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1 | AN ACT concerning revenue.
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2 | Be it enacted by the People of the State of Illinois,
| ||||||||||||||||||||||||||
3 | represented in the General Assembly:
| ||||||||||||||||||||||||||
4 | Section 5. The Economic Development Area Tax Increment | ||||||||||||||||||||||||||
5 | Allocation Act is amended by changing Sections 4 and 7.5 as | ||||||||||||||||||||||||||
6 | follows:
| ||||||||||||||||||||||||||
7 | (20 ILCS 620/4) (from Ch. 67 1/2, par. 1004)
| ||||||||||||||||||||||||||
8 | (Text of Section before amendment by P.A. 97-636 ) | ||||||||||||||||||||||||||
9 | Sec. 4.
Establishment of economic development project | ||||||||||||||||||||||||||
10 | areas;
ordinance; notice; hearing; changes in economic | ||||||||||||||||||||||||||
11 | development plan. Economic
development project areas shall be | ||||||||||||||||||||||||||
12 | established as follows:
| ||||||||||||||||||||||||||
13 | (a) The corporate authorities of a municipality shall by | ||||||||||||||||||||||||||
14 | ordinance
propose the establishment of an economic development | ||||||||||||||||||||||||||
15 | project area
and fix a
time and place for a public hearing, and | ||||||||||||||||||||||||||
16 | shall submit a certified copy of
the ordinance as adopted to | ||||||||||||||||||||||||||
17 | the Department.
| ||||||||||||||||||||||||||
18 | (b)(1) Notice of the public hearing shall be given by | ||||||||||||||||||||||||||
19 | publication and
mailing. Notice by publication shall be given | ||||||||||||||||||||||||||
20 | by publication at least
twice, the first publication to be not | ||||||||||||||||||||||||||
21 | more than 30 nor less than 10 days
prior to the hearing in a | ||||||||||||||||||||||||||
22 | newspaper of general circulation within the taxing
districts | ||||||||||||||||||||||||||
23 | having property in the proposed economic development project
|
| |||||||
| |||||||
1 | area. Notice by mailing shall be given by depositing such | ||||||
2 | notice together
with a copy of the
proposed economic | ||||||
3 | development plan in the United States mails by
certified mail | ||||||
4 | addressed to the person or persons in whose name the general
| ||||||
5 | taxes for the last preceding year were paid on each lot, block, | ||||||
6 | tract, or
parcel of land lying within the economic development | ||||||
7 | project area. The
notice shall be mailed not less than 10 days | ||||||
8 | prior to the date set for the
public hearing. In the event | ||||||
9 | taxes for the last preceding year were not
paid, the notice | ||||||
10 | shall also be sent to the persons last listed on the tax
rolls | ||||||
11 | within the preceding 3 years as the owners of such property.
| ||||||
12 | (2) The notices issued pursuant to this Section shall | ||||||
13 | include the following:
| ||||||
14 | (A) The time and place of public hearing;
| ||||||
15 | (B) The boundaries of the proposed economic | ||||||
16 | development project area by
legal description and by street | ||||||
17 | location where possible;
| ||||||
18 | (C) A notification that all interested persons will be | ||||||
19 | given an
opportunity to be heard at the public hearing;
| ||||||
20 | (D) An invitation for any person to submit alternative | ||||||
21 | proposals or bids
for any proposed conveyance, lease, | ||||||
22 | mortgage or other disposition of land
within the proposed | ||||||
23 | economic development project area;
| ||||||
24 | (E) A description of the economic development plan or | ||||||
25 | economic
development project if a
plan or project
is a | ||||||
26 | subject matter of the hearing; and
|
| |||||||
| |||||||
1 | (F) Such other matters as the municipality may deem | ||||||
2 | appropriate.
| ||||||
3 | (3) Not less than 30 days prior to the date set for | ||||||
4 | hearing, the
municipality shall give notice by mail as provided | ||||||
5 | in this subsection (b)
to all taxing districts, of which | ||||||
6 | taxable property is included in the
economic development | ||||||
7 | project area, and to the Department. In addition to
the other | ||||||
8 | requirements under this subsection (b), the notice shall | ||||||
9 | include
an invitation to the Department and each taxing | ||||||
10 | district to submit comments
to the municipality concerning the | ||||||
11 | subject matter of the hearing prior to
the date of hearing. No | ||||||
12 | economic development area may be established or extended | ||||||
13 | without the written approval of the taxing districts comprising | ||||||
14 | a majority of the total amount of taxes extended within the | ||||||
15 | economic development area in the previous taxable year. No | ||||||
16 | direct or indirect rights or privileges conveyed to any | ||||||
17 | corporation under an economic development plan or agreement may | ||||||
18 | be transferred to a developer's successor entity without the | ||||||
19 | express, written approval of each taxing district located | ||||||
20 | within the economic development area.
