Full Text of SB2924 093rd General Assembly
SB2924eng 93RD GENERAL ASSEMBLY
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| AN ACT concerning municipalities.
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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 | 5 |
| changing Section 11-74.3-3 and by adding Sections 11-74.3-5 and | 6 |
| 11-74.3-6 as follows:
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| (65 ILCS 5/11-74.3-3) (from Ch. 24, par. 11-74.3-3)
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| Sec. 11-74.3-3. In carrying out a business district | 9 |
| development or redevelopment plan,
the corporate authorities | 10 |
| of each municipality shall have the following
powers:
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| (1) To approve all development and redevelopment | 12 |
| proposals for a
business district.
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| (2) To exercise the use of eminent domain for the | 14 |
| acquisition of real
and personal property for the purpose | 15 |
| of a development or redevelopment
project.
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| (3) To acquire, manage, convey or otherwise dispose of | 17 |
| real and personal
property
according to the provisions of a | 18 |
| development or
redevelopment plan.
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| (4) To apply for and accept capital grants and loans | 20 |
| from the United
States and the State of Illinois, or any | 21 |
| instrumentality of the United
States or the State, for | 22 |
| business district development and redevelopment.
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| (5) To borrow funds as it may be deemed necessary for | 24 |
| the purpose of
business district development and | 25 |
| redevelopment, and in this connection
issue such | 26 |
| obligation or revenue bonds as it shall be deemed | 27 |
| necessary,
subject to applicable statutory limitations.
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| (6) To enter into contracts with any public or private | 29 |
| agency or person.
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| (7) To sell, lease, trade or improve real property in | 31 |
| connection with business district development and | 32 |
| redevelopment
plans.
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| (8) To employ all such persons as may be necessary for | 2 |
| the planning,
administration and implementation of | 3 |
| business district plans.
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| (9) To expend such public funds as may be necessary for | 5 |
| the planning,
execution and implementation of the business | 6 |
| district plans.
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| (10) To establish by ordinance or resolution | 8 |
| procedures for the
planning, execution and implementation | 9 |
| of business district plans.
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| (11) To create a Business District Development and | 11 |
| Redevelopment
Commission to act as agent for the | 12 |
| municipality for the purposes of
business district | 13 |
| development and redevelopment.
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| (12) To impose a tax on the retail sale of tangible | 15 |
| personal property and the sale or charge for a sleeping | 16 |
| room paid by a transient guest of a hotel or motel, based | 17 |
| on the selling price or charge, not to exceed 1% of the | 18 |
| selling price of the tangible personal property or the | 19 |
| charge for the sleeping room and to be imposed only in | 20 |
| 0.25% increments, within a business district, for the | 21 |
| planning, execution, and implementation of business | 22 |
| district plans and to pay for business district project | 23 |
| costs as set forth in the business district plan approved | 24 |
| by the municipality. | 25 |
| (13) To issue obligations in one or more series bearing | 26 |
| interest at rates determined by the corporate authorities | 27 |
| of the municipality by ordinance and secured by the | 28 |
| business district tax allocation fund set forth in Section | 29 |
| 11-74.3-6 for the business district to provide for the | 30 |
| payment of business district project costs.
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| This amendatory Act of the 91st General Assembly is | 32 |
| declarative of existing
law and is not a new enactment.
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| (Source: P.A. 91-418, eff. 1-1-00.)
