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Public Act 096-1262 | ||||
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AN ACT concerning local government.
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Be it enacted by the People of the State of Illinois,
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represented in the General Assembly:
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Section 5. The County Economic Development Project Area | ||||
Property
Tax Allocation Act is amended by changing Sections 3, | ||||
4, and 5 as follows: | ||||
(55 ILCS 85/3) (from Ch. 34, par. 7003) | ||||
Sec. 3. Definitions. In this Act, words or terms shall have | ||||
the
following meanings unless the context usage clearly | ||||
indicates that another
meaning is intended. | ||||
(a) "Department" means the Department of Commerce and | ||||
Economic Opportunity. | ||||
(b) "Economic development plan" means the written plan of a | ||||
county which
sets forth an economic development program for an | ||||
economic development
project area. Each economic development | ||||
plan shall include but not be
limited to (1) estimated economic | ||||
development project costs, (2) the
sources of funds to pay such | ||||
costs, (3) the nature and term of any
obligations to be issued | ||||
by the county to pay such costs, (4) the most
recent equalized | ||||
assessed valuation of the economic development project
area, | ||||
(5) an estimate of the equalized assessed valuation of the | ||||
economic
development project area after completion of the | ||||
economic development plan,
(6) the estimated date of completion |
of any economic development
project proposed to be undertaken, | ||
(7) a general description of any
proposed developer, user, or | ||
tenant of any property to be located or
improved within the | ||
economic development project area, (8) a description of
the | ||
type, structure and general character of the facilities to be | ||
developed
or improved in the economic development project area, | ||
(9) a description of
the general land uses to apply in the | ||
economic development project area,
(10) a description of the | ||
type, class and number of employees to be
employed in the | ||
operation of the facilities to be developed or improved in
the | ||
economic development project area and (11) a commitment by the | ||
county
to fair employment practices and an affirmative action | ||
plan with respect to
any economic development program to be | ||
undertaken by the county. The economic development plan for an | ||
economic development project area authorized by subsection | ||
(a-15) of Section 4 of this Act must additionally include (1) | ||
evidence indicating that the redevelopment project area on the | ||
whole has not been subject to growth and development through | ||
investment by private enterprise and is not reasonably expected | ||
to be subject to such growth and development without the | ||
assistance provided through the implementation of the economic | ||
development plan and (2) evidence that portions of the economic | ||
development project area have incurred Illinois Environmental | ||
Protection Agency or United States Environmental Protection | ||
Agency remediation costs for, or a study conducted by an | ||
independent consultant recognized as having expertise in |
environmental remediation has determined a need for, the | ||
clean-up of hazardous waste, hazardous substances, or | ||
underground storage tanks required by State or federal law, | ||
provided that the remediation costs constitute a material | ||
impediment to the development or redevelopment of the project | ||
area. | ||
(c) "Economic development project" means any development | ||
project in
furtherance of the objectives of this Act. | ||
(d) "Economic development project area" means any improved | ||
or vacant
area which is located within the corporate limits of | ||
a county and which (1)
is within the unincorporated area of | ||
such county, or, with the consent of
any affected municipality, | ||
is located partially within the unincorporated
area of such | ||
county and partially within one or more municipalities, (2) is
| ||
contiguous, (3) is not less in the aggregate than 100 acres | ||
and, for an economic development project area authorized by | ||
subsection (a-15) of Section 4 of this Act, not more than 2,000 | ||
acres , (4) is
suitable for siting by any commercial, | ||
manufacturing, industrial, research
or transportation | ||
enterprise of facilities to include but not be limited to
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commercial businesses, offices, factories, mills, processing | ||
plants,
assembly plants, packing plants, fabricating plants, | ||
industrial or
commercial distribution centers, warehouses, | ||
repair overhaul or service
facilities, freight terminals, | ||
research facilities, test facilities or
transportation | ||
facilities, whether or not such area has been used at any
time |
for such facilities and whether or not the area has been used | ||
or is
suitable for such facilities and whether or not the area | ||
has been used or
is suitable for other uses, including | ||
commercial agricultural purposes, and
(5) which has been | ||
certified by the Department pursuant to this Act. | ||
(e) "Economic development project costs" means and | ||
includes the sum
total of all reasonable or necessary costs | ||
incurred by a county incidental
to an economic development | ||
project, including, without limitation, the
following: | ||
(1) Costs of studies, surveys, development of plans and | ||
specifications,
