(55 ILCS 90/5) (from Ch. 34, par. 8005)
Sec. 5.
Legislative declaration of public purpose.
(a) The General Assembly finds, determines, and declares the following:
(1) The loss of job opportunities for the residents |
| of the State is a serious menace to the health, safety, morals and general welfare of the people of the entire State.
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(2) A vigorous growing economy is the basic source of
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(3) Protection against the economic burdens
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| associated with the loss of job opportunities, the consequent spread of economic stagnation, and the resulting harm to the tax base of the State can best be provided by promoting, attracting, stimulating, retaining, and revitalizing industry, manufacturing, and commerce within the State.
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(4) The continual encouragement, development, growth,
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| and expansion of commercial businesses and industrial and manufacturing facilities within the State requires a cooperative and continuous partnership between government and the private sector.
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(5) The State has a responsibility to help create a
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| favorable climate for new and improved job opportunities for its citizens and to increase the tax base of the State and its political subdivisions by encouraging the development by the private sector of new commercial businesses and industrial and manufacturing facilities and the retention of existing commercial businesses and industrial and manufacturing facilities within the State.
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(6) Loss of job opportunities within the State has
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| persisted, despite efforts of State and local authorities and private organizations to attract new commercial businesses and industrial and manufacturing facilities to the State and to retain existing commercial businesses and industrial and manufacturing facilities within the State, and there continue to be counties within the State experiencing high rates of unemployment and a consequent labor surplus.
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(7) Persistent loss of job opportunities and the
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| existence of counties with significant unemployment within the State may continue and worsen if the State and its political subdivisions are not able to provide additional incentives to commercial businesses and industrial and manufacturing facilities to locate or to remain in the State.
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(8) The provision of additional incentives by the
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| State and its political subdivisions is intended to relieve conditions of unemployment, maintain existing levels of employment, create new job opportunities, retain jobs within the State, increase industry and commerce within the State, thereby creating job opportunities for the residents of the State and reducing the evils attendant upon unemployment, and increase the tax base of the State and its political subdivisions.
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(b) It is hereby declared to be the policy of the State, in the interest
of promoting the health, safety, morals, and general welfare of all the
people of the State, to provide incentives that will create new job
opportunities and retain existing commercial businesses and industrial and
manufacturing facilities within the State, and it is further determined and
declared that the relief of conditions of unemployment, the maintenance of
existing levels of employment, the creation of new job opportunities, the
retention of existing commercial businesses and industrial and
manufacturing facilities within the State, the increase of industry and
commerce within the State, the reduction of the evils attendant upon
unemployment, and the increase of the tax base of the State and its
political subdivisions are public purposes and for the public safety,
benefit, and welfare of the residents of this State.
(Source: P.A. 87-1.)
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(55 ILCS 90/10) (from Ch. 34, par. 8010)
Sec. 10.
Definitions.
In this Act, words or terms have the
following meanings:
(a) "Economic development plan" means the written plan of
a county that sets forth an economic development program for an economic
development project area. Each economic development plan shall include but
not be limited to (i) estimated economic development project costs, (ii)
the sources of funds to pay those costs, (iii) the nature and term of any
obligations to be issued by the county to pay those costs,
(iv) the most recent equalized assessed valuation of the economic
development project area, (v) an estimate of the equalized assessed
valuation of the economic development project area after completion of an
economic development project, (vi) the estimated date of completion of any
economic development project proposed to be undertaken, (vii) a general
description of any proposed developer, user, or tenant of any property to
be located or improved within the economic development project area, (viii)
a description of the type, structure, and general character of the
facilities to be developed or improved, (ix) a report, which may be in
preliminary form, of an independent engineer, architect, or other
professional indicating that any proposed manufacturing, industrial,
research, or similar facility included in a proposed economic development
project for a proposed economic development project area uses proven
technology or uses innovative technology for which there is reasonable
evidence of technological feasibility, (x) a description of the general land
uses to apply in the economic development project area, (xi) a description
of the type, class, and number of employees to be employed in the operation
of the facilities to be developed or improved, and (xii) a commitment by the
county to fair employment practices and an affirmative
action plan with respect to any economic development program to be
undertaken by the county.
(b) "Economic development project" means any development project in
furtherance of the objectives of this Act.
