Bill Text: IL SB1553 | 2009-2010 | 96th General Assembly | Engrossed

NOTE: There are more recent revisions of this legislation. Read Latest Draft
Bill Title: Amends the Tax Increment Allocation Redevelopment Act in the Illinois Municipal Code. Provides that the redevelopment project in the TIF district created by an ordinance that was adopted on September 9, 1999 by the Village of Downs must be completed by December 31 of the 35th year (now, the 23rd year) after the year in which the ordinance was adopted. Makes revisory changes. Contains a non-acceleration clause. Effective immediately.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Passed) 2009-08-25 - Public Act . . . . . . . . . 96-0722 [SB1553 Detail]

Download: Illinois-2009-SB1553-Engrossed.html







 









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1
 AN ACT concerning local government.


2
 Be it enacted by the People of the State of Illinois,

3
represented in the General Assembly:



4
 Section 5. The Illinois Municipal Code is amended by 
5
changing Section 11-74.4-3.5 as follows:

6
 (65 ILCS 5/11-74.4-3.5)
7
 (Text of Section before amendment by P.A. 95-1028)
8
 Sec. 11-74.4-3.5. Completion dates for redevelopment 
9
projects.
10
 (a) Unless otherwise stated in this Section, the estimated 
11
dates of completion
of the redevelopment project and retirement 
12
of obligations issued to finance
redevelopment project costs 
13
(including refunding bonds under Section 11-74.4-7) may not be

14
later than December 31 of the year in which the payment to the 
15
municipal
treasurer, as provided in subsection (b) of Section 
16
11-74.4-8 of this Act, is to
be made with respect to ad valorem 
17
taxes levied in the 23rd
calendar year after the year in which 
18
the ordinance approving the
redevelopment project area was 
19
adopted if the ordinance was adopted on or after
January 15, 
20
1981.
21
 (b) The estimated dates of completion
of the redevelopment 
22
project and retirement of obligations issued to finance

23
redevelopment project costs (including refunding bonds under 
 


 






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1
Section 11-74.4-7) may not be later than December 31 of the 
2
year in which the payment to the municipal
treasurer as 
3
provided in subsection (b) of Section 11-74.4-8 of this Act is 
4
to
be made with respect to ad valorem taxes levied in the 33rd 
5
calendar
year after the year in which the ordinance approving 
6
the
redevelopment project area was adopted, if the ordinance 
7
was adopted on May 20, 1985 by the Village of Wheeling.
8
 (c) The estimated dates of completion
of the redevelopment 
9
project and retirement of obligations issued to finance

10
redevelopment project costs (including refunding bonds under 
11
Section 11-74.4-7) may not be later than December 31 of the 
12
year in which the payment to the municipal
treasurer as 
13
provided in subsection (b) of Section 11-74.4-8 of this Act is 
14
to
be made with respect to ad valorem taxes levied in the 35th 
15
calendar
year after the year in which the ordinance approving 
16
the
redevelopment project area was adopted:
17
  (1) if the ordinance was adopted before January 15, 
18
 1981;
19
  (2) if the ordinance was adopted in December 1983, 
20
 April 1984, July 1985,
or December 1989;
21
  (3) if the ordinance was adopted in December 1987 and 
22
 the redevelopment
project is located within one mile of 
23
 Midway Airport;
24
  (4) if the ordinance was adopted before January 1, 1987 
25
 by a municipality in
Mason County;
26
  (5) if the municipality is subject to the Local 
 


 






