SB1391: TIF/REDEVELOPMENT PROJECT AREA

Legislative Summary

Amends the Tax Increment Allocation Redevelopment Act in the Illinois Municipal Code. Modifies factors used by a municipality to determine if an area is a blighted area or a conservation area to be included in the area of a redevelopment project area when establishing the area. Provides that a new redevelopment project area shall have a completion date no later than December 31st of the 20th year after the ordinance was adopted (rather than the 23rd year), and provides that the redevelopment project area may be extended, with the approval of each member of the joint review board, only 2 additional years (rather than extended to the 35th year and extended again to the 47th year). Provides that a municipality may not approve redevelopment project areas or expansions of redevelopment project areas that overlap with an existing redevelopment project area. Provides that 10% of moneys deposited into the special tax allocation fund shall be transferred to the local chamber of commerce or chambers of commerce representing the redevelopment project area for the chamber or chambers of commerce to use for grants to businesses that employee fewer than 50 full-time employees if the business moves within the redevelopment project area. Provides that moneys transferred to a chamber of commerce not used or pledged within one year of transfer of the moneys shall be returned to the municipality and are designated surplus funds of the redevelopment project area. Adds nonvoting members to joint review boards. Provides that, if a school district or community college district does not approve of the creation of a redevelopment project area, then the portion of the taxes attributable to the increase in the current equalized assessed valuation which would be payable to the nonconsenting district shall be paid to that district. Effective immediately.