Senate Sponsors: CLAYBORNE. House Sponsors: HOLBROOK-YOUNGE Short description: MUNICIPAL CODE-TIF HEARINGS Synopsis of Bill as introduced: Amends the Illinois Municipal Code. Provides that the maturity date for tax increment financing obligations may not exceed 35 years if the municipality is subject to the Financially Distressed City Law. Authorizes, without further hearing or notice and without complying with the procedures provided in the Act pertaining to the amendment to or the initial approval of a redevelopment plan and project, the amendment of certain existing redevelopment plans to conform to the changes made by this amendatory Act of the 92nd General Assembly. Provides that if the redevelopment plan will not result in displace- ment of 10 or more (now, no lower limit) residents from inhabited units, a housing impact study need not be performed. SENATE AMENDMENT NO. 1. Further amends the Tax Increment Allocation Redevelopment Act in the Illinois Municipal Code. Removes language providing that if the redevelopment plan will not result in displacement of 10 or more (now, no lower limit) residents from inhabited units, a housing impact study need not be performed. SENATE AMENDMENT NO. 2. Further 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 January 23, 1991 by the City of East St. Louis. HOUSE AMENDMENT NO. 1. Removes a provision that authorizes, without further hearing or notice and without complying with the procedures provided in the Act pertaining to the amendment to or the initial approval of a redevelopment plan and project, the amendment of certain existing redevelopment plans to conform to the requirements that the plans establish an estimated date of completion of the project and retirement of obligations issued to finance project costs, which shall not be longer than 23 years (35 years in some instances) after the year in which the ordinance approving the project area is adopted. Last action on Bill: PUBLIC ACT.............................. 92-0406 Last action date: AUG-16-2001 Location: Senate Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 1 SENATE - 2 END OF INQUIRY Full Text Bill Status