(55 ILCS 85/5) (from Ch. 34, par. 7005) Sec. 5. Submission to Department; certification by Department. (a) The county shall submit certified copies of any ordinances adopted
approving a proposed economic development plan, establishing an economic
development project area, and authorizing tax increment allocation
financing 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 (i) that the economic development project is reasonably expected
to create or retain not less than 500 full-time equivalent jobs
and (ii) that
private investment in the amount of not less than $25,000,000 for all ordinances adopted by Whiteside County and in the amount of not less than $10,000,000 for any ordinance adopted by Stephenson County is reasonably
expected to occur in the economic development project area, (4) an estimate
of the economic impact of the economic development plan and the use of
property tax allocation financing upon the revenues of the county and the
affected taxing districts, (5) a record of all public hearings held 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 county 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 county 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 county and the affected taxing districts of the use of tax increment
allocation financing in connection with the economic development project. (c) On or before July 1, 2007, and again on or before July 1, 2012, 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 in the revenues of counties and affected taxing
districts of the use of property tax allocation financing therein, and such
additional information as the Department may determine to be relevant. On
July 1, 2008 the authority granted hereunder to counties to
establish
economic development project areas under subsections (a), (a-5), and (a-10) of Section 4 of this Act and to adopt property tax 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 counties and the Department to continue to
exercise the powers granted to them under this Act. Two years after the effective date of this amendatory Act of the 96th General Assembly, the authority granted to Grundy County to establish an economic development project under subsection (a-15) of Section 4 of this Act and to adopt property tax allocation financing in connection therewith shall expire. (Source: P.A. 96-1262, eff. 7-26-10.) |