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1
 Government Financial Planning
and Supervision Act or the 
2
 Financially Distressed City Law;
3
  (6) if the ordinance was adopted in December 1984 by 
4
 the Village of Rosemont;
5
  (7) if the ordinance was adopted on December 31, 1986 
6
 by a municipality
located in Clinton County for which at 
7
 least $250,000 of tax increment
bonds were authorized on 
8
 June 17, 1997, or if the ordinance was adopted on
December 
9
 31, 1986 by a municipality with a population in 1990 of 
10
 less than
3,600 that is located in a county with a 
11
 population in 1990 of less than
34,000 and for which at 
12
 least $250,000 of tax increment bonds were authorized
on 
13
 June 17, 1997;
14
  (8) if the ordinance was adopted on October 5, 1982 by 
15
 the City of Kankakee, or if the ordinance was adopted on 
16
 December 29, 1986 by East St. Louis;
17
  (9) if
the ordinance was adopted on November 12, 1991 
18
 by the Village of Sauget;
19
  (10) if the ordinance was
adopted on February 11, 1985 
20
 by the City of Rock Island;
21
  (11) if the ordinance was adopted before December 18, 
22
 1986 by the City of
Moline;
23
  (12) if the ordinance was adopted in September 1988 by 
24
 Sauk Village;
25
  (13) if the ordinance was adopted in October 1993 by 
26
 Sauk Village;
 


 






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1
  (14) if the ordinance was adopted on December 29, 1986 
2
 by the City of Galva;
3
  (15) if the ordinance was adopted in March 1991 by the 
4
 City of Centreville;
5
  (16) if the ordinance was adopted on January 23, 1991

6
 by the City of East St. Louis;
7
  (17) if the ordinance was adopted on December 22, 1986 
8
 by the City of Aledo;
9
  (18) if the ordinance was adopted on February 5, 1990 
10
 by the City of Clinton;
11
  (19) if the ordinance was adopted on September 6, 1994 
12
 by the City of Freeport;
13
  (20) if the ordinance was adopted on December 22, 1986 
14
 by the City of Tuscola;
15
  (21) if the ordinance was adopted on December 23, 1986 
16
 by the City of Sparta;
17
  (22) if the ordinance was adopted on December 23, 1986 
18
 by the City of
Beardstown;
19
  (23) if the ordinance was adopted on April 27, 1981, 
20
 October 21, 1985, or
December 30, 1986 by the City of 
21
 Belleville;
22
  (24) if the ordinance was adopted on December 29, 1986 
23
 by the City of
Collinsville;
24
  (25) if the ordinance was adopted on September 14, 1994 
25
 by the
City of Alton;
26
  (26) if the ordinance was adopted on November 11, 1996 
 


 






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1
 by the
City of Lexington;
2
  (27) if the ordinance was adopted on November 5, 1984 
3
 by
the City of LeRoy;
4
  (28) if the ordinance was adopted on April 3, 1991 or

5
 June 3, 1992 by the City of Markham;
6
  (29) if the ordinance was adopted on November 11, 1986 
7
 by the City of Pekin;
8
  (30) if the ordinance was adopted on December 15, 1981 
9
 by the City of Champaign;
10
  (31) if the ordinance was adopted on December 15, 1986 
11
 by the City of Urbana;
12
  (32) if the ordinance was adopted on December 15, 1986 
13
 by the Village of Heyworth;
14
  (33) if the ordinance was adopted on February 24, 1992 
15
 by the Village of Heyworth;
16
  (34) if the ordinance was adopted on March 16, 1995 by 
17
 the Village of Heyworth;
18
  (35) if the ordinance was adopted on December 23, 1986 
19
 by the Town of Cicero;
20
  (36) if the ordinance was adopted on December 30, 1986 
21
 by the City of Effingham;
22
  (37) if the ordinance was adopted on May 9, 1991 by the 
23
 Village of
Tilton;
24
  (38) if the ordinance was adopted on October 20, 1986 
25
 by the City of Elmhurst;
26
  (39) if the ordinance was adopted on January 19, 1988 
 


 






