Senate Sponsors: WATSON. House Sponsors: STEPHENS Short description: MUNI CD-TIF-BOND RETIREMENT Synopsis of Bill as introduced: Amends the Tax Increment Allocation Redevelopment Act in the Illinois Municipal Code. Provides that the maturity date for tax increment financing obligations may not exceed 35 years if the ordinance approving the redevelopment project was adopted on December 31, 1986 by a certain municipality and for which at least $250,000 of tax increment bonds were authorized. Effective immediately. HOUSE AMENDMENT NO. 1. (House recedes May 27, 1999) Adds reference to: 65 ILCS 110/5 65 ILCS 110/10 Amends the Economic Development Project Area Tax Increment Allocation Act of 1995. Includes within the Act's provisions for closed military installations those installations transferred by the Secretary of the Army under the federal Illinois Land Conservation Act. Provides that an economic development project area includes an improved or vacant area that is partially within or is contiguous to (now partially within and contiguous to) a closed military installation. HOUSE AMENDMENT NO. 2. (House recedes May 27, 1999) Adds reference to: 20 ILCS 655/5.3 from Ch. 67 1/2, par. 608 Amends the Illinois Enterprise Zone Act. Increases the maximum number of years an enterprise zone may be in effect from 20 to 30. CONFERENCE COMMITTEE REPORT NO. 1. Recommends that the House recede from H-ams 1 and 2. Recommends that the bill be amended as follows: Deletes reference to: 20 ILCS 655/5.3 Adds reference to: 65 ILCS 5/11-74.4-4 from Ch. 24, par. 11-74.4-4 Further amends the Tax Increment Allocation Redevelopment Act in the Illinois Municipal Code. Provides that under a conflict of interest provision, a month-to-month leasehold interest in a single parcel of property by a member of the corporate authority shall not be deemed to constitute an interest in property included in any redevelopment area or proposed redevelopment area, but the member must comply with the disclosure provisions. Amends the Economic Development Project Area Tax Increment Allocation Act of 1995 to include an installation described in the Joliet Arsenal Development Authority Act that is being transferred by the Secretary of the Army under the federal Illinois Land Conservation Act. Provides that an economic development project area includes any improved or vacant area within or contiguous to the property described in the Joliet Arsenal Development Authority Act. Last action on Bill: PUBLIC ACT.............................. 91-0642 Last action date: 99-08-20 Location: Senate Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 2 SENATE - 0 END OF INQUIRY Full Text Bill Status