HB4326 Enrolled

LRB096 07650 RLJ 17749 b






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    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 Enrolled
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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.)