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1
 by the City of
Waukegan;
2
  (40) if the ordinance was adopted on September 21, 1998 
3
 by the City of
Waukegan;
4
  (41) if the ordinance was adopted on December 31, 1986 
5
 by the City of Sullivan;
6
  (42) if the ordinance was adopted on December 23, 1991 
7
 by the City of Sullivan;
8
  (43) if the ordinance was adopted on December 31, 1986 
9
 by the City of Oglesby;
10
  (44) if the ordinance was adopted on July 28, 1987 by 
11
 the City of Marion;
12
  (45) if the ordinance was adopted on April 23, 1990 by 
13
 the City of Marion;
14
  (46) if the ordinance was adopted on August 20, 1985 by 
15
 the Village of Mount Prospect;
16
  (47) if the ordinance was adopted on February 2, 1998 
17
 by the Village of Woodhull;
18
  (48) if the ordinance was adopted on April 20, 1993 by 
19
 the Village of Princeville;
20
  (49) if the ordinance was adopted on July 1, 1986 by 
21
 the City of Granite City;
22
  (50) if the ordinance was adopted on February 2, 1989 
23
 by the Village of Lombard;
24
  (51) if the ordinance was adopted on December 29, 1986 
25
 by the Village of Gardner;
26
  (52) if the ordinance was adopted on July 14, 1999 by 
 


 






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1
 the Village of Paw Paw;
2
  (53) if the ordinance was adopted on November 17, 1986 
3
 by the Village of Franklin Park;
4
  (54) if the ordinance was adopted on November 20, 1989 
5
 by the Village of South Holland;
6
  (55) if the ordinance was adopted on July 14, 1992 by 
7
 the Village of Riverdale;
8
  (56) if the ordinance was adopted on December 29, 1986 
9
 by the City of Galesburg;
10
  (57) if the ordinance was adopted on April 1, 1985 by 
11
 the City of Galesburg;
12
  (58) if the ordinance was adopted on May 21, 1990 by 
13
 the City of West Chicago;
14
  (59) if the ordinance was adopted on December 16, 1986 
15
 by the City of Oak Forest;
16
  (60) if the ordinance was adopted in 1999 by the City 
17
 of Villa Grove;
18
  (61) if the ordinance was adopted on January 13, 1987 
19
 by the Village of Mt. Zion;
20
  (62) if the ordinance was adopted on December 30, 1986 
21
 by the Village of Manteno;
22
  (63) if the ordinance was adopted on April 3, 1989 by 
23
 the City of Chicago Heights;
24
  (64) if the ordinance was adopted on January 6, 1999 by 
25
 the Village of Rosemont;
26
  (65) if the ordinance was adopted on December 19, 2000 
 


 






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1
 by the Village of Stone Park;
2
  (66) if the ordinance was adopted on December 22, 1986 
3
 by the City of DeKalb; or
4
  (67) if the ordinance was adopted on December 2, 1986 
5
 by the City of Aurora; .

6
  (68)
(67) if the ordinance was adopted on December 31, 
7
 1986 by the Village of Milan; or
8
  (69)
(68) if the ordinance was adopted on September 8, 
9
 1994 by the City of West Frankfort; .
10
  (70) if the ordinance was adopted on December 23, 1986 
11
 by the Village of Libertyville;
12
  (72) if the ordinance was adopted on September 9, 1999 
13
 by the Village of Downs;
14
  (73) if the ordinance was adopted on December 29, 1986 
15
 by the City of Pontiac to create TIF I (the Main St TIF); 
16
 or
17
  (74) if the ordinance was adopted on December 29, 1986 
18
 by the City of Pontiac to create TIF II (the Interstate 
19
 TIF). 
20
 (d) For redevelopment project areas for which bonds were 
21
issued before
July 29, 1991, or for which contracts were 
22
entered into before June 1,
1988, in connection with a 
23
redevelopment project in the area within
the State Sales Tax 
24
Boundary, the estimated dates of completion of the

25
redevelopment project and retirement of obligations to finance 
26
redevelopment
project costs (including refunding bonds under 
 


 