(c) "Economic development project area" means any improved or vacant
area that (i) is located in a county of significant unemployment as defined
in subsection (e) of this Section, (ii) is contiguous, (iii) is not less in
the aggregate than 5000 acres, (iv) is suitable for siting by a commercial,
manufacturing, industrial, research, or transportation enterprise or
facilities to include but not be limited to commercial businesses, offices,
factories, mills, processing plants, industrial or commercial distribution
centers, warehouses, repair overhaul or service facilities, freight
terminals, research facilities, test facilities, or transportation
facilities, regardless of whether the area has been used at any time for
those facilities and regardless of whether the area has been used or is
suitable for other uses, including commercial agricultural purposes, and
(v) has been approved and certified by the corporate authorities of the
county pursuant to this Act.
(d) "Economic development project costs" means and includes the total
of all reasonable or necessary costs incurred or to be incurred by a
county or by a nongovernmental person pursuant to an
economic development project, including, without limitation, the following:
(1) Costs of studies, surveys, development of plans |
| and specifications, and implementation and administration of an economic development plan and personnel and professional service costs for architectural, engineering, legal, marketing, financial, planning, police, fire, public works, or other services. No charges for professional services, however, may be based on a percentage of incremental tax revenues.
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(2) Property assembly costs within an economic
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| development project area, including but not limited to acquisition of land and other real or personal property or rights or interests in property.
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(3) Site preparation costs, including but not limited
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| to clearance of any area within an economic development project area by demolition or removal of any existing buildings, structures, fixtures, utilities, and improvements and clearing and grading; and including installation, repair, construction, reconstruction, or relocation of public streets, public utilities, and other public site improvements located outside the boundaries of an economic development project area that are essential to the preparation of the economic development project area for use in accordance with an economic development plan.
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(4) Costs of renovation, rehabilitation,
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| reconstruction, relocation, repair, or remodeling of any existing buildings, improvements, and fixtures within an economic development project area.
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(5) Costs of installation or construction within an
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| economic development project area of any buildings, structures, works, streets, improvements, utilities, or fixtures, whether publicly or privately owned or operated.
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(6) Financing costs, including but not limited to all
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| necessary and incidental expenses related to the issuance of obligations, payment of any interest on any obligations issued under this Act that accrues during the estimated period of construction of any economic development project for which the obligations are issued and for not more than 36 months after that period, and any reasonable reserves related to the issuance of the obligations.
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(7) All or a portion of a taxing district's capital
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| costs resulting from an economic development project necessarily incurred or estimated to be incurred by a taxing district in the furtherance of the objectives of an economic development project, to the extent that the county by written agreement accepts and approves those costs.
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(8) Relocation costs to the extent that a county
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| determines that relocation costs shall be paid or is required to pay relocation costs by federal or State law.
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(9) The estimated tax revenues from real property in
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| an economic development project area acquired by a county that, according to the economic development plan, is to be used for a private use (i) that any taxing district would have received had the county not adopted tax increment allocation financing for an economic development project area and (ii) that would result from the taxing district's levies made after the time of the adoption by the county of tax increment allocation financing to the time the current equalized assessed value of real property in the economic development project area exceeds the total initial equalized value of real property.
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(10) Costs of rebating ad valorem taxes paid by any
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| developer or other nongovernmental person in whose name the general taxes were paid for the last preceding year on any lot, block, tract, or parcel of land in the economic development project area, provided that:
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(A) the economic development project area is
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| located in an enterprise zone created under the Illinois Enterprise Zone Act;
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(B) the ad valorem taxes shall be rebated only in
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| amounts and for a tax year or years as the county and any one or more affected taxing districts have agreed by prior written agreement;
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(C) any amount of rebate of taxes shall not
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| exceed the portion, if any, of taxes levied by the county or taxing district or districts that is attributable to the increase in the current equalized assessed valuation of each taxable lot, block, tract, or parcel of real property in the economic development project area over and above the initial equalized assessed value of each property existing at the time property tax allocation financing was adopted for the economic development project area; and
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(D) costs of rebating ad valorem taxes shall be
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| paid by a county solely from the special tax allocation fund established under this Act and shall not be paid from the proceeds of any obligations issued by a county.
