Public Act 096-0324
 
HB4326 Enrolled LRB096 07650 RLJ 17749 b

    AN ACT concerning local government.
 
    Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
 
    Section 5. The Illinois Municipal Code is amended by
changing Section 11-74.4-8b as follows:
 
    (65 ILCS 5/11-74.4-8b)
    Sec. 11-74.4-8b. Cancellation and repayment of tax and
other benefits. Any tax abatement or benefit granted by a
taxing district under an agreement entered into under this Act
to a private individual or entity for the purpose of
originating, locating, maintaining, rehabilitating, or
expanding a business facility shall be cancelled if the
individual or entity relocated its entire facility in violation
of the agreement, and the amount of the abatements or tax
benefits granted before the cancellation shall be repaid to the
taxing district within 30 days, as provided in Section 18-183
of the Property Tax Code.
    In addition, any private individual or entity that receives
other benefits under this Act for the purpose of originating,
locating, maintaining, rehabilitating, or expanding a business
facility and that abandons or relocates its facility in
violation of the agreement shall pay to the municipality an
amount equal to the value of the benefit prorated based on (i)
the time from the date of the agreement to the date of
abandonment or relocation; compared to (ii) the time from the
date of the agreement to the date upon which the redevelopment
plan must be completed, determined at the time of the
agreement.
(Source: P.A. 89-591, eff. 8-1-96.)