(20 ILCS 620/5) (from Ch. 67 1/2, par. 1005)
Sec. 5. Submission to Department; certification by Department;
limitation on number of permissible economic development project areas.
(a) The municipality shall submit certified copies of any ordinances
adopted approving an economic development plan, establishing an
economic development project area, and authorizing tax increment allocation
financing for such economic development project area to the Department,
together with (1) a map of the economic
development project area, (2) a copy of the economic development plan as
approved, (3) an analysis, and any supporting documents and statistics,
demonstrating that the developer or any of its successor entities and its subsidiaries shall
create or retain
not less than 4,250 full-time equivalent jobs and that private investment
in the amount of not less than $100,000,000 shall occur
in the economic development project area, (4) an estimate of the economic
impact of the economic development project and the use of tax increment
allocation financing upon the revenues of the municipality and the affected
taxing districts, (5) a record of all public hearings had in connection
with the establishment of the economic development project area, and (6)
such other information as the Department by regulation may require.
(b) Upon receipt of an application from a municipality the Department
shall review the application to determine whether the economic development
project area qualifies as an economic development project area under this
Act. At its discretion, the Department may accept or reject the
application or may request such additional information as it deems
necessary or advisable to aid its review. If any such area is found to be
qualified to be an economic development project area, the Department shall
approve and certify such economic development project area and shall
provide written notice of its approval and certification to the municipality and
to the county clerk. In determining whether an economic development
project area shall be approved and certified, the Department shall consider
(1) whether, without public intervention, the State would suffer
substantial economic dislocation, such as relocation of a commercial
business or industrial or manufacturing facility to another state,
territory or country, or would not otherwise benefit from private
investment offering substantial employment opportunities and economic
growth, and (2) the impact on the revenues of the municipality and the
affected taxing districts of the use of tax increment allocation financing
in connection with the economic development project.
(c) On or before the date which is 18 months following the date on which
this Act becomes law, the Department shall submit to the General Assembly a
report detailing the number of economic development project areas it has
approved and certified, the number and type of jobs created or retained
therein, the aggregate amount of private investment therein, the impact on
the revenues of municipalities and affected taxing districts of the use of
tax increment allocation financing therein, and such additional information
as the Department may determine to be relevant. On or after the date which
is 20 months following the date on which this Act becomes law the authority
granted hereunder to municipalities to establish economic development
project areas and to adopt tax increment allocation financing in connection
therewith and to the Department to approve and certify economic development
project areas shall expire unless the General Assembly shall have
authorized municipalities and the Department to continue to exercise the
powers granted to them hereunder.
(Source: P.A. 97-636, eff. 6-1-12.)
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