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Illinois Compiled Statutes - Full Text
Illinois Compiled Statutes (ILCS)
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(50 ILCS 475/5-15)
Sec. 5-15. Limitations on STAR bond districts and STAR bond projects. The Office of the Governor, in consultation with the Department, the Department of Revenue, and the Governor's Office of Management and Budget, shall have final approval of all STAR bond districts and STAR bond projects established under this Act, which may be established throughout the 10 Economic Development Regions in the State as established by the Department. Regardless of the number of STAR bond districts established within any Economic Development Region: (i) only one STAR bond project may be approved for each Economic Development Region having a population of less than 600,000; (ii) up to 3 STAR bond projects may be approved for each Economic Development Region having a population of between 600,000 and 999,999; and (iii) up to 4 STAR bond projects may be approved for each Economic Development Region having a population of 1,000,000 or more, excluding projects located in STAR bond districts established under the Innovation Development and Economy Act. A STAR bond district under this Act may not be located either entirely or partially inside of a municipality with a population in excess of 2,000,000. A STAR bond project that is not located in a NOVA district may not receive reimbursement from the proceeds of bonds secured by State sales tax increment that exceeds the lesser of (1) 50% of the total development costs or (2) an aggregate amount of $75,000,000. A STAR bond project that is located in a NOVA district may not receive reimbursement from the proceeds of bonds secured by State sales tax increment that exceeds the lesser of (1) 50% of the total development costs or (2) an aggregate amount of $800,000,000.
(Source: P.A. 104-453, eff. 12-12-25.) |