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(11) Costs of job training or advanced vocational or
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| career education, including but not limited to courses in occupational, semi-technical, or technical fields leading directly to employment, incurred by one or more taxing districts, but only if the costs are related to the establishment and maintenance of additional job training, advanced vocational education, or career education programs for persons employed or to be employed by employers located in the economic development project area and only if, when the costs are incurred by a taxing district or taxing districts other than the county, they shall be set forth in a written agreement by or among the county and the taxing district or taxing districts that describes the program to be undertaken, including without limitation the number of employees to be trained, a description of the training and services to be provided, the number and type of positions available or to be available, itemized costs of the program and sources of funds to pay the costs, and the term of the agreement. These costs include, specifically, the payment by community college districts of costs pursuant to Sections 3-37, 3-38, 3-40 and 3-40.1 of the Public Community College Act and by school districts of costs pursuant to Sections 10-22.20 and 10-23.3a of the School Code.
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(12) Private financing costs incurred by a developer
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| or other nongovernmental person in connection with an economic development project, provided that:
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(A) private financing costs shall be paid or
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| reimbursed by a county only pursuant to the prior official action of the county evidencing an intent to pay or reimburse such private financing costs;
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(B) except as provided in subparagraph (D), the
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| aggregate amount of the costs paid or reimbursed by a county in any one year shall not exceed 30% of the costs paid or incurred by the developer or other nongovernmental person in that year;
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(C) private financing costs shall be paid or
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| reimbursed by a county solely from the special tax allocation fund established under this Act and shall not be paid from the proceeds of any obligations issued by a county; and
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(D) if there are not sufficient funds available
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| in the special tax allocation fund in any year to make the payment or reimbursement in full, any amount of the interest costs remaining to be paid or reimbursed by a county shall accrue and be payable when funds are available in the special tax allocation fund to make the payment.
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(e) "A county with significant unemployment" means a county
in which the average annual unemployment rate for the previous calendar
year equaled or exceeded 12%. For purposes of this subsection, the
unemployment rate of a county shall be the rate as certified by the
Illinois Department of Employment Security.
(f) "Obligations" means any instrument evidencing the obligation of a
county to pay money, including without limitation bonds, notes, installment
or financing contracts, certificates, tax anticipation warrants or notes,
vouchers, and any other evidence of indebtedness.
(g) "Taxing districts" means counties, townships, and school, road,
park, sanitary, mosquito abatement, forest preserve, public health, fire
protection, river conservancy, tuberculosis sanitarium, and any other
districts or other municipal corporations with the power to levy taxes.
(Source: P.A. 87-1.)
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(55 ILCS 90/15) (from Ch. 34, par. 8015)
Sec. 15.
Establishment of economic development project areas; Notice.
(a) The corporate authorities of a county shall by
ordinance propose the establishment of an economic development project
area and fix a time and place for a public hearing.
(b) Notice of the public hearing shall be given by publication and mailing.
Notice by publication shall be given by publication at least twice, the
first publication to be not more than 30 nor less than 10 days before the
hearing in a newspaper of general circulation within the taxing districts
having property in the proposed economic development project area. Notice
by mailing shall be given by depositing the notice together with a copy of
the proposed economic development plan in the United States mails by
certified mail addressed to the person or persons in whose name the general
taxes for the last preceding year were paid on each lot, block, tract, or
parcel of land lying within the economic development project area. The
notice shall be mailed not less than 10 days before the date set for the
public hearing. If taxes for the last preceding year were not
paid, the notice shall also be sent to the persons last listed on the tax
rolls within the preceding 3 years as the owners of the property.
(c) The notices issued under this Section shall include the following:
(1) The time and place of the public hearing.
(2) The boundaries of the proposed economic |
| development project area by legal description and by street location where possible.
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(3) A notification that all interested persons will
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| be given an opportunity to be heard at the public hearing.
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(4) An invitation for any person to submit
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| alternative proposals or bids for any proposed conveyance, lease, mortgage, or other disposition of land within the proposed economic development project area.
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(5) A description of the economic development plan or
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| economic development project for the proposed economic development project area if a plan or project is the subject matter of the hearing.
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(6) Other matters the county deems appropriate.
(d) Not less than 30 days before the date set for the hearing, the
county shall give notice by mail as provided in this
Section to all taxing districts that have taxable property included in
the economic development project area. In addition to the other
requirements of this Section, the notice shall include the following:
(1) An invitation, to a representative designated by
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| the taxing district, to serve as a member of a joint review board and to attend a meeting of the joint review board to be held not less than 15 days before the public hearing for the purpose of reviewing the proposed economic development plan.
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(2) Information as to the time, date, and place of
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| the meeting of the joint review board.