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1
Section 11-74.4-7) may be extended by municipal ordinance to 
2
December 31, 2013.
The termination procedures of subsection (b) 
3
of Section 11-74.4-8 are not
required for
these redevelopment 
4
project areas in 2009 but are required in 2013.
The extension 
5
allowed by Public Act 87-1272 shall not apply to real
property 
6
tax increment allocation financing under Section 11-74.4-8.
7
 (e) Those dates, for purposes of real property tax 
8
increment allocation
financing pursuant to Section 11-74.4-8 
9
only, shall be not more than 35 years
for redevelopment project 
10
areas that were adopted on or after December 16,
1986 and for 
11
which at least $8 million worth of municipal bonds were 
12
authorized
on or after December 19, 1989 but before January 1, 
13
1990; provided that the
municipality elects to extend the life 
14
of the redevelopment project area to 35
years by the adoption 
15
of an ordinance after at least 14 but not more than 30
days' 
16
written notice to the taxing bodies, that would otherwise 
17
constitute the
joint review board for the redevelopment project 
18
area, before the adoption of
the ordinance.
19
 (f) Those dates, for purposes of real property tax 
20
increment allocation
financing pursuant to Section 11-74.4-8 
21
only, shall be not more than 35 years
for redevelopment project 
22
areas that were established on or after December 1,
1981 but 
23
before January 1, 1982 and for which at least $1,500,000 worth 
24
of
tax increment revenue bonds were authorized
on or after 
25
September 30, 1990 but before July 1, 1991; provided that the

26
municipality elects to extend the life of the redevelopment 
 


 






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1
project area to 35
years by the adoption of an ordinance after 
2
at least 14 but not more than 30
days' written notice to the 
3
taxing bodies, that would otherwise constitute the
joint review 
4
board for the redevelopment project area, before the adoption 
5
of
the ordinance.
6
 (g) In consolidating the material relating to completion 
7
dates from Sections 11-74.4-3 and 11-74.4-7 into this Section, 
8
it is not the intent of the 95th General Assembly to make any 
9
substantive change in the law, except for the extension of the 
10
completion dates date for the City of Aurora, the Village of 
11
Milan,
and the City of West Frankfort, and the Village of 
12
Libertyville set forth under items item (67),
and (68), (69), 
13
and (70) of subsection (c) of this Section. 

14
(Source: P.A. 95-932, eff. 8-26-08; 95-964, eff. 9-23-08; 
15
incorporates P.A. 95-777, eff. 9-22-08; revised 10-14-08.)

16
 (Text of Section after amendment by P.A. 95-1028)
17
 Sec. 11-74.4-3.5. Completion dates for redevelopment 
18
projects.
19
 (a) Unless otherwise stated in this Section, the estimated 
20
dates of completion
of the redevelopment project and retirement 
21
of obligations issued to finance
redevelopment project costs 
22
(including refunding bonds under Section 11-74.4-7) may not be

23
later than December 31 of the year in which the payment to the 
24
municipal
treasurer, as provided in subsection (b) of Section 
25
11-74.4-8 of this Act, is to
be made with respect to ad valorem 
 


 






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1
taxes levied in the 23rd
calendar year after the year in which 
2
the ordinance approving the
redevelopment project area was 
3
adopted if the ordinance was adopted on or after
January 15, 
4
1981.
5
 (b) The estimated dates of completion
of the redevelopment 
6
project and retirement of obligations issued to finance

7
redevelopment project costs (including refunding bonds under 
8
Section 11-74.4-7) may not be later than December 31 of the 
9
year in which the payment to the municipal
treasurer as 
10
provided in subsection (b) of Section 11-74.4-8 of this Act is 
11
to
be made with respect to ad valorem taxes levied in the 33rd 
12
calendar
year after the year in which the ordinance approving 
13
the
redevelopment project area was adopted, if the ordinance 
14
was adopted on May 20, 1985 by the Village of Wheeling.
15
 (c) The estimated dates of completion
of the redevelopment 
16
project and retirement of obligations issued to finance

17
redevelopment project costs (including refunding bonds under 
18
Section 11-74.4-7) may not be later than December 31 of the 
19
year in which the payment to the municipal
treasurer as 
20
provided in subsection (b) of Section 11-74.4-8 of this Act is 
21
to
be made with respect to ad valorem taxes levied in the 35th 
22
calendar
year after the year in which the ordinance approving 
23
the
redevelopment project area was adopted:
24
  (1) if the ordinance was adopted before January 15, 
25
 1981;
26
  (2) if the ordinance was adopted in December 1983, 
 