implementation and administration of an | ||
economic development plan,
personnel and professional | ||
service costs for architectural, engineering,
legal, | ||
marketing, financial, planning, sheriff, fire, public | ||
works or other
services, provided that no charges for | ||
professional services may be based
on a percentage of | ||
incremental tax revenue; | ||
(2) Property assembly costs within an economic | ||
development project area,
including but not limited to | ||
acquisition of land and other real or personal
property or | ||
rights or interests therein, and specifically including | ||
payments
to developers or other non-governmental persons | ||
as reimbursement for property
assembly costs incurred by | ||
such developer or other non-governmental person; | ||
(3) Site preparation costs, including but not limited | ||
to clearance of
any area within an economic development |
project area by demolition or
removal of any existing | ||
buildings, structures, fixtures, utilities and
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improvements and clearing and grading; site improvement | ||
addressing ground level or below ground environmental | ||
contamination; and including installation, repair,
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construction, reconstruction, or relocation of public | ||
streets, public
utilities, and other public site | ||
improvements within or without an economic
development | ||
project area which are essential to the preparation of the
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economic development project area for use in accordance | ||
with an economic
development plan; and specifically | ||
including payments to developers or
other non-governmental | ||
persons as reimbursement for site preparation costs
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incurred by such developer or non-governmental person; | ||
(4) Costs of renovation, rehabilitation, | ||
reconstruction, relocation,
repair or remodeling of any | ||
existing buildings, improvements, and fixtures
within an | ||
economic development project area, and specifically | ||
including
payments to developers or other non-governmental | ||
persons as reimbursement
for such costs incurred by such | ||
developer or non-governmental person; | ||
(5) Costs of construction within an economic | ||
development project area of
public improvements, including | ||
but not limited to, buildings, structures,
works, | ||
improvements, utilities or fixtures; | ||
(6) Financing costs, including but not limited to all |
necessary and
incidental expenses related to the issuance | ||
of obligations, payment of any
interest on any obligations | ||
issued hereunder which accrues during the
estimated period | ||
of construction of any economic development project for
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which such obligations are issued and for not exceeding 36 | ||
months
thereafter, and any reasonable reserves related to | ||
the issuance of such
obligations; | ||
(7) All or a portion of a taxing district's capital | ||
costs resulting from
an economic development project | ||
necessarily incurred or estimated to be
incurred by a | ||
taxing district in the furtherance of the objectives of an
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economic development project, to the extent that the county | ||
by written
agreement accepts, approves and agrees to incur | ||
or to reimburse such costs; | ||
(8) Relocation costs to the extent that a county | ||
determines that
relocation costs shall be paid or is | ||
required to make payment of relocation
costs by federal or | ||
State law; | ||
(9) The estimated tax revenues from real property in an | ||
economic
development project area acquired by a county | ||
which, according to the
economic development plan, is to be | ||
used for a private use and which any
taxing district would | ||
have received had the county not adopted property tax
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allocation financing for an economic development project | ||
area and
which would result from such taxing district's | ||
levies made after the time
of the adoption by the county of |
property tax allocation financing to the
time the current | ||
equalized assessed value of real property in the economic
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development project area exceeds the total initial | ||
equalized value of real
property in that area; | ||
(10) Costs of rebating ad valorem taxes paid by any | ||
developer or other
nongovernmental person in whose name the | ||
general taxes were paid for the
last preceding year on any | ||
lot, block, tract or parcel of land in the
economic | ||
development project area, provided that: | ||
(i) such economic development project area is | ||
located in an enterprise
zone created pursuant to the | ||
Illinois Enterprise Zone Act; | ||
(ii) such ad valorem taxes shall be rebated only in | ||
such amounts and for
such tax year or years as the | ||
county and any one or more affected taxing
districts | ||
shall have agreed by prior written agreement; | ||
(iii) any amount of rebate of taxes shall not | ||
exceed the portion, if
any, of taxes levied by the | ||
county or such taxing district or districts
which is | ||
attributable to the increase in the current equalized | ||
assessed
valuation of each taxable lot, block, tract or | ||
parcel of real property in
the economic development | ||
project area over and above the initial equalized
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assessed value of each property existing at the time | ||