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(3) A statement that the joint review board is
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| invited to submit any oral or written comments on the proposed economic development project at or before the public hearing and the name, address, and telephone number of the person designated by the county to receive comments before the public hearing.
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(4) A copy of the proposed economic development plan
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| if the economic development plan is the subject of the public hearing.
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(Source: P.A. 87-1.)
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(55 ILCS 90/30) (from Ch. 34, par. 8030)
Sec. 30.
Ordinance adopted after public hearing.
(a) At any time within 30 days of the final adjournment of the public
hearing, a county may, by ordinance, approve the economic development plan,
establish the economic development project area, and authorize tax
increment allocation financing for the economic development project area.
Any ordinance adopted that approves the economic development plan shall
contain findings (i) that the economic development project is reasonably
expected to create or retain not fewer than 1,000 full-time equivalent jobs
within a stated period after the completion of the proposed economic
development project (the period being reasonable in light of the nature,
type, and size of the proposed project), (ii) that private investment in an
amount not less than $100,000,000 is reasonably expected to occur in the
economic development project area, (iii) that the economic development
project will encourage the increase of commerce and industry within the
State, thereby reducing the evils attendant upon unemployment and
increasing opportunities for personal income, and (iv) that the economic
development project will increase or maintain the property, sales, and
income tax bases of the county and of the State. Any ordinance adopted
that establishes an economic development project area shall contain the
boundaries of the area by legal description and, where possible, by street
location. Any ordinance adopted that authorizes tax increment allocation
financing shall provide that the ad valorem taxes, if any, arising from the
levies upon taxable real property in the economic development project area
by taxing districts and tax rates determined in the manner provided in
subsection (b) of Section 45 each year after the effective date of the
ordinance until economic development project costs and all county
obligations financing economic development project costs incurred under
this Act have been paid shall be divided as follows:
(1) That portion of taxes levied upon each taxable |
| lot, block, tract, or parcel of real property that is attributable to the lower of the current equalized assessed value or the initial equalized assessed value of each taxable lot, block, tract, or parcel of real property in the economic development project area shall be allocated to (and when collected shall be paid by the county collector to) the respective affected taxing districts in the manner required by law in the absence of the adoption of tax increment allocation financing.
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(2) That portion, if any, of the taxes that is
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| attributable to the increase in the current equalized assessed valuation of each taxable lot, block, tract, or parcel of real property in the economic development project area over and above the initial equalized assessed value of each property in the economic development project area shall be allocated to (and when collected shall be paid to) the county treasurer, who shall deposit the taxes into a special fund called the special tax allocation fund of the county for the purpose of paying economic development project costs and obligations incurred in the payment of those costs.
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(b) In adopting an ordinance or ordinances under this Section, the
county shall consider (i) whether, without public intervention, the
economic development project area would not otherwise benefit from private
investment offering substantial employment opportunities and economic
growth and (ii) the impact on the revenues of the affected taxing districts
of the use of tax increment allocation financing for the proposed economic
development project.
(Source: P.A. 87-1.)
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(55 ILCS 90/55) (from Ch. 34, par. 8055)
Sec. 55.
Issuance of obligations for economic development project costs.
(a) Obligations secured by the special tax allocation fund provided for
in Section 50 for the economic development project area may be issued to
provide for the payment of economic development project costs. The
obligations, when issued, shall be retired in the manner provided in the
ordinance authorizing the issuance of the obligations by the receipts of
taxes levied as specified in Section 45 against the taxable property
included in the economic development project area and by other revenue
designated or pledged by the county. A county may in the ordinance pledge
all or any part of the monies in and to be deposited into the special tax
allocation fund created under Section 50 to the payment of the economic
development project costs and obligations. Whenever a county pledges all of
the monies to the credit of a special tax allocation fund to secure
obligations issued or to be issued to pay economic development project
costs, the county may specifically provide that monies remaining to the
credit of the special tax allocation fund after the payment of the
obligations shall be accounted for annually and shall be deemed to be
"surplus" monies, and those "surplus" monies shall be distributed as
provided in this Section. Whenever a county pledges less than all of the
monies to the credit of the special tax allocation fund to secure
obligations issued or to be issued to pay economic development project
costs, the county shall provide that monies to the credit of the special
tax allocation fund and not subject to the pledge or otherwise encumbered
or required for payment of contractual obligations for specific economic
development project costs shall be calculated annually and shall be deemed
to be "surplus" monies, and those "surplus" monies shall be distributed as
provided in this Section. All monies to the credit of the special tax
allocation fund that are deemed to be "surplus" monies shall be distributed
annually within 180 days after the close of the county's fiscal year by
being paid by the county treasurer to the county collector. The county
collector shall thereafter make distribution to the respective taxing
districts in the same manner and proportion as the most recent distribution
by the county collector to those taxing districts of real property taxes
from real property in the economic development project area.
