96TH GENERAL ASSEMBLY
State of Illinois
2009 and 2010
HB4326


 
Introduced 2/27/2009, by Rep. John A. Fritchey
 
SYNOPSIS AS INTRODUCED:
 		








  



65 ILCS 5/11-74.4-8b









    Amends the Tax Increment Allocation Redevelopment Act in the Illinois Municipal Code. Provides that any private individual or entity that receives benefits under this Act for the purpose of originating, locating,
maintaining, rehabilitating, or expanding a business facility and that abandons or relocates its facility in violation of the agreement shall pay to the municipality an amount equal to the prorated value of the benefit.
















LRB096 07650 RLJ 17749 b

















FISCAL NOTE ACT MAY APPLY
















 


 


A BILL FOR









 











HB4326

LRB096 07650 RLJ 17749 b






1
    AN ACT concerning local 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 Illinois Municipal Code is amended  by 
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changing Section 11-74.4-8b as follows:
 



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    (65 ILCS 5/11-74.4-8b)



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    Sec. 11-74.4-8b. Cancellation and repayment of tax and 
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other benefits. Any tax abatement or benefit granted by a 
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taxing district under an agreement
entered into under this
Act 
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to a private individual or entity for the purpose of 
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originating, locating,
maintaining, rehabilitating, or 
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expanding a business facility shall be
cancelled if the 
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individual or entity relocated its entire facility in
violation 
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of the agreement, and the amount of the abatements or tax 
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benefits
granted before the cancellation shall be repaid to the 
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taxing district within
30 days, as provided in Section 18-183 
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of the Property Tax Code.

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    In addition, any private individual or entity that receives 
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other benefits under this Act for the purpose of originating, 
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locating,
maintaining, rehabilitating, or expanding a business 
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facility and that abandons or relocates its facility in 
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violation of the agreement shall pay to the municipality an 
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amount equal to the value of the benefit prorated based on (i) 
 


 






HB4326
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LRB096 07650 RLJ 17749 b




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the time from the date of the agreement to the date of 
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abandonment or relocation; compared to (ii) the time from the 
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date of the agreement to the date upon which the redevelopment 
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plan must be completed, determined at the time of the 
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agreement. 
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(Source: P.A. 89-591, eff. 8-1-96.)