| ||||||
21 | (c) At the public hearing any interested person, the | ||||||
22 | Department or any
affected taxing district may file written | ||||||
23 | objections with the municipal clerk
and may be heard orally | ||||||
24 | with respect to any issues embodied in
the notice. The | ||||||
25 | municipality shall hear and determine all alternate
proposals | ||||||
26 | or bids for any proposed conveyance, lease, mortgage or other
|
| |||||||
| |||||||
1 | disposition of land and all protests and
objections at the | ||||||
2 | hearing, and the hearing may be adjourned to another date
| ||||||
3 | without further notice other than a motion to be entered upon | ||||||
4 | the minutes
fixing the time and place of the adjourned hearing.
| ||||||
5 | Public hearings with regard to an economic development plan, | ||||||
6 | economic
development project area, or economic development | ||||||
7 | project may be held simultaneously.
| ||||||
8 | (d) At the public hearing or at any time prior to the | ||||||
9 | adoption by the
municipality of an ordinance approving an | ||||||
10 | economic development plan, the
municipality may make changes in | ||||||
11 | the economic development plan.
Changes which (1) alter the
| ||||||
12 | exterior boundaries of the proposed economic development | ||||||
13 | project area,
(2) substantially affect the general land uses | ||||||
14 | established in the proposed
economic development plan, (3) | ||||||
15 | substantially change the nature of the
proposed economic | ||||||
16 | development project, (4) change the general description of
any | ||||||
17 | proposed developer, user or tenant of any property to be | ||||||
18 | located or
improved within the economic development project | ||||||
19 | area, or (5) change the
description of the type, class and | ||||||
20 | number of employees to be employed in
the operation of the | ||||||
21 | facilities to be developed or improved within the
economic | ||||||
22 | development project area shall be made only after notice and
| ||||||
23 | hearing pursuant to the procedures set forth in this Section.
| ||||||
24 | Changes which
do not (1) alter the exterior boundaries of a | ||||||
25 | proposed economic development project area,
(2) substantially | ||||||
26 | affect the general land uses established in the proposed
|
| |||||||
| |||||||
1 | economic development plan, (3) substantially change the nature | ||||||
2 | of the proposed economic
development project, (4) change the | ||||||
3 | general description of any proposed
developer, user or tenant | ||||||
4 | of any property to be located or improved within
the economic | ||||||
5 | development project area, or (5) change the description of the
| ||||||
6 | type, class and number of employees to be employed in the | ||||||
7 | operation of the
facilities to be
developed or improved within | ||||||
8 | the economic development project area may be
made without | ||||||
9 | further hearing, provided that
the municipality shall give | ||||||
10 | notice of its changes by mail to the Department
and to each | ||||||
11 | affected taxing district and by publication in a newspaper or
| ||||||
12 | newspapers of general circulation within the affected taxing | ||||||
13 | districts.
Such notice by mail and by publication shall each | ||||||
14 | occur not later than 10
days following the adoption by | ||||||
15 | ordinance of such changes.