(b) Without limiting the provisions of subsection (a),
the county may, in addition to obligations secured by the special tax
allocation fund, pledge (for a period not greater than the term of the
obligations) towards payment of those obligations any part or any
combination of the following: (i) net revenues of all or part of the
economic development project; (ii) taxes levied and collected on any or all
property in the county including, specifically, taxes levied or imposed by
the county in a special service area under the Special Service Area Tax
Act; (iii) the full faith and credit of the county; (iv) a mortgage on part
or all of the economic development project; or (v) any other taxes or
anticipated receipts that the county may lawfully pledge.
(c) The obligations may be issued in one or more series bearing interest
at a rate or rates the county determines by ordinance. The rate or rates
may be variable or fixed, without regard to any limitations contained in
any law now in effect or hereafter adopted. The obligations shall bear a
date or dates, mature at a time or times not exceeding 20 years from their
respective dates (but in no event exceeding 23 years from the date of
establishment of the economic development project area), be in a
denomination, be in a form (whether coupon, registered, or book-entry),
carry registration, conversion, and exchange privileges, be executed in a
manner, be payable in a medium of payment at a place or places within or
without the State of Illinois, contain covenants, terms, and conditions, be
subject to redemption with or without premium, be subject to defeasance
upon terms, and have rank or priority as the ordinance provides.
Obligations issued under this Act may be sold at public or private sale at
a price determined by the corporate authorities of the county. The
obligations may, but need not, be issued utilizing the provisions of any
one or more of the Omnibus Bond Acts specified in Section 1.33 of the
Statute on Statutes. No referendum approval of the electors shall be
required as a condition to the issuance of obligations under this Act
except as provided in this Section.
(d) If the county authorizes the issuance of obligations under this Act
secured by the full faith and credit of the county or pledges ad valorem
taxes under clause (ii) of subsection (b) of this Section (and the
obligations are other than obligations that may be issued under home rule
powers provided by Article VII, Section 6 of the Illinois Constitution, or
the ad valorem taxes are other than ad valorem taxes that may be pledged
under home rule powers provided by Article VII, Section 6 of the Illinois
Constitution or that are levied in a special service area under the Special
Service Area Tax Act), the ordinance authorizing the issuance of the
obligations or pledging those taxes shall be published within 10 days after
the ordinance has been passed in one or more newspapers having a general
circulation within the county. The publication of the ordinance shall be
accompanied by a notice of (i) the specific number of voters required to
sign a petition requesting the question of the issuance of the obligations
or pledging ad valorem taxes to be submitted to the electors; (ii) the time
in which the petition must be filed; and (iii) the date of the prospective
referendum. The county clerk shall provide a petition form to any
individual requesting one.
(e) If no petition is filed with the clerk of the county
that adopted the ordinance within 21 days after the publication of the
ordinance, the ordinance shall be in effect. If, however, within that
21-day period a petition is filed with the county clerk, signed by electors
numbering not less than 5% of the registered voters in the county, asking
that the question of issuing obligations using the full faith and credit of
the county as security for the cost of paying for economic development
project costs or of pledging ad valorem taxes for the payment of those
obligations, or both, be submitted to the electors of the county, the
county shall not be authorized to issue obligations of the county using the
full faith and credit of the county as security or pledging ad valorem
taxes for the payment of the obligations, or both, until the proposition
has been submitted to and approved by a majority of the voters voting on
the proposition at a regularly scheduled election. The county shall certify
the proposition to the proper election authorities for submission in
accordance with the general election law.
(f) The ordinance authorizing the obligations may provide that the
obligations shall contain a recital that they are issued under this
Act, and that recital shall be conclusive evidence of their validity and of
the regularity of their issuance.
(g) If the county authorizes the issuance of obligations under this Act
secured by the full faith and credit of the county, the ordinance
authorizing the obligations may provide for the levy and collection of a
direct annual tax upon all taxable property within the county sufficient to
pay the principal of and interest on the obligations as it matures. The
levy may be in addition to and exclusive of the maximum of all other taxes
authorized to be levied by the county, but shall be abated to the extent
that monies from other sources are available for payment of the obligations
and the county certifies the amount of those monies available to the county clerk.