 






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1
 April 1984, July 1985,
or December 1989;
2
  (3) if the ordinance was adopted in December 1987 and 
3
 the redevelopment
project is located within one mile of 
4
 Midway Airport;
5
  (4) if the ordinance was adopted before January 1, 1987 
6
 by a municipality in
Mason County;
7
  (5) if the municipality is subject to the Local 
8
 Government Financial Planning
and Supervision Act or the 
9
 Financially Distressed City Law;
10
  (6) if the ordinance was adopted in December 1984 by 
11
 the Village of Rosemont;
12
  (7) if the ordinance was adopted on December 31, 1986 
13
 by a municipality
located in Clinton County for which at 
14
 least $250,000 of tax increment
bonds were authorized on 
15
 June 17, 1997, or if the ordinance was adopted on
December 
16
 31, 1986 by a municipality with a population in 1990 of 
17
 less than
3,600 that is located in a county with a 
18
 population in 1990 of less than
34,000 and for which at 
19
 least $250,000 of tax increment bonds were authorized
on 
20
 June 17, 1997;
21
  (8) if the ordinance was adopted on October 5, 1982 by 
22
 the City of Kankakee, or if the ordinance was adopted on 
23
 December 29, 1986 by East St. Louis;
24
  (9) if
the ordinance was adopted on November 12, 1991 
25
 by the Village of Sauget;
26
  (10) if the ordinance was
adopted on February 11, 1985 
 


 






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1
 by the City of Rock Island;
2
  (11) if the ordinance was adopted before December 18, 
3
 1986 by the City of
Moline;
4
  (12) if the ordinance was adopted in September 1988 by 
5
 Sauk Village;
6
  (13) if the ordinance was adopted in October 1993 by 
7
 Sauk Village;
8
  (14) if the ordinance was adopted on December 29, 1986 
9
 by the City of Galva;
10
  (15) if the ordinance was adopted in March 1991 by the 
11
 City of Centreville;
12
  (16) if the ordinance was adopted on January 23, 1991

13
 by the City of East St. Louis;
14
  (17) if the ordinance was adopted on December 22, 1986 
15
 by the City of Aledo;
16
  (18) if the ordinance was adopted on February 5, 1990 
17
 by the City of Clinton;
18
  (19) if the ordinance was adopted on September 6, 1994 
19
 by the City of Freeport;
20
  (20) if the ordinance was adopted on December 22, 1986 
21
 by the City of Tuscola;
22
  (21) if the ordinance was adopted on December 23, 1986 
23
 by the City of Sparta;
24
  (22) if the ordinance was adopted on December 23, 1986 
25
 by the City of
Beardstown;
26
  (23) if the ordinance was adopted on April 27, 1981, 
 


 






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1
 October 21, 1985, or
December 30, 1986 by the City of 
2
 Belleville;
3
  (24) if the ordinance was adopted on December 29, 1986 
4
 by the City of
Collinsville;
5
  (25) if the ordinance was adopted on September 14, 1994 
6
 by the
City of Alton;
7
  (26) if the ordinance was adopted on November 11, 1996 
8
 by the
City of Lexington;
9
  (27) if the ordinance was adopted on November 5, 1984 
10
 by
the City of LeRoy;
11
  (28) if the ordinance was adopted on April 3, 1991 or

12
 June 3, 1992 by the City of Markham;
13
  (29) if the ordinance was adopted on November 11, 1986 
14
 by the City of Pekin;
15
  (30) if the ordinance was adopted on December 15, 1981 
16
 by the City of Champaign;
17
  (31) if the ordinance was adopted on December 15, 1986 
18
 by the City of Urbana;
19
  (32) if the ordinance was adopted on December 15, 1986 
20
 by the Village of Heyworth;
21
  (33) if the ordinance was adopted on February 24, 1992 
22
 by the Village of Heyworth;
23
  (34) if the ordinance was adopted on March 16, 1995 by 
24
 the Village of Heyworth;
25
  (35) if the ordinance was adopted on December 23, 1986 
26
 by the Town of Cicero;
 


