92nd General Assembly
Summary of SB1117
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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 



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