property tax allocation
financing was adopted for said | ||
economic development project area; and |
(iv) costs of rebating ad valorem taxes shall be | ||
paid by a county solely
from the special tax allocation | ||
fund established pursuant to this Act and
shall be paid | ||
from the proceeds of any obligations issued by a | ||
county. | ||
(11) Costs of job training, advanced vocational | ||
education or career
education programs, including but not | ||
limited to courses in occupational,
semi-technical or | ||
technical fields leading directly to employment, incurred
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by one or more taxing districts, provided that such costs | ||
are related to
the establishment and maintenance of | ||
additional job training, advanced
vocational education or | ||
career education programs for persons employed or
to be | ||
employed by employers located in an economic development | ||
project
area, and further provided, that when such costs | ||
are incurred by a taxing
district or taxing districts other | ||
than the county, they shall be set forth
in a written | ||
agreement by or among the county and the taxing district
or | ||
taxing districts, which agreement describes the program to | ||
be
undertaken, including, but not limited to, the number of | ||
employees to be
trained, a description of the training and | ||
services to be provided, the
number and type of positions | ||
available or to be available, itemized costs
of the program | ||
and sources of funds to pay the same, and the term of the
| ||
agreement. Such costs include, specifically, the payment | ||
by community
college districts of costs pursuant to Section |
3-37, 3-38, 3-40 and 3-40.1
of the Public Community College | ||
Act and by school districts of costs
pursuant to Sections | ||
10-22.20 and 10-23.3a of the School Code; | ||
(12) Private financing costs incurred by developers or | ||
other
non-governmental persons in connection with an | ||
economic development
project, and specifically including | ||
payments to developers or other
non-governmental persons | ||
as reimbursement for such costs incurred by such
developer | ||
or other non-governmental persons provided that: | ||
(A) private financing costs shall be paid or | ||
reimbursed by a county only
pursuant to the prior | ||
official action of the county evidencing an intent to
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pay such private financing costs; | ||
(B) except as provided in subparagraph (D) of this | ||
Section, the
aggregate amount of such costs paid or | ||
reimbursed by a county in any one
year shall not exceed | ||
30% of such costs paid or incurred by such developer
or | ||
other non-governmental person in that year; | ||
(C) private financing costs shall be paid or | ||
reimbursed by a county
solely from the special tax | ||
allocation fund established pursuant to this
Act and | ||
shall not be paid or reimbursed from the proceeds of | ||
any
obligations issued by a county; | ||
(D) if there are not sufficient funds available in | ||
the special tax
allocation fund in any year to make | ||
such payment or reimbursement in full,
any amount of |
such private financing costs remaining to be paid or
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reimbursed by a county shall accrue and be payable when | ||
funds are available
in the special tax allocation fund | ||
to make such payment; and | ||
(E) in connection with its approval and | ||
certification of an economic
development project | ||
pursuant to Section 5 of this Act, the Department shall
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review any agreement authorizing the payment or | ||
reimbursement by a county
of private financing costs in | ||
its consideration of the impact on the
revenues of the | ||
county and the affected taxing districts of the use of
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property tax allocation financing. | ||
(f) "Obligations" means any instrument evidencing the | ||
obligation of a
county to pay money, including without | ||
limitation, bonds, notes,
installment or financing contracts, | ||
certificates, tax anticipation warrants
or notes, vouchers, | ||
and any other evidence of indebtedness. | ||
(g) "Taxing districts" means municipalities, townships, | ||
counties, and
school, road, park, sanitary, mosquito | ||
abatement, forest preserve, public
health, fire protection, | ||
river conservancy, tuberculosis sanitarium and any
other | ||
county corporations or districts with the power to levy taxes | ||
on
real property. | ||
(Source: P.A. 94-793, eff. 5-19-06.) | ||
(55 ILCS 85/4) (from Ch. 34, par. 7004) |
Sec. 4. Establishment of economic development project | ||
area;
ordinance; joint review board; notice; hearing; changes | ||
in economic
development plan; annual reporting requirements. | ||
Economic development
project areas shall be established as | ||
follows: | ||
(a)
The corporate authorities of Whiteside County may by | ||
ordinance propose the establishment of an economic
development | ||
project area and fix a time and place for a public hearing, and
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shall submit a certified copy of the ordinance as adopted to | ||
the Department. | ||
(a-5) After the effective date of this amendatory Act of | ||
the 93rd General Assembly, the corporate authorities of | ||
Stephenson County may by ordinance propose the establishment of | ||
an economic development project area and fix a time and place | ||
for a public hearing, and shall submit a certified copy of the | ||
ordinance as adopted to the Department.