| ||||||
16 | (e) At any time within 30 days of the final adjournment of | ||||||
17 | the
public hearing, a municipality may, by ordinance, approve | ||||||
18 | the economic
development plan, establish the economic | ||||||
19 | development project area, and
authorize tax increment
| ||||||
20 | allocation financing for such economic development project | ||||||
21 | area. Any
ordinance adopted which approves an economic | ||||||
22 | development plan shall
contain findings that the economic | ||||||
23 | development project
shall create or retain
not less than 2,000 | ||||||
24 | full-time equivalent jobs, that private investment in an
amount | ||||||
25 | not less than $100,000,000 shall occur in the
economic | ||||||
26 | development project area, that the economic development |
| |||||||
| |||||||
1 | project
will encourage the increase of commerce and industry | ||||||
2 | within the State,
thereby reducing the evils attendant upon | ||||||
3 | unemployment and increasing
opportunities for personal income, | ||||||
4 | and that the economic
development project will increase or | ||||||
5 | maintain the property, sales and
income tax bases of the | ||||||
6 | municipality and of the State. Any ordinance
adopted which | ||||||
7 | establishes an economic development project area shall
contain | ||||||
8 | the boundaries of such area by legal description and, where
| ||||||
9 | possible, by street location. Any ordinance adopted which | ||||||
10 | authorizes tax
increment allocation financing shall provide | ||||||
11 | that the ad valorem taxes, if
any, arising from the levies upon | ||||||
12 | taxable real property in such economic
development project area | ||||||
13 | by taxing districts and tax rates determined in
the manner | ||||||
14 | provided in subsection (b) of Section 6 of this Act each year
| ||||||
15 | after the effective date of the ordinance until economic | ||||||
16 | development
project costs and all municipal obligations | ||||||
17 | financing economic development
project costs incurred under | ||||||
18 | this Act have been paid shall be divided as follows:
| ||||||
19 | (1) That portion of taxes levied upon each taxable lot, | ||||||
20 | block, tract or
parcel of real property which is | ||||||
21 | attributable to the lower of the current
equalized assessed | ||||||
22 | value or the initial equalized assessed value of each
such | ||||||
23 | taxable lot, block, tract or parcel of real property in the | ||||||
24 | economic
development project area shall be allocated to and | ||||||
25 | when collected shall be
paid by the county collector to the | ||||||
26 | respective affected taxing districts in
the manner |
| |||||||
| |||||||
1 | required by law in the absence of the adoption of tax | ||||||
2 | increment
allocation financing.
| ||||||
3 | (2) That portion, if any, of such taxes which is | ||||||
4 | attributable to the
increase in the current equalized | ||||||
5 | assessed valuation of each taxable lot,
block, tract or | ||||||
6 | parcel of real property in the economic development project
| ||||||
7 | area over and above the initial equalized assessed value of | ||||||
8 | each property
in the economic development project area | ||||||
9 | shall be allocated to and when
collected shall be paid to | ||||||
10 | the municipal treasurer who shall deposit such
taxes into a | ||||||
11 | special fund called the special tax allocation fund of the
| ||||||
12 | municipality for the purpose of paying economic | ||||||
13 | development project costs
and obligations incurred in the | ||||||
14 | payment thereof. | ||||||
15 | (3) Notwithstanding any other provision of law, the | ||||||
16 | portion of the taxes extended by a school district located | ||||||
17 | in an economic development project area may not be paid | ||||||
18 | into the special tax allocation fund without the express | ||||||
19 | written permission of the school district. If the school | ||||||
20 | district does not give its express written permission, then | ||||||
21 | the portion of taxes levied upon each taxable lot, block, | ||||||
22 | tract or
parcel of real property which is attributable to | ||||||
23 | the school district shall be allocated to and when | ||||||
24 | collected shall be
paid by the county collector to the | ||||||
25 | respective affected taxing districts in
the manner | ||||||
26 | required by law in the absence of the adoption of tax |
| |||||||
| |||||||
1 | increment
allocation financing.
| ||||||
2 | (f) After a municipality has by ordinance approved an | ||||||
3 | economic
development plan and established an economic | ||||||
4 | development project area,
the plan may be amended and the
| ||||||
5 | boundaries of the area may be altered only as herein provided.
| ||||||
6 | Amendments which (1) alter the exterior boundaries of an | ||||||
7 | economic development
project area, (2) substantially affect | ||||||
8 | the general land uses established pursuant to the
economic | ||||||
9 | development plan, (3) substantially change the
nature of the | ||||||
10 | economic development project, (4) change
the general | ||||||
11 | description
of any proposed developer, user, or tenant of any | ||||||
12 | property to be located or
improved within the economic | ||||||
13 | development project area, or (5) change the description
of the | ||||||
14 | type, class and number of employees to be employed in the | ||||||
15 | operation
of the facilities to be developed or improved within | ||||||
16 | the economic
development project area, shall be made only after
| ||||||
17 | notice and hearing pursuant to the procedures set forth in this | ||||||
18 | Section.
