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91_HB0306
LRB9100182PTbd
1 AN ACT to amend the Illinois Municipal Code by changing
2 Section 11-74.6-50.
3 Be it enacted by the People of the State of Illinois,
4 represented in the General Assembly:
5 Section 5. The Illinois Municipal Code is amended by
6 changing Section 11-74.6-50 as follows:
7 (65 ILCS 5/11-74.6-50)
8 Sec. 11-74.6-50. Report. On or before the date which is
9 60 months following the date on which this amendatory Act of
10 1994 becomes law, the Department shall submit to the General
11 Assembly a report detailing the number of redevelopment
12 project areas that have been established, the number and type
13 of jobs created or retained therein, the aggregate amount of
14 tax increment incentives provided, the aggregate amount of
15 private investment produced therein, the amount of tax
16 increment revenue produced and available for expenditure
17 within the tax increment financing districts and such
18 additional information as the Department may determine to be
19 relevant. On or after the date which is 72 months following
20 the date on which this amendatory Act of 1994 becomes law the
21 authority granted hereunder to municipalities to establish
22 redevelopment project areas and to adopt tax increment
23 allocation financing in connection therewith shall expire
24 unless the General Assembly shall have authorized
25 municipalities to continue to exercise said powers.
26 (Source: P.A. 88-537.)
27 Section 99. Effective date. This Act takes effect upon
28 becoming law.