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(a-10) The corporate authorities of Grundy County may, by | ||
ordinance, propose the establishment of an economic | ||
development project and fix a time and place for a public | ||
hearing. Upon passage of the ordinance, the corporate | ||
authorities of Grundy County shall submit a certified copy of | ||
the ordinance, as adopted, to the Department.
| ||
(a-15) For a period of 2 years beginning on the effective | ||
date of this amendatory Act of the 96th General Assembly, the | ||
corporate authorities of Grundy County may, by ordinance, | ||
propose the establishment of an economic development project |
and fix a time and place for a public hearing. Upon passage of | ||
the ordinance, the corporate authorities of Grundy County shall | ||
submit a certified copy of the ordinance, as adopted, to the | ||
Department. | ||
(b) Any county which adopts an ordinance which fixes a | ||
date, time and
place for a public hearing shall convene a joint | ||
review board as
hereinafter provided. Not less than 45 days | ||
prior to the date fixed for
the public hearing, the county | ||
shall give notice by mailing to the chief
executive officer of | ||
each affected taxing district having taxable property
included | ||
in the proposed economic development project area and, if the | ||
ordinance is adopted by Stephenson County, the chief executive | ||
officer of any municipality within Stephenson County having a | ||
population of more than 20,000 that such chief
executive | ||
officer or his designee is invited to participate in a joint
| ||
review board. The designee shall serve at the discretion of the | ||
chief
executive officer of the taxing district for a term not | ||
to exceed 2 years.
Such notice shall advise each chief | ||
executive officer of the date, time and
place of the first | ||
meeting of such joint review board, which shall occur
not less | ||
than 30 days prior to the date of the public hearing. Such | ||
notice
by mail shall be given by depositing such notice in the | ||
United States
Postal Service by certified mail. | ||
At or prior to the first meeting of such joint review board | ||
the county
shall furnish to any member of such joint review | ||
board copies of the
proposed economic development plan and any |
related documents which such
member shall reasonably request. A | ||
majority of the members of such joint
review board present at | ||
any meeting shall constitute a quorum. Additional
meetings may | ||
be called by any member of a joint review board upon the
giving | ||
of notice not less than 72 hours prior to the date of any | ||
additional
meeting to all members of the joint review board. | ||
The joint review board
shall review such information and | ||
material as its members reasonably deem
relevant to the | ||
county's proposals to approve economic development plans
and | ||
economic development projects and to designate economic | ||
development
project areas. The county shall provide such | ||
information and material
promptly upon the request of the joint | ||
review board and may also provide
administrative support and | ||
facilities as the joint review board may
reasonably require. | ||
Within 30 days of its first meeting, a joint review board | ||
shall provide
the county with a written report of its review of | ||
any proposal to approve
an economic development plan and | ||
economic development project and to
designate an economic | ||
development project area. Such written report shall
include | ||
such information and advisory, nonbinding recommendations as a
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majority of the members of the joint review board shall deem | ||
relevant.