Amendments which do not
(1) alter the boundaries of | ||||||
19 | the economic
development project area,
(2) substantially | ||||||
20 | affect the general land uses established in the economic
| ||||||
21 | development plan, (3) substantially change the nature of the | ||||||
22 | economic development
project, (4) change the general | ||||||
23 | description of any proposed developer, user, or tenant
of any | ||||||
24 | property to be located or improved within the economic | ||||||
25 | development
project area, or (5) change the description of the | ||||||
26 | type, class and number of employees
to be employed in the |
| |||||||
| |||||||
1 | operation of the facilities
to be developed or improved within | ||||||
2 | the economic development project area
may be made without | ||||||
3 | further hearing, provided that
the municipality shall give
| ||||||
4 | notice of any amendment by mail to the Department and to each | ||||||
5 | taxing
district and by publication in a newspaper or newspapers | ||||||
6 | of
general circulation within the affected taxing districts. | ||||||
7 | Such notice by
mail and by publication shall each occur not | ||||||
8 | later than 10 days following
the adoption by ordinance of any | ||||||
9 | amendments.
| ||||||
10 | (Source: P.A. 86-38.) | ||||||
11 | (Text of Section after amendment by P.A. 97-636 ) | ||||||
12 | Sec. 4.
Establishment of economic development project | ||||||
13 | areas;
ordinance; notice; hearing; changes in economic | ||||||
14 | development plan. Economic
development project areas shall be | ||||||
15 | established as follows:
| ||||||
16 | (a) The corporate authorities of a municipality shall by | ||||||
17 | ordinance
propose the establishment of an economic development | ||||||
18 | project area
and fix a
time and place for a public hearing, and | ||||||
19 | shall submit a certified copy of
the ordinance as adopted to | ||||||
20 | the Department.
| ||||||
21 | (b)(1) Notice of the public hearing shall be given by | ||||||
22 | publication and
mailing. Notice by publication shall be given | ||||||
23 | by publication at least
twice, the first publication to be not | ||||||
24 | more than 30 nor less than 10 days
prior to the hearing in a | ||||||
25 | newspaper of general circulation within the taxing
districts |
| |||||||
| |||||||
1 | having property in the proposed economic development project
| ||||||
2 | area. Notice by mailing shall be given by depositing such | ||||||
3 | notice together
with a copy of the
proposed economic | ||||||
4 | development plan in the United States mails by
certified mail | ||||||
5 | addressed to the person or persons in whose name the general
| ||||||
6 | taxes for the last preceding year were paid on each lot, block, | ||||||
7 | tract, or
parcel of land lying within the economic development | ||||||
8 | project area. The
notice shall be mailed not less than 10 days | ||||||
9 | prior to the date set for the
public hearing. In the event | ||||||
10 | taxes for the last preceding year were not
paid, the notice | ||||||
11 | shall also be sent to the persons last listed on the tax
rolls | ||||||
12 | within the preceding 3 years as the owners of such property.
| ||||||
13 | (2) The notices issued pursuant to this Section shall | ||||||
14 | include the following:
| ||||||
15 | (A) The time and place of public hearing;
| ||||||
16 | (B) The boundaries of the proposed economic | ||||||
17 | development project area by
legal description and by street | ||||||
18 | location where possible;
| ||||||
19 | (C) A notification that all interested persons will be | ||||||
20 | given an
opportunity to be heard at the public hearing;
| ||||||
21 | (D) An invitation for any person to submit alternative | ||||||
22 | proposals or bids
for any proposed conveyance, lease, | ||||||
23 | mortgage or other disposition of land
within the proposed | ||||||
24 | economic development project area;
| ||||||
25 | (E) A description of the economic development plan or | ||||||
26 | economic
development project if a
plan or project
is a |
| |||||||
| |||||||
1 | subject matter of the hearing; and
| ||||||
2 | (F) Such other matters as the municipality may deem | ||||||
3 | appropriate.
| ||||||
4 | (3) Not less than 30 days prior to the date set for | ||||||
5 | hearing, the
municipality shall give notice by mail as provided | ||||||
6 | in this subsection (b)
to all taxing districts, of which | ||||||
7 | taxable property is included in the
economic development | ||||||
8 | project area, and to the Department. In addition to
the other | ||||||
9 | requirements under this subsection (b), the notice shall | ||||||
10 | include
an invitation to the Department and each taxing | ||||||
11 | district to submit comments
to the municipality concerning the | ||||||
12 | subject matter of the hearing prior to
the date of hearing. No | ||||||
13 | economic development area may be established or extended | ||||||
14 | without the written approval of the taxing districts comprising | ||||||
15 | a majority of the total amount of taxes extended within the | ||||||
16 | economic development area in the previous taxable year. No | ||||||
17 | direct or indirect rights or privileges conveyed to any | ||||||
18 | corporation under an economic development plan or agreement may | ||||||
19 | be transferred to a developer's successor entity without the | ||||||
20 | express, written approval of each taxing district located | ||||||
21 | within the economic development area.
