COUNTY ECON DEVELOPMENT
Synopsis of Bill as introduced:
Amends the County Economic Development Project Area Property Tax
Allocation Act. Makes a technical change in the short title Section.
SENATE AMENDMENT NO. 1.
Deletes reference to:
55 ILCS 85/1
Adds reference to:
55 ILCS 85/4 from Ch. 34, par. 7004
55 ILCS 85/5 from Ch. 34, par. 7005
Deletes everything after the enacting clause. Amends the County
Economic Development Project Area Property Tax Allocation Act.
Provides that an economic development area may be established by the
corporate authorities of Whiteside County (now, a county with more
than 200,000 and less than 300,000 inhabitants and which is adjacent
to the Mississippi River). Provides that any ordinance adopted that
approves an economic development plan must contain findings that the
economic development project is reasonably expected to create or
retain not less than 500 (now, 1,000) full-time equivalent jobs and
that private investment in an amount not less than $25,000,000 (now,
$50,000,000) is reasonably expected to occur in the project area.
Provides that the copy of the ordinance approving the economic
development plan that is submitted to the Department of Commerce and
Community Affairs must be accompanied by an analysis demonstrating
these findings concerning job creation and investment in the project
area. Requires the Department of Commerce and Community Affairs to
submit a report to the General Assembly concerning the economic
development projects on or before July 1, 2006 (now, 1994). Provides
that the authority granted under the Act shall expire on July 1, 2008
(now, 1998). Effective immediately.
SENATE AMENDMENT NO. 2.
Provides that any ordinance adopted by the county approving an
economic development plan shall also state that the economic
development project area shall not include parcels to be used for
purposes of residential development.
Last action on Bill: PUBLIC ACT.............................. 92-0791
Last action date: AUG-06-2002
Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 0 SENATE - 2
END OF INQUIRY
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