Written reports of joint review boards may include | ||
information and
advisory, nonbinding recommendations provided | ||
by a minority of the members
thereof. Any joint review board | ||
which does not provide such written report
within such 30-day | ||
period shall be deemed to have recommended that the
county |
proceed with a proposal to approve an economic development plan | ||
and
economic development project and to designate an economic | ||
development
project area. | ||
(c) Notice of the public hearing shall be given by | ||
publication and
mailing. | ||
(1) Notice by publication shall be given by publication | ||
at least
twice, the first publication to be not more than | ||
30 nor less than 10 days
prior to the hearing in a | ||
newspaper of general circulation within the
taxing | ||
districts having property in the proposed economic | ||
development
project area. Notice by mailing shall be given | ||
by depositing such notice
together with a copy of the | ||
proposed economic development plan in the
United States | ||
Postal Service by certified mail addressed to the person or
| ||
persons in whose name the general taxes for the last | ||
preceding year were
paid on each lot, block, tract, or | ||
parcel of land lying within the proposed
economic | ||
development project area. The notice shall be mailed not | ||
less
than 10 days prior to the dates set for the public | ||
hearing. In the event
taxes for the last preceding year | ||
were not paid, the notice shall also be
sent to the persons | ||
last listed on the tax rolls within the preceding 3
years | ||
as the owners of the property. | ||
(2) The notices issued pursuant to this Section shall | ||
include the
following: | ||
(A) The time and place of public hearing; |
(B) The boundaries of the proposed economic | ||
development project area
by legal description and by | ||
street location where possible; | ||
(C) A notification that all interested persons | ||
will be given an
opportunity to be heard at the public | ||
hearing; | ||
(D) An invitation for any person to submit | ||
alternative proposals or bids
for any proposed | ||
conveyance, lease, mortgage or other disposition of | ||
land
within the proposed economic development project | ||
area; | ||
(E) A description of the economic development plan | ||
or economic
development project if a plan or project is | ||
a subject matter of the
hearing; and | ||
(F) Such other matters as the county may deem | ||
appropriate. | ||
(3) Not less than 45 days prior to the date set for | ||
hearing, the county
shall give notice by mail as provided | ||
in this subsection (c) to all taxing
districts of which | ||
taxable property is included in the economic development
| ||
project area, and to the Department. In addition to the | ||
other requirements
under this subsection (c), the notice | ||
shall include an invitation to the
Department and each | ||
taxing district to submit comments to the county
concerning | ||
the subject matter of the hearing prior to the date of the | ||
hearing. |
(d) At the public hearing any interested person, the | ||
Department or any
affected taxing district may file written | ||
objections with the county clerk
and may be heard orally with | ||
respect to any issues embodied in the notice.
The county shall | ||
hear and determine all alternate proposals or bids for any
| ||
proposed conveyance, lease, mortgage or other disposition of | ||
land and all
protests and objections at the hearing, and the | ||
hearing may be adjourned to
another date without further notice | ||
other than a motion to be entered upon
the minutes fixing the | ||
time and place of the adjourned hearing. Public
hearings with | ||
regard to an economic development plan, economic development
| ||
project area, or economic development project may be held | ||
simultaneously. | ||
(e) At the public hearing, or at any time prior to the | ||
adoption by the
county of an ordinance approving an economic | ||
development plan, the county
may make changes in the economic | ||
development plan. Changes which (1) alter
the exterior | ||
boundaries of the proposed economic development project area,
| ||
(2) substantially affect the general land uses established in | ||
the proposed
economic development plan, (3) substantially | ||
change the nature of the
proposed economic development plan, | ||
(4) change the general description
of any proposed developer, | ||
user or tenant of any property to be located or
improved within | ||
the economic development project area, or (5) change the
| ||
description of the type, class and number of employees to be | ||
employed in
the operation of the facilities to be developed or |
improved within the
economic development project area shall be | ||
made only after review by joint
review board, notice and | ||
hearing pursuant to the procedures set forth in
this Section. | ||
Changes which do not (1) alter the exterior boundaries of a
| ||
proposed economic development project area, (2) substantially | ||
affect the
general land uses established in the proposed plan, | ||
(3) substantially
change the nature of the proposed economic | ||
development plan, (4) change the
general description of any | ||
proposed developer, user or tenant of any
property to be | ||
located or improved within the economic development project
| ||
area, or (5) change the description of the type, class and | ||
number of
employees to be employed in the operation of the | ||
facilities to be developed
or improved within the economic | ||
development project area may be made
without further notice or | ||
hearing, provided that the county shall give
notice of its | ||
changes by mail to the Department and to each affected taxing
| ||
district and by publication in a newspaper or newspapers of | ||
general
circulation with the affected taxing districts. Such | ||
notice by mail and by
publication shall each occur not later | ||
than 10 days following the adoption
by ordinance of such | ||
changes. | ||
(f) At any time within 90 days of the final adjournment
of | ||
the public hearing, a county may, by ordinance, approve the | ||
economic
development plan, establish the economic development | ||
project area, and
authorize property tax allocation financing | ||
for such economic development
project area. |
Any ordinance adopted by Whiteside County which approves | ||
the economic
development plan shall contain findings that the | ||
economic development
project is reasonably expected to create | ||
or retain not less than 500
full-time equivalent jobs, that | ||
private investment in an amount not less
than $25,000,000 is | ||
reasonably expected to occur in the
economic
development | ||
project area, that the economic development project will
| ||
encourage the increase of commerce and industry within the | ||
State, thereby
reducing the evils attendant upon unemployment | ||
and increasing opportunities
for personal income, and that the | ||
economic development project will
increase or maintain the | ||
property, sales and income tax bases of the county
and of the | ||
State.