| ||||||
22 | (c) At the public hearing any interested person, the | ||||||
23 | Department or any
affected taxing district may file written | ||||||
24 | objections with the municipal clerk
and may be heard orally | ||||||
25 | with respect to any issues embodied in
the notice. The | ||||||
26 | municipality shall hear and determine all alternate
proposals |
| |||||||
| |||||||
1 | or bids for any proposed conveyance, lease, mortgage or other
| ||||||
2 | disposition of land and all protests and
objections at the | ||||||
3 | hearing, and the hearing may be adjourned to another date
| ||||||
4 | without further notice other than a motion to be entered upon | ||||||
5 | the minutes
fixing the time and place of the adjourned hearing.
| ||||||
6 | Public hearings with regard to an economic development plan, | ||||||
7 | economic
development project area, or economic development | ||||||
8 | project may be held simultaneously.
| ||||||
9 | (d) At the public hearing or at any time prior to the | ||||||
10 | adoption by the
municipality of an ordinance approving an | ||||||
11 | economic development plan, the
municipality may make changes in | ||||||
12 | the economic development plan.
Changes which (1) alter the
| ||||||
13 | exterior boundaries of the proposed economic development | ||||||
14 | project area,
(2) substantially affect the general land uses | ||||||
15 | established in the proposed
economic development plan, (3) | ||||||
16 | substantially change the nature of the
proposed economic | ||||||
17 | development project, (4) change the general description of
any | ||||||
18 | proposed developer, user or tenant of any property to be | ||||||
19 | located or
improved within the economic development project | ||||||
20 | area, or (5) change the
description of the type, class and | ||||||
21 | number of employees to be employed in
the operation of the | ||||||
22 | facilities to be developed or improved within the
economic | ||||||
23 | development project area shall be made only after notice and
| ||||||
24 | hearing pursuant to the procedures set forth in this Section.
| ||||||
25 | Changes which
do not (1) alter the exterior boundaries of a | ||||||
26 | proposed economic development project area,
(2) substantially |
| |||||||
| |||||||
1 | affect the general land uses established in the proposed
| ||||||
2 | economic development plan, (3) substantially change the nature | ||||||
3 | of the proposed economic
development project, (4) change the | ||||||
4 | general description of any proposed
developer, user or tenant | ||||||
5 | of any property to be located or improved within
the economic | ||||||
6 | development project area, or (5) change the description of the
| ||||||
7 | type, class and number of employees to be employed in the | ||||||
8 | operation of the
facilities to be
developed or improved within | ||||||
9 | the economic development project area may be
made without | ||||||
10 | further hearing, provided that
the municipality shall give | ||||||
11 | notice of its changes by mail to the Department
and to each | ||||||
12 | affected taxing district and by publication in a newspaper or
| ||||||
13 | newspapers of general circulation within the affected taxing | ||||||
14 | districts.
Such notice by mail and by publication shall each | ||||||
15 | occur not later than 10
days following the adoption by | ||||||
16 | ordinance of such changes.