 






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1
  (36) if the ordinance was adopted on December 30, 1986 
2
 by the City of Effingham;
3
  (37) if the ordinance was adopted on May 9, 1991 by the 
4
 Village of
Tilton;
5
  (38) if the ordinance was adopted on October 20, 1986 
6
 by the City of Elmhurst;
7
  (39) if the ordinance was adopted on January 19, 1988 
8
 by the City of
Waukegan;
9
  (40) if the ordinance was adopted on September 21, 1998 
10
 by the City of
Waukegan;
11
  (41) if the ordinance was adopted on December 31, 1986 
12
 by the City of Sullivan;
13
  (42) if the ordinance was adopted on December 23, 1991 
14
 by the City of Sullivan;
15
  (43) if the ordinance was adopted on December 31, 1986 
16
 by the City of Oglesby;
17
  (44) if the ordinance was adopted on July 28, 1987 by 
18
 the City of Marion;
19
  (45) if the ordinance was adopted on April 23, 1990 by 
20
 the City of Marion;
21
  (46) if the ordinance was adopted on August 20, 1985 by 
22
 the Village of Mount Prospect;
23
  (47) if the ordinance was adopted on February 2, 1998 
24
 by the Village of Woodhull;
25
  (48) if the ordinance was adopted on April 20, 1993 by 
26
 the Village of Princeville;
 


 






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1
  (49) if the ordinance was adopted on July 1, 1986 by 
2
 the City of Granite City;
3
  (50) if the ordinance was adopted on February 2, 1989 
4
 by the Village of Lombard;
5
  (51) if the ordinance was adopted on December 29, 1986 
6
 by the Village of Gardner;
7
  (52) if the ordinance was adopted on July 14, 1999 by 
8
 the Village of Paw Paw;
9
  (53) if the ordinance was adopted on November 17, 1986 
10
 by the Village of Franklin Park;
11
  (54) if the ordinance was adopted on November 20, 1989 
12
 by the Village of South Holland;
13
  (55) if the ordinance was adopted on July 14, 1992 by 
14
 the Village of Riverdale;
15
  (56) if the ordinance was adopted on December 29, 1986 
16
 by the City of Galesburg;
17
  (57) if the ordinance was adopted on April 1, 1985 by 
18
 the City of Galesburg;
19
  (58) if the ordinance was adopted on May 21, 1990 by 
20
 the City of West Chicago;
21
  (59) if the ordinance was adopted on December 16, 1986 
22
 by the City of Oak Forest;
23
  (60) if the ordinance was adopted in 1999 by the City 
24
 of Villa Grove;
25
  (61) if the ordinance was adopted on January 13, 1987 
26
 by the Village of Mt. Zion;
 


 






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1
  (62) if the ordinance was adopted on December 30, 1986 
2
 by the Village of Manteno;
3
  (63) if the ordinance was adopted on April 3, 1989 by 
4
 the City of Chicago Heights;
5
  (64) if the ordinance was adopted on January 6, 1999 by 
6
 the Village of Rosemont;
7
  (65) if the ordinance was adopted on December 19, 2000 
8
 by the Village of Stone Park;
9
  (66) if the ordinance was adopted on December 22, 1986 
10
 by the City of DeKalb; or
11
  (67) if the ordinance was adopted on December 2, 1986 
12
 by the City of Aurora; .