| ||
Any ordinance adopted by Grundy County that approves an the | ||
economic
development plan shall contain findings that the | ||
economic development
project is reasonably expected to create | ||
or retain not less than 250
full-time equivalent jobs, that | ||
private investment in an amount not less
than $50,000,000 is | ||
reasonably expected to occur in the
economic
development | ||
project area, that the economic development project will
| ||
encourage the increase of commerce and industry within the | ||
State, thereby
reducing the evils attendant upon unemployment | ||
and increasing opportunities
for personal income, and that the | ||
economic development project will
increase or maintain the | ||
property, sales, and income tax bases of the county
and of the | ||
State.
|
Any ordinance adopted by Stephenson County that approves an | ||
economic development plan shall contain findings that (i) the | ||
economic development project is reasonably expected to create | ||
or retain not less than 500 full-time equivalent jobs; (ii) | ||
private investment in an amount not less than $10,000,000 is | ||
reasonably expected to occur in the economic development area; | ||
(iii) the economic development project will encourage the | ||
increase of commerce and industry within the State, thereby | ||
reducing the evils attendant upon unemployment and increasing | ||
opportunities for personal income; and (iv) the economic | ||
development project will increase or maintain the property, | ||
sales, and income tax bases of the county and of the State. | ||
Before the economic development project area is established by | ||
Stephenson County, the following additional conditions must be | ||
included in an intergovernmental agreement approved by both the | ||
Stephenson County Board and the corporate authorities of the | ||
City of Freeport: (i) the corporate authorities of the City of | ||
Freeport must concur by resolution with the findings of | ||
Stephenson County; (ii) both the corporate authorities of the | ||
City of Freeport and the Stephenson County Board shall approve | ||
any and all economic or redevelopment agreements and incentives | ||
for any economic development project within the economic | ||
development area; (iii) any economic development project that | ||
receives funds under this Act, except for any economic | ||
development project specifically excluded from annexation in | ||
the provisions of the intergovernmental agreement, shall agree |
to and must enter into an annexation agreement with the City of | ||
Freeport to annex property included in the economic development | ||
project area to the City of Freeport at the first point in time | ||
that the property becomes contiguous to the City of Freeport; | ||
(iv) the local share of all State occupation and use taxes | ||
allocable to the City of Freeport and Stephenson County and | ||
derived from commercial projects within the economic | ||
development project area shall be equally shared by and between | ||
the City of Freeport and Stephenson County for the duration of | ||
the economic development project; and (v) any development in | ||
the economic development project area shall be built in | ||
accordance with the building and related codes of both the City | ||
of Freeport and Stephenson County and the City of Freeport | ||
shall approve all provisions for water and sewer service.
| ||
The ordinance shall also state that the economic | ||
development project area
shall not include parcels to be used | ||
for purposes of residential
development.