| ||||||
17 | (e) At any time within 30 days of the final adjournment of | ||||||
18 | the
public hearing, a municipality may, by ordinance, approve | ||||||
19 | the economic
development plan, establish the economic | ||||||
20 | development project area, and
authorize tax increment
| ||||||
21 | allocation financing for such economic development project | ||||||
22 | area. Any
ordinance adopted which approves an economic | ||||||
23 | development plan shall
contain findings that the developer or | ||||||
24 | any of its successor entities and its subsidiaries
shall create | ||||||
25 | or retain
not less than 4,250 full-time equivalent jobs, that | ||||||
26 | private investment in an
amount not less than $100,000,000 |
| |||||||
| |||||||
1 | shall occur in the
economic development project area, that the | ||||||
2 | economic development project
will encourage the increase of | ||||||
3 | commerce and industry within the State,
thereby reducing the | ||||||
4 | evils attendant upon unemployment and increasing
opportunities | ||||||
5 | for personal income, and that the economic
development project | ||||||
6 | will increase or maintain the property, sales and
income tax | ||||||
7 | bases of the municipality and of the State. Any ordinance
| ||||||
8 | adopted which establishes an economic development project area | ||||||
9 | shall
contain the boundaries of such area by legal description | ||||||
10 | and, where
possible, by street location. Any ordinance adopted | ||||||
11 | which authorizes tax
increment allocation financing shall | ||||||
12 | provide that the ad valorem taxes, if
any, arising from the | ||||||
13 | levies upon taxable real property in such economic
development | ||||||
14 | project area by taxing districts and tax rates determined in
| ||||||
15 | the manner provided in subsection (b) of Section 6 of this Act | ||||||
16 | each year
after the effective date of the ordinance until | ||||||
17 | economic development
project costs and all municipal | ||||||
18 | obligations financing economic development
project costs | ||||||
19 | incurred under this Act have been paid shall be divided as | ||||||
20 | follows:
| ||||||
21 | (1) That portion of taxes levied upon each taxable lot, | ||||||
22 | block, tract or
parcel of real property which is | ||||||
23 | attributable to the lower of the current
equalized assessed | ||||||
24 | value or the initial equalized assessed value of each
such | ||||||
25 | taxable lot, block, tract or parcel of real property in the | ||||||
26 | economic
development project area shall be allocated to and |
| |||||||
| |||||||
1 | when collected shall be
paid by the county collector to the | ||||||
2 | respective affected taxing districts in
the manner | ||||||
3 | required by law in the absence of the adoption of tax | ||||||
4 | increment
allocation financing.
| ||||||
5 | (2) That portion, if any, of such taxes which is | ||||||
6 | attributable to the
increase in the current equalized | ||||||
7 | assessed valuation of each taxable lot,
block, tract or | ||||||
8 | parcel of real property in the economic development project
| ||||||
9 | area over and above the initial equalized assessed value of | ||||||
10 | each property
in the economic development project area | ||||||
11 | shall be allocated to and when
collected shall be paid to | ||||||
12 | the municipal treasurer who shall deposit such
taxes into a | ||||||
13 | special fund called the special tax allocation fund of the
| ||||||
14 | municipality for the purpose of paying economic | ||||||
15 | development project costs
and obligations incurred in the | ||||||
16 | payment thereof. | ||||||
17 | (3) Notwithstanding any other provision of law, the | ||||||
18 | portion of the taxes extended by a school district located | ||||||
19 | in an economic development project area may not be paid | ||||||
20 | into the special tax allocation fund without the express | ||||||
21 | written permission of the school district. If the school | ||||||
22 | district does not give its express written permission, then | ||||||
23 | the portion of taxes levied upon each taxable lot, block, | ||||||
24 | tract or
parcel of real property which is attributable to | ||||||
25 | the school district shall be allocated to and when | ||||||
26 | collected shall be
paid by the county collector to the |
| |||||||
| |||||||
1 | respective affected taxing districts in
the manner | ||||||
2 | required by law in the absence of the adoption of tax | ||||||
3 | increment
allocation financing.
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4 | (f) After a municipality has by ordinance approved an | ||||||
5 | economic
development plan and established an economic | ||||||
6 | development project area,
the plan may be amended and the
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7 | boundaries of the area may be altered only as herein provided.
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8 | Amendments which (1) alter the exterior boundaries of an | ||||||
9 | economic development
project area, (2) substantially affect | ||||||
10 | the general land uses established pursuant to the
economic | ||||||
11 | development plan, (3) substantially change the
nature of the | ||||||
12 | economic development project, (4) change
the general | ||||||
13 | description
of any proposed developer, user, or tenant of any | ||||||
14 | property to be located or
improved within the economic | ||||||
15 | development project area, or (5) change the description
of the | ||||||
16 | type, class and number of employees to be employed in the | ||||||
17 | operation
of the facilities to be developed or improved within | ||||||
18 | the economic
development project area, shall be made only after
| ||||||
19 | notice and hearing pursuant to the procedures set forth in this | ||||||
20 | Section.
