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SB3619 Engrossed |
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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 |