||||
25 | (64) if the ordinance was adopted on January 6, 1999 by | ||||||
26 | the Village of Rosemont; |
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1 | (65) if the ordinance was adopted on December 19, 2000 | ||||||
2 | by the Village of Stone Park; | ||||||
3 | (66) if the ordinance was adopted on December 22, 1986 | ||||||
4 | by the City of DeKalb; or | ||||||
5 | (67) if the ordinance was adopted on December 2, 1986 | ||||||
6 | by the City of Aurora ; .
| ||||||
7 | (68)
(67) if the ordinance was adopted on December 31, | ||||||
8 | 1986 by the Village of Milan; or | ||||||
9 | (69)
(68) if the ordinance was adopted on September 8, | ||||||
10 | 1994 by the City of West Frankfort ; . | ||||||
11 | (70) if the ordinance was adopted on December 23, 1986 | ||||||
12 | by the Village of Libertyville; | ||||||
13 | (71) if the ordinance was adopted on December 22, 1986 | ||||||
14 | by the Village of Hoffman Estates; or
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15 | (72) if the ordinance was adopted on September 17, 1986 | ||||||
16 | by the Village of Sherman.
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17 | (d) For redevelopment project areas for which bonds were | ||||||
18 | issued before
July 29, 1991, or for which contracts were | ||||||
19 | entered into before June 1,
1988, in connection with a | ||||||
20 | redevelopment project in the area within
the State Sales Tax | ||||||
21 | Boundary, the estimated dates of completion of the
| ||||||
22 | redevelopment project and retirement of obligations to finance | ||||||
23 | redevelopment
project costs (including refunding bonds under | ||||||
24 | Section 11-74.4-7) may be extended by municipal ordinance to | ||||||
25 | December 31, 2013.
The termination procedures of subsection (b) | ||||||
26 | of Section 11-74.4-8 are not
required for
these redevelopment |
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| |||||||
1 | project areas in 2009 but are required in 2013.
The extension | ||||||
2 | allowed by Public Act 87-1272 shall not apply to real
property | ||||||
3 | tax increment allocation financing under Section 11-74.4-8. | ||||||
4 | (e) Those dates, for purposes of real property tax | ||||||
5 | increment allocation
financing pursuant to Section 11-74.4-8 | ||||||
6 | only, shall be not more than 35 years
for redevelopment project | ||||||
7 | areas that were adopted on or after December 16,
1986 and for | ||||||
8 | which at least $8 million worth of municipal bonds were | ||||||
9 | authorized
on or after December 19, 1989 but before January 1, | ||||||
10 | 1990; provided that the
municipality elects to extend the life | ||||||
11 | of the redevelopment project area to 35
years by the adoption | ||||||
12 | of an ordinance after at least 14 but not more than 30
days' | ||||||
13 | written notice to the taxing bodies, that would otherwise | ||||||
14 | constitute the
joint review board for the redevelopment project | ||||||
15 | area, before the adoption of
the ordinance. | ||||||
16 | (f) Those dates, for purposes of real property tax | ||||||
17 | increment allocation
financing pursuant to Section 11-74.4-8 | ||||||
18 | only, shall be not more than 35 years
for redevelopment project | ||||||
19 | areas that were established on or after December 1,
1981 but | ||||||
20 | before January 1, 1982 and for which at least $1,500,000 worth | ||||||
21 | of
tax increment revenue bonds were authorized
on or after | ||||||
22 | September 30, 1990 but before July 1, 1991; provided that the
| ||||||
23 | municipality elects to extend the life of the redevelopment | ||||||
24 | project area to 35
years by the adoption of an ordinance after | ||||||
25 | at least 14 but not more than 30
days' written notice to the | ||||||
26 | taxing bodies, that would otherwise constitute the
joint review |
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| |||||||
1 | board for the redevelopment project area, before the adoption | ||||||
2 | of
the ordinance. | ||||||
3 | (g) In consolidating the material relating to completion | ||||||
4 | dates from Sections 11-74.4-3 and 11-74.4-7 into this Section, | ||||||
5 | it is not the intent of the 95th General Assembly to make any | ||||||
6 | substantive change in the law, except for the extension of the | ||||||
7 | completion dates date for the City of Aurora , the Village of | ||||||
8 | Milan ,
and the City of West Frankfort , the Village of | ||||||
9 | Libertyville, and the Village of Hoffman Estates set forth | ||||||
10 | under items item (67) ,
and (68) , (69), (70), and (71) of | ||||||
11 | subsection (c) of this Section.
| ||||||
12 | (Source: P.A. 95-932, eff. 8-26-08; 95-964, eff. 9-23-08; | ||||||
13 | incorporates P.A. 95-777, eff. 9-22-08, and 95-1028, eff. | ||||||
14 | 1-1-10; revised 1-27-09.) | ||||||
15 | Section 95. No acceleration or delay. Where this Act makes | ||||||
16 | changes in a statute that is represented in this Act by text | ||||||
17 | that is not yet or no longer in effect (for example, a Section | ||||||
18 | represented by multiple versions), the use of that text does | ||||||
19 | not accelerate or delay the taking effect of (i) the changes | ||||||
20 | made by this Act or (ii) provisions derived from any other | ||||||
21 | Public Act.
| ||||||
22 | Section 99. Effective date. This Act takes effect upon | ||||||
23 | becoming law.
|