Amendments which do not
(1) alter the boundaries of | ||||||
21 | the economic
development project area,
(2) substantially | ||||||
22 | affect the general land uses established in the economic
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23 | development plan, (3) substantially change the nature of the | ||||||
24 | economic development
project, (4) change the general | ||||||
25 | description of any proposed developer, user, or tenant
of any | ||||||
26 | property to be located or improved within the economic |
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1 | development
project area, or (5) change the description of the | ||||||
2 | type, class and number of employees
to be employed in the | ||||||
3 | operation of the facilities
to be developed or improved within | ||||||
4 | the economic development project area
may be made without | ||||||
5 | further hearing, provided that
the municipality shall give
| ||||||
6 | notice of any amendment by mail to the Department and to each | ||||||
7 | taxing
district and by publication in a newspaper or newspapers | ||||||
8 | of
general circulation within the affected taxing districts. | ||||||
9 | Such notice by
mail and by publication shall each occur not | ||||||
10 | later than 10 days following
the adoption by ordinance of any | ||||||
11 | amendments. | ||||||
12 | (g) Extension of economic development project area; | ||||||
13 | allocations; payment of outstanding claims; changes in | ||||||
14 | equalized assessed valuation.
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15 | (1) Notwithstanding anything to the contrary set forth | ||||||
16 | in this Act, upon the effective date of this amendatory Act | ||||||
17 | of the 97th General Assembly, the duration of any existing | ||||||
18 | economic development plan created pursuant to this Act is | ||||||
19 | extended to the duration permitted under this subsection, | ||||||
20 | up to a maximum duration of 15 years. | ||||||
21 | (2) For the purposes of this Section, real estate taxes | ||||||
22 | paid on property within the economic development project | ||||||
23 | area during calendar year 2013 and remitted to the | ||||||
24 | developer and the taxing districts in 2014 shall be the | ||||||
25 | "base amount". Beginning with real estate taxes remitted in | ||||||
26 | 2014, for any economic development plan extended by |
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1 | operation of item (1) of this subsection (g), until such | ||||||
2 | time as all existing obligations, as that term is defined | ||||||
3 | in item (5) of this subsection (g), have been satisfied, | ||||||
4 | the allocation of the special tax allocation fund shall be | ||||||
5 | as follows: | ||||||
6 | (A) All receipts up to the first $350,000 shall be | ||||||
7 | maintained by the municipality in an escrow account to | ||||||
8 | be used solely for (i) expenses relating to the reports | ||||||
9 | required by Section 4.7 of this Act and (ii) legal | ||||||
10 | expenses incurred in defense of any civil action | ||||||
11 | brought against the municipality relating to the | ||||||
12 | economic development agreement. The escrow account | ||||||
13 | shall be within the scope of the annual audit provided | ||||||
14 | in Section 4.7 of this Act. Each December 31 following | ||||||
15 | a deposit into the escrow account, any unobligated | ||||||
16 | balance in the escrow account shall be distributed to | ||||||
17 | the taxing districts in the same manner and proportion | ||||||
18 | as the most recent distribution by the county collector | ||||||
19 | to the taxing districts in the economic development | ||||||
20 | project area. | ||||||
21 | (B) After the allocation required pursuant to | ||||||
22 | paragraph (A) of this item (2), the next $5,000,000 of | ||||||
23 | the receipts shall be allocated to the municipality. | ||||||
24 | (C) After the allocations required pursuant to | ||||||
25 | paragraphs (A) and (B) of this item (2), 55% of the | ||||||
26 | remaining receipts shall be allocated to the |
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1 | developer. | ||||||
2 | (D) After the allocations required pursuant to | ||||||
3 | parts (A) and (B) of this item (2), 45% of the | ||||||
4 | remaining receipts shall be allocated to the taxing | ||||||
5 | districts located within the economic development | ||||||
6 | project area, excluding the municipality. | ||||||
7 | (3) For real estate taxes paid in 2012 and remitted to | ||||||
8 | the developer and the taxing districts in 2013 and prior | ||||||
9 | years, the allocation formula contained in any economic | ||||||
10 | development plan in effect immediately prior to the | ||||||
11 | effective date of this amendatory Act of the 97th General | ||||||
12 | Assembly shall apply. | ||||||
13 | (4) Beginning with real estate taxes paid in 2014 and | ||||||
14 | remitted to the developer and the taxing districts in 2015 | ||||||
15 | and each year thereafter, if the taxes paid within the | ||||||
16 | economic development project area change from the base | ||||||