Any ordinance adopted | ||
which establishes an economic
development project area shall | ||
contain the boundaries of such area by legal
description and, | ||
where possible, by street location. Any ordinance adopted
which | ||
authorizes property tax allocation financing shall provide | ||
that the
ad valorem taxes, if any, arising from the levies upon | ||
taxable real
property in such economic development project area | ||
by taxing districts and
tax rates determined in the manner | ||
provided in subsection (b) of Section 6
of this Act each year | ||
after the effective date of the ordinance until
economic |
development project costs and all county obligations financing
| ||
economic development project costs incurred under this Act have | ||
been paid
shall be divided as follows: | ||
(1) That portion of taxes levied upon each taxable lot, | ||
block, tract or
parcel of real property which is | ||
attributable to the lower of the current
equalized assessed | ||
value or the initial equalized assessed value of each
such | ||
taxable lot, block, tract or parcel of real property in the | ||
economic
development project area shall be allocated to, | ||
and when collected, shall
be paid by the county collector | ||
to the respective affected taxing districts
in the manner | ||
required by law in the absence of the adoption of property | ||
tax
allocation financing. | ||
(2) That portion, if any, of such taxes which is | ||
attributable to the
increase in the current equalized | ||
assessed valuation of each taxable lot,
block, tract or | ||
parcel of real property in the economic development project
| ||
area over and above the initial equalized assessed value of | ||
each property
in the economic development project area | ||
shall be allocated to and when
collected shall be paid to | ||
the county treasurer who shall deposit those
taxes into a | ||
special fund called the special tax allocation fund of the
| ||
county for the purpose of paying economic development | ||
project costs and
obligations incurred in the payment | ||
thereof. | ||
(g) After a county has by ordinance approved an economic |
development plan
and established an economic development | ||
project area, the plan may be
amended and the boundaries of the | ||
area may be altered only as herein
provided. Amendments which | ||
(1) alter the exterior boundaries of an
economic development | ||
project area, (2) substantially affect the general
land uses | ||
established pursuant to the economic development plan, (3)
| ||
substantially change the nature of the economic development | ||
plan, (4)
change the general description of any proposed | ||
developer, user, or tenant
of any property to be located or | ||
improved within the economic development
project area, or (5) | ||
change the description of the type, class and number
of | ||
employees to be employed in the operation of the facilities to | ||
be
developed or improved shall be made only after review by a | ||
joint review
board, notice and hearing pursuant to the | ||
procedures set forth in this
Section. Amendments which do not | ||
(1) alter the exterior boundaries of an
economic development | ||
project area, (2) substantially affect the general
land uses | ||
established in the economic development plan, (3) | ||
substantially
change the nature of the economic development | ||
plan, (4) change the
description of any proposed developer, | ||
user, or tenant of any property to
be located or improved | ||
within the economic development project area, or (5)
change the | ||
description of the type, class and number of employees to be
| ||
employed in the operation of the facilities to be developed or | ||
improved
within the economic development project area may be | ||
made without further
hearing or notice, provided that the |
county shall give notice of any
amendment by mail to the | ||
Department and to each taxing district and by
publication in a | ||
newspaper or newspapers of general circulation within the
| ||
affected taxing districts. Such notices by mail and by | ||
publication shall
each occur not later than 10 days following | ||
the adoption by ordinance of
such amendments. | ||
(h) After the adoption of an ordinance adopting property | ||
tax allocation
financing for an economic development project | ||
area, the county
shall annually report to each taxing district | ||
having taxable property
within such economic development | ||
project area (i) any increase or decrease
in the equalized | ||
assessed value of the real property located within such
| ||
economic development project area above or below the initial | ||
equalized
assessed value of such real property, (ii) that | ||
portion, if any, of the ad
valorem taxes arising from the | ||
levies upon taxable real property in such
economic development | ||
project area by the taxing districts which is
attributable to | ||
the increase in the current equalized assessed valuation of
| ||
each lot, block, tract or parcel of real property in the | ||
economic
development project area over and above the initial | ||
equalized value of each
property and which has been allocated | ||