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| (65 ILCS 5/11-74.3-5 new) | 35 |
| Sec. 11-74.3-5. Business district; additional procedures |
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| for designation of district and approval of development or | 2 |
| redevelopment plan. If the corporate authorities of a | 3 |
| municipality desire to impose a tax by ordinance pursuant to | 4 |
| subsection (12) of Section 11-74.3-3, the following additional | 5 |
| procedures shall apply to the designation of the business | 6 |
| district and the approval of the business district development | 7 |
| or redevelopment plan: | 8 |
| (1) The corporate authorities of the municipality | 9 |
| shall hold public hearings at least one week prior to | 10 |
| designation of the business district and approval of the | 11 |
| business district development or redevelopment plan. | 12 |
| (2) The area proposed to be designated as tourist | 13 |
| district must be contiguous and must include only parcels | 14 |
| of real property directly and substantially benefited by | 15 |
| the proposed business district development or | 16 |
| redevelopment plan. | 17 |
| (3) The proposed business district development or | 18 |
| redevelopment plan shall set forth in writing: (i) a | 19 |
| specific description of the proposed boundaries of the | 20 |
| district, including a map illustrating the boundaries; | 21 |
| (ii) a general description of each project proposed to be | 22 |
| undertaken within the business district, including a | 23 |
| description of the approximate location of each project; | 24 |
| (iii) the name of the proposed business district; (iv) the | 25 |
| estimated business district project costs; (v) the | 26 |
| anticipated source of funds to pay business district | 27 |
| project costs; (vi) the anticipated type and terms of any | 28 |
| obligations to be issued; and (vii) the rate of any tax to | 29 |
| be imposed pursuant to subsection (12) of Section 11-74.3-3 | 30 |
| and the period of time for which the tax shall be imposed. | 31 |
| (65 ILCS 5/11-74.3-6 new) | 32 |
| Sec. 11-74.3-6. Business district revenue and obligations. | 33 |
| (a) If the corporate authorities of a municipality have | 34 |
| approved a business district development or redevelopment plan | 35 |
| and have elected to impose a tax by ordinance pursuant to |
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| subsection (12) of Section 11-74.3-3, each year after the date | 2 |
| of the approval of the ordinance and until all business | 3 |
| district project costs and all municipal obligations financing | 4 |
| the business district project costs, if any, have been paid in | 5 |
| accordance with the business district development or | 6 |
| redevelopment plan, but in no event longer than 23 years after | 7 |
| the date of adoption of the ordinance approving the business | 8 |
| district development or redevelopment plan, all amounts | 9 |
| generated by the tax shall be collected and the tax shall be | 10 |
| enforced by the Department of Revenue in the same manner as all | 11 |
| retailers' occupation taxes imposed upon persons engaged in the | 12 |
| business of selling tangible personal property at retail in the | 13 |
| municipality imposing the tax. The corporate authorities of the | 14 |
| municipality shall deposit the proceeds of the tax into a | 15 |
| special fund called the Business District Tax Allocation Fund | 16 |
| for the purpose of paying business district project costs and | 17 |
| obligations incurred in the payment of those costs and | 18 |
| obligations. | 19 |
| (b) Obligations issued pursuant to subsection (13) of | 20 |
| Section 11-74.3-3 shall be retired in the manner provided in | 21 |
| the ordinance authorizing the issuance of those obligations by | 22 |
| the receipts of taxes levied as specified in subsection (12) of | 23 |
| Section 11-74.3-3 against the retail sale of tangible personal | 24 |
| property in the business district. The ordinance shall pledge | 25 |
| all of the amounts in and to be deposited in the Business | 26 |
| District Tax Allocation Fund to the payment of business | 27 |
| district project costs and obligations. Obligations issued | 28 |
| pursuant to subsection (13) of Section 11-74.3-3 may be sold at | 29 |
| public or private sale at a price determined by the corporate | 30 |
| authorities of the municipality and no referendum approval of | 31 |
| the electors shall be required as a condition to the issuance | 32 |
| of those obligations. The ordinance authorizing the | 33 |
| obligations may require that the obligations contain a recital | 34 |
| that they are issued pursuant to subsection (13) of Section | 35 |
| 11-74.3-3 and this recital shall be conclusive evidence of | 36 |
| their validity and of the regularity of their issuance. The |
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| corporate authorities of the municipality may also issue its | 2 |
| obligations to refund, in whole or in part, obligations | 3 |
| previously issued by the municipality under the authority of | 4 |
| this Code, whether at or prior to maturity. All obligations | 5 |
| issued pursuant to subsection (13) of Section 11-74.3-3 shall | 6 |
| not be regarded as indebtedness of the municipality issuing the | 7 |
| obligations for the purpose of any limitation imposed by law. | 8 |
| (c) When business district costs, including, without | 9 |
| limitation, all municipal obligations financing business | 10 |
| district project costs incurred under Section 11-74.3-3 have | 11 |
| been paid, any surplus funds then remaining in the Business | 12 |
| District Tax Allocation Fund shall be distributed to the | 13 |
| municipal treasurer for deposit into the municipal general | 14 |
| corporate fund. Upon payment of all business district project | 15 |
| costs and retirement of obligations, but in no event more than | 16 |
| 23 years after the date of adoption of the ordinance approving | 17 |
| the business district development or redevelopment plan, the | 18 |
| municipality shall adopt an ordinance immediately rescinding | 19 |
| the tax imposed pursuant to subsection (12) of Section | 20 |
| 11-74.3-3.
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| Section 99. Effective date. This Act takes effect upon | 22 |
| becoming law.
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