17 | amount, the allocation of the special tax allocation fund | ||||||
18 | shall be as follows: | ||||||
19 | (A) If the amount of current year taxes paid is | ||||||
20 | less than the base amount, then the administrative | ||||||
21 | escrow account shall receive the first $350,000 of | ||||||
22 | receipts, the municipality shall receive the next | ||||||
23 | $5,000,000 of receipts, the developer shall receive | ||||||
24 | 55% of receipts over $5,350,000, and the remaining 45% | ||||||
25 | of receipts over $5,350,000 shall be distributed to the | ||||||
26 | taxing districts (excluding the municipality) in the |
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| |||||||
1 | same manner and proportion as the most recent | ||||||
2 | distribution by the county collector to those taxing | ||||||
3 | districts in the economic development project area. | ||||||
4 | (B) If the amount of current year taxes paid is | ||||||
5 | greater than the base amount, then 75% of the increase | ||||||
6 | in real estate tax receipts shall be payable to the | ||||||
7 | developer and the remaining 25% of the increase in real | ||||||
8 | estate tax receipts shall be distributed to the taxing | ||||||
9 | districts (including the municipality) pursuant to the | ||||||
10 | formula in this subsection. | ||||||
11 | (5) After (i) all existing obligations and interest | ||||||
12 | thereon have been satisfied, (ii) any excess moneys have | ||||||
13 | been distributed pursuant to this subsection, and (iii) | ||||||
14 | final closing of the books and records of the economic | ||||||
15 | development project area has occurred, the municipality | ||||||
16 | shall adopt an ordinance dissolving the special tax | ||||||
17 | allocation fund for the economic development project area | ||||||
18 | and terminating the designation of the economic | ||||||
19 | development project area as an economic development | ||||||
20 | project area. All excess moneys in the special tax | ||||||
21 | allocation fund shall be distributed to the taxing | ||||||
22 | districts in the same manner and proportion as the most | ||||||
23 | recent distribution by the county collector to those taxing | ||||||
24 | districts in the economic development project area. For the | ||||||
25 | purpose of this subsection (g), "existing obligations" | ||||||
26 | means (i) the obligations of the developer that existed |
| |||||||
| |||||||
1 | before the base year, as certified by a sworn affidavit of | ||||||
2 | the principal financial officer of the developer attesting | ||||||
3 | that the amounts set forth are true and correct, (ii) | ||||||
4 | obligations of the municipality relating to the payment of | ||||||
5 | the obligations of the developer, and (iii) any amounts | ||||||
6 | payable by taxing districts to the developer for property | ||||||
7 | taxes determined to have been overpaid, to the extent that | ||||||
8 | those amounts payable have been carried forward as an | ||||||
9 | interest bearing note due to the developer. All obligations | ||||||
10 | of the developer due and payable shall be processed and | ||||||
11 | paid in the order received, with the oldest notes to be | ||||||
12 | processed and paid first. Beginning January 1, 2012, all | ||||||
13 | outstanding interest bearing notes shall bear interest at | ||||||
14 | the rate of 4% until paid. | ||||||
15 | (h) Beginning on the effective date of this amendatory Act | ||||||
16 | of the 97th General Assembly, the taxing districts shall meet | ||||||
17 | annually 180 days after the close of the municipal fiscal year, | ||||||
18 | or as soon as the economic development project audit for that | ||||||
19 | fiscal year becomes available, to review the effectiveness and | ||||||
20 | status of the economic development project area up to that | ||||||
21 | date. | ||||||
22 | (Source: P.A. 97-636, eff. 6-1-12.)
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23 | (20 ILCS 620/7.5 new) | ||||||
24 | Sec. 7.5. Assets purchased by Administrator. | ||||||
25 | Notwithstanding any other provision of law, assets purchased by |
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| |||||||
1 | the Administrator to further the development of the economic | ||||||
2 | development area may not be transferred out of the economic | ||||||
3 | development area or otherwise used by the Administrator for | ||||||
4 | development activities or services that are not related to the | ||||||
5 | economic development area. Economic development area funds may | ||||||
6 | be used only for that portion of the asset that is used for the | ||||||
7 | development of the economic development area.
| ||||||
8 | Section 95. No acceleration or delay. Where this Act makes | ||||||
9 | changes in a statute that is represented in this Act by text | ||||||
10 | that is not yet or no longer in effect (for example, a Section | ||||||
11 | represented by multiple versions), the use of that text does | ||||||
12 | not accelerate or delay the taking effect of (i) the changes | ||||||
13 | made by this Act or (ii) provisions derived from any other | ||||||
14 | Public Act.
|