(620 ILCS 65/21)
Sec. 21.
Reimbursement for tax base losses.
(a) Whenever the City acquires parcels of property
within any school district or community college district
for the O'Hare
Modernization Program, the City shall, for the following taxable year and for
each of the 5 taxable years thereafter, pay to that district the amount of the
total property tax liability of the acquired parcels to the district for the
2002
taxable year, increased or decreased each year by the percentage change of the
district's total tax extension for the current taxable year from the total tax
extension for the
prior taxable year; provided that no annual increase shall exceed the lesser of
5% or the annual increase in
the Consumer Price Index. Funds payable by the City under this Section shall be
paid
exclusively from non-tax revenues generated at airports owned by the City, and
shall not
exceed the amount of those funds that can be paid for that purpose under 49
U.S.C. 47107(l)(2).
(b) Notwithstanding any other provision of this Section: (i) no funds shall
be payable by the City under this Section with respect to any taxable year
succeeding the 2009 taxable year; (ii) in no event shall such funds be payable
on or after January 1, 2010; (iii) in no event shall the total funds paid
by the City pursuant to this Section to all districts for all taxable years
exceed $20,000,000; and (iv) any amounts payable to a district by the City with
respect to any
parcel of property for any taxable year shall be reduced by the amount of taxes
actually paid to the district for that taxable year with respect to that parcel
or any leasehold interest therein.
(c) Whenever the City acquires property that is subject to this Section, the
City shall notify the assessor of the county in which the property is located.
The assessor or the clerk of that county shall, on an annual basis, notify the
affected school district or community college district of all property that has
been identified as being subject to this
Section, and shall provide the district and the City with such information as
may be required in determining the amounts payable by the City under this
Section. The City shall make payments as required by this Section no later than
90 days after that information is received and verified by the City.
(d) As used in this Section, "Consumer Price Index" means the Consumer Price
Index for All Urban Consumers for all items published by the United States
Department of Labor.
(Source: P.A. 93-450, eff. 8-6-03.)
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