to the county in the current year,
and (iii) such other | ||
information as the county may deem relevant. | ||
(i) The county shall give notice by mail as provided in | ||
this Section and
shall reconvene the joint review board not | ||
less than annually for each of
the 2 years following its |
adoption of an ordinance adopting property tax
allocation | ||
financing for an economic development project area and not less
| ||
than once in each 3-year period thereafter. The county shall | ||
provide such
information, and may provide administrative | ||
support and facilities as the
joint review board may reasonably | ||
require for each of such meetings. | ||
(Source: P.A. 93-959, eff. 8-20-04; 94-259, eff. 1-1-06.) | ||
(55 ILCS 85/5) (from Ch. 34, par. 7005) | ||
Sec. 5. Submission to Department; certification by | ||
Department. | ||
(a) The county shall submit certified copies of any | ||
ordinances adopted
approving a proposed economic development | ||
plan, establishing an economic
development project area, and | ||
authorizing tax increment allocation
financing to the | ||
Department, together with (1) a map of the economic
development | ||
project area, (2) a copy of the economic development plan as
| ||
approved, (3) an analysis, and any supporting documents and | ||
statistics,
demonstrating (i) that the economic development | ||
project is reasonably expected
to create or retain not less | ||
than 500 full-time equivalent jobs
and (ii) that
private | ||
investment in the amount of not less than $25,000,000 for all | ||
ordinances adopted by Whiteside County and in the amount of not | ||
less than $10,000,000 for any ordinance adopted by Stephenson | ||
County is reasonably
expected to occur in the economic | ||
development project area, (4) an estimate
of the economic |
impact of the economic development plan and the use of
property | ||
tax allocation financing upon the revenues of the county and | ||
the
affected taxing districts, (5) a record of all public | ||
hearings held in
connection with the establishment of the | ||
economic development project area,
and (6) such other | ||
information as the Department by regulation may require. | ||
(b) Upon receipt of an application from a county the | ||
Department shall
review the application to determine whether | ||
the economic development
project area qualifies as an economic | ||
development project area under this
Act. At its discretion, the | ||
Department may accept or reject the application
or may request | ||
such additional information as it deems necessary or
advisable | ||
to aid its review. If any such area is found to be qualified to
| ||
be an economic development project area, the Department shall | ||
approve and
certify such economic development project area and | ||
shall provide written
notice of its approval and certification | ||
to the county and to the county
clerk. In determining whether | ||
an economic development project area shall be
approved and | ||
certified, the Department shall consider (1) whether, without
| ||
public intervention, the State would suffer substantial | ||
economic
dislocation, such as relocation of a commercial | ||
business or industrial or
manufacturing facility to another | ||
state, territory or country, or would not
otherwise benefit | ||
from private investment offering substantial employment
| ||
opportunities and economic growth, and (2) the impact on the | ||
revenues of
the county and the affected taxing districts of the |
use of tax increment
allocation financing in connection with | ||
the economic development project. | ||
(c) On or before July 1, 2007, and again on or before July | ||
1, 2012, the Department shall submit to
the
General Assembly a | ||
report detailing the number of economic development
project | ||
areas it has approved and certified, the number and type of | ||
jobs
created or retained therein, the aggregate amount of | ||
private investment
therein, the impact in the revenues of | ||
counties and affected taxing
districts of the use of property | ||
tax allocation financing therein, and such
additional | ||
information as the Department may determine to be relevant. On
| ||
July 1, 2008 the authority granted hereunder to counties to
| ||
establish
economic development project areas under subsections | ||
(a), (a-5), and (a-10) of Section 4 of this Act and to adopt | ||
property tax allocation
financing in connection therewith and | ||
to the Department to approve and
certify economic development | ||
project areas shall expire unless the General
Assembly shall | ||
have authorized counties and the Department to continue to
| ||
exercise the powers granted to them under this Act. Two years | ||
after the effective date of this amendatory Act of the 96th | ||
General Assembly, the authority granted to Grundy County to | ||
establish an economic development project under subsection | ||
(a-15) of Section 4 of this Act and to adopt property tax | ||
allocation financing in connection therewith shall expire. | ||
(Source: P.A. 92-791, eff. 8-6-02; 93-959, eff. 8-20-04.)
| ||
Section 99. Effective date. This Act takes effect upon |
becoming law.
|