(h) A county shall file a certified copy of an ordinance authorizing the
issuance of obligations under this Act with the county clerk. The filing
shall constitute the authority for the extension and collection of the
taxes to be deposited in the special tax allocation fund.
(i) A county may also issue its obligations to refund, in
whole or in part, obligations previously issued by the county under this
Act, whether at or prior to maturity. The last maturity of the refunding
obligations, however, shall not be expressed to mature later than 23 years
from the date of the ordinance approving the economic development project area.
(j) If a county issues obligations under home rule powers or other
legislative authority, the proceeds of which are pledged to pay for
economic development project costs, the county may, if it has followed the
procedures set forth in this Act, retire those obligations from monies in
the special tax allocation fund in amounts and a manner as if those
obligations had been issued under this Act.
(k) No obligations issued under this Act shall be regarded as
an indebtedness of the county issuing the obligations or any other taxing
district for the purpose of any limitation imposed by law.
(l) Obligations issued under this Act shall not be subject to the
Bond Authorization Act.
(Source: P.A. 87-1.)
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(55 ILCS 90/60) (from Ch. 34, par. 8060)
Sec. 60.
Powers of counties; economic development project area
commissions. In addition to powers that it may now have, a
county has the following powers under this Act:
(1) To make and enter into all contracts necessary or |
| incidental to the implementation and furtherance of an economic development plan.
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(2) Within an economic development project area, to
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| acquire by purchase, donation, lease, or eminent domain and to own, convey, lease, mortgage, or dispose of land and other real or personal property or rights or interests in property and to grant or acquire licenses, easements, and options with respect to property, all in the manner and at a price the county determines is reasonably necessary to achieve the objectives of the economic development project. No conveyance, lease, mortgage, disposition of land, or agreement relating to the development of property shall be made or executed except pursuant to prior official action of the county. No conveyance, lease, mortgage, or other disposition of land, and no agreement relating to the development of property, shall be made without making public disclosure of the terms and disposition of all bids and proposals submitted to the county in connection with that action.
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(3) To clear any area within an economic development
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| project area by demolition or removal of any existing buildings, structures, fixtures, utilities, or improvements and to clear and grade land.
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(4) To install, repair, construct, reconstruct, or
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| relocate public streets, public utilities, and other public site improvements located outside the boundaries of an economic development project area that are essential to the preparation of an economic development project area for use in accordance with an economic development plan.
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(5) To renovate, rehabilitate, reconstruct, relocate,
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| repair, or remodel any existing buildings, improvements, and fixtures within an economic development project area.
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(6) To install or construct any buildings,
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| structures, works, streets, improvements, utilities, or fixtures within an economic development project area.
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(7) To issue obligations as provided in this Act.
(8) To fix, charge, and collect fees, rents, and
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| charges for the use of any building, facility, or property or any portion of a building, facility, or property owned or leased by the county within an economic development project area.
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(9) To accept grants, guarantees, donations of
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| property or labor, or any other thing of value for use in connection with an economic development project.
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(10) To pay or cause to be paid economic development
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| project costs, including, specifically, to reimburse any nongovernmental person for economic development project costs incurred by that person. Any payments to be made by a county to developers or other nongovernmental persons for economic development project costs incurred by the developer or other nongovernmental person shall be made only pursuant to the prior official action of the county evidencing an intent to pay or cause to be paid those economic development costs. A county is not required to obtain any right, title, or interest in any real or personal property in order to pay economic development project costs associated with the property. The county shall adopt accounting procedures necessary to determine that the economic development project costs are properly paid.
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(11) To exercise any and all other powers necessary
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| to effectuate the purposes of this Act.
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(12) To create a commission of not less than 5 or
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| more than 15 persons to be appointed by the corporate authorities of the county. Members of a commission shall be appointed for initial terms of 1, 2, 3, 4, and 5 years, respectively, in numbers to provide that the terms of not more than one-third of all the members shall expire in any one year. Their successors shall be appointed for a term of 5 years. The commission, subject to approval of the corporate authorities, may exercise the powers enumerated in this Section. The commission also may hold the public hearings required by this Act and make recommendations to the corporate authorities concerning the approval of economic development plans, the establishment of economic development project areas, and the adoption of tax increment allocation financing for economic development project areas.
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(Source: P.A. 87-1.)
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