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96TH GENERAL ASSEMBLY
State of Illinois
2009 and 2010
SB3619
Introduced 2/11/2010, by Sen. Dave Syverson SYNOPSIS AS INTRODUCED:
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Amends the Industrial Jobs Recovery Law in the Illinois Municipal Code. Extends the authority granted to municipalities to establish redevelopment project areas and to adopt tax increment allocation financing to January 1, 2013. Effective immediately.
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| FISCAL NOTE ACT MAY APPLY | |
HOUSING AFFORDABILITY IMPACT NOTE ACT MAY APPLY |
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A BILL FOR
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SB3619 |
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LRB096 20583 RLJ 36281 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 11-74.6-50 as follows:
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| (65 ILCS 5/11-74.6-50) |
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| Sec. 11-74.6-50. Report; sunset of authority. On or before |
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| the date which is 60 months following the
date
on which
this |
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| amendatory Act of 1994 becomes law, the Department shall submit |
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| to the
General Assembly a
report detailing the number of |
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| redevelopment project areas that have been
established, the |
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| number and type of jobs created or retained
therein, the |
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| aggregate amount of tax increment incentives provided, the
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| aggregate amount of private investment produced therein, the |
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| amount of tax
increment revenue produced and available for |
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| expenditure within the tax
increment financing districts and |
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| such additional
information
as the Department may determine to |
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| be relevant. |
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| On or after January 1, 2013 the date which
is 16 years |
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| following the date on which this amendatory Act
of 1994 becomes
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| law the authority
granted hereunder to municipalities to |
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| establish redevelopment
project areas and to adopt tax |
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| increment allocation financing in connection
therewith
shall |