13
  (68)
(67) if the ordinance was adopted on December 31, 
14
 1986 by the Village of Milan; or
15
  (69)
(68) if the ordinance was adopted on September 8, 
16
 1994 by the City of West Frankfort; .
17
  (70) if the ordinance was adopted on December 23, 1986 
18
 by the Village of Libertyville;
19
  (71) if the ordinance was adopted on December 22, 1986 
20
 by the Village of Hoffman Estates;

21
  (72) if the ordinance was adopted on September 9, 1999 
22
 by the Village of Downs;

23
  (73) if the ordinance was adopted on December 29, 1986 
24
 by the City of Pontiac to create TIF I (the Main St TIF); 
25
 or
26
  (74) if the ordinance was adopted on December 29, 1986 
 


 






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1
 by the City of Pontiac to create TIF II (the Interstate 
2
 TIF). 
3
 (d) For redevelopment project areas for which bonds were 
4
issued before
July 29, 1991, or for which contracts were 
5
entered into before June 1,
1988, in connection with a 
6
redevelopment project in the area within
the State Sales Tax 
7
Boundary, the estimated dates of completion of the

8
redevelopment project and retirement of obligations to finance 
9
redevelopment
project costs (including refunding bonds under 
10
Section 11-74.4-7) may be extended by municipal ordinance to 
11
December 31, 2013.
The termination procedures of subsection (b) 
12
of Section 11-74.4-8 are not
required for
these redevelopment 
13
project areas in 2009 but are required in 2013.
The extension 
14
allowed by Public Act 87-1272 shall not apply to real
property 
15
tax increment allocation financing under Section 11-74.4-8.
16
 (e) Those dates, for purposes of real property tax 
17
increment allocation
financing pursuant to Section 11-74.4-8 
18
only, shall be not more than 35 years
for redevelopment project 
19
areas that were adopted on or after December 16,
1986 and for 
20
which at least $8 million worth of municipal bonds were 
21
authorized
on or after December 19, 1989 but before January 1, 
22
1990; provided that the
municipality elects to extend the life 
23
of the redevelopment project area to 35
years by the adoption 
24
of an ordinance after at least 14 but not more than 30
days' 
25
written notice to the taxing bodies, that would otherwise 
26
constitute the
joint review board for the redevelopment project 
 


 






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LRB096 10849 RLJ 21079 b





1
area, before the adoption of
the ordinance.
2
 (f) Those dates, for purposes of real property tax 
3
increment allocation
financing pursuant to Section 11-74.4-8 
4
only, shall be not more than 35 years
for redevelopment project 
5
areas that were established on or after December 1,
1981 but 
6
before January 1, 1982 and for which at least $1,500,000 worth 
7
of
tax increment revenue bonds were authorized
on or after 
8
September 30, 1990 but before July 1, 1991; provided that the

9
municipality elects to extend the life of the redevelopment 
10
project area to 35
years by the adoption of an ordinance after 
11
at least 14 but not more than 30
days' written notice to the 
12
taxing bodies, that would otherwise constitute the
joint review 
13
board for the redevelopment project area, before the adoption 
14
of
the ordinance.
15
 (g) In consolidating the material relating to completion 
16
dates from Sections 11-74.4-3 and 11-74.4-7 into this Section, 
17
it is not the intent of the 95th General Assembly to make any 
18
substantive change in the law, except for the extension of the 
19
completion dates date for the City of Aurora, the Village of 
20
Milan,
and the City of West Frankfort, the Village of 
21
Libertyville, and the Village of Hoffman Estates set forth 
22
under items item (67),
and (68), (69), (70), and (71) of 
23
subsection (c) of this Section. 

24
(Source: P.A. 95-932, eff. 8-26-08; 95-964, eff. 9-23-08; 
25
incorporates P.A. 95-777, eff. 9-22-08, and 95-1028, eff. 
26
1-1-10; revised 1-27-09.)

 


 






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1
 Section 95. No acceleration or delay. Where this Act makes 
2
changes in a statute that is represented in this Act by text 
3
that is not yet or no longer in effect (for example, a Section 
4
represented by multiple versions), the use of that text does 
5
not accelerate or delay the taking effect of (i) the changes 
6
made by this Act or (ii) provisions derived from any other 
7
Public Act.


8
 Section 99. Effective date. This Act takes effect upon 
9
becoming law.



 
         


        
        
      


      

  

      
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