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| [ House Amendment 002 ] |
91_SB1451
LRB9110178MWgc
1 AN ACT to amend the Illinois Municipal Code by changing
2 Sections 8-8-3.5 and 11-74.6-22.
3 Be it enacted by the People of the State of Illinois,
4 represented in the General Assembly:
5 Section 5. The Illinois Municipal Code is amended by
6 changing Sections 8-8-3.5 and 11-74.6-22 as follows:
7 (65 ILCS 5/8-8-3.5)
8 Sec. 8-8-3.5. Tax Increment Financing Report. The
9 reports filed under subsection (d) of Section 11-74.4-5 of
10 the Tax Increment Allocation Redevelopment Act and the
11 reports filed under subsection (d) of the Section 11-74.6-22
12 of the Industrial Jobs Recovery Law in the Illinois Municipal
13 Code must be separate from any other annual report filed with
14 the Comptroller. The Comptroller must, in cooperation with
15 reporting municipalities, create a format for the reporting
16 of information described in paragraphs (1.5) and (5) and in
17 subparagraph (G) of paragraph (7) of subsection (d) of
18 Section 11-74.4-5 of the Tax Increment Allocation
19 Redevelopment Act and the information described in paragraphs
20 (1.5) and (5) and in subparagraph (G) of paragraph (7) of
21 subsection (d) of Section 11-74.6-22 of the Industrial Jobs
22 Recovery Law that facilitates consistent reporting among the
23 reporting municipalities. The Comptroller may allow these
24 reports to be filed electronically and may display the
25 report, or portions of the report, electronically via the
26 Internet. All reports filed under this Section must be made
27 available for examination and copying by the public at all
28 reasonable times.
29 (Source: P.A. 91-478, eff. 11-1-99.)
30 (65 ILCS 5/11-74.6-22)
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1 Sec. 11-74.6-22. Adoption of ordinance; requirements;
2 changes.
3 (a) Before adoption of an ordinance proposing the
4 designation of a redevelopment planning area or a
5 redevelopment project area, or both, or approving a
6 redevelopment plan or redevelopment project, the municipality
7 or commission designated pursuant to subsection (l) of
8 Section 11-74.6-15 shall fix by ordinance or resolution a
9 time and place for public hearing. Prior to the adoption of
10 the ordinance or resolution establishing the time and place
11 for the public hearing, the municipality shall make available
12 for public inspection a redevelopment plan or a report that
13 provides in sufficient detail, the basis for the eligibility
14 of the redevelopment project area. The report along with the
15 name of a person to contact for further information shall be
16 sent to the affected taxing district by certified mail within
17 a reasonable time following the adoption of the ordinance or
18 resolution establishing the time and place for the public
19 hearing.
20 At the public hearing any interested person or affected
21 taxing district may file with the municipal clerk written
22 objections to the ordinance and may be heard orally on any
23 issues that are the subject of the hearing. The municipality
24 shall hear and determine all alternate proposals or bids for
25 any proposed conveyance, lease, mortgage or other disposition
26 of land and all protests and objections at the hearing and
27 the hearing may be adjourned to another date without further
28 notice other than a motion to be entered upon the minutes
29 fixing the time and place of the later hearing. At the public
30 hearing or at any time prior to the adoption by the
31 municipality of an ordinance approving a redevelopment plan,
32 the municipality may make changes in the redevelopment plan.
33 Changes which (1) add additional parcels of property to the
34 proposed redevelopment project area, (2) substantially affect
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1 the general land uses proposed in the redevelopment plan, or
2 (3) substantially change the nature of or extend the life of
3 the redevelopment project shall be made only after the
4 municipality gives notice, convenes a joint review board, and
5 conducts a public hearing pursuant to the procedures set
6 forth in this Section and in Section 11-74.6-25. Changes
7 which do not (1) add additional parcels of property to the
8 proposed redevelopment project area, (2) substantially affect
9 the general land uses proposed in the redevelopment plan, or
10 (3) substantially change the nature of or extend the life of
11 the redevelopment project may be made without further
12 hearing, provided that the municipality shall give notice of
13 any such changes by mail to each affected taxing district and
14 by publication in a newspaper of general circulation within
15 the affected taxing district. Such notice by mail and by
16 publication shall each occur not later than 10 days following
17 the adoption by ordinance of such changes.
18 (b) Before adoption of an ordinance proposing the
19 designation of a redevelopment planning area or a
20 redevelopment project area, or both, or amending the
21 boundaries of an existing redevelopment project area or
22 redevelopment planning area, or both, the municipality shall
23 convene a joint review board to consider the proposal. The
24 board shall consist of a representative selected by each
25 taxing district that has authority to levy real property
26 taxes on the property within the proposed redevelopment
27 project area and that has at least 5% of its total equalized
28 assessed value located within the proposed redevelopment
29 project area, a representative selected by the municipality
30 and a public member. The public member and the board's
31 chairperson shall be selected by a majority of other board
32 members.
33 All board members shall be appointed and the first board
34 meeting held within 14 days following the notice by the
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1 municipality to all the taxing districts as required by
2 subsection (c) of Section 11-74.6-25. The notice shall also
3 advise the taxing bodies represented on the joint review
4 board of the time and place of the first meeting of the
5 board. Additional meetings of the board shall be held upon
6 the call of any 2 members. The municipality seeking
7 designation of the redevelopment project area may provide
8 administrative support to the board.
9 The board shall review the public record, planning
10 documents and proposed ordinances approving the redevelopment
11 plan and project to be adopted by the municipality. As part
12 of its deliberations, the board may hold additional hearings
13 on the proposal. A board's recommendation, if any, shall be a
14 written recommendation adopted by a majority vote of the
15 board and submitted to the municipality within 30 days after
16 the board convenes. A board's recommendation shall be binding
17 upon the municipality. Failure of the board to submit its
18 recommendation on a timely basis shall not be cause to delay
19 the public hearing or the process of establishing or amending
20 the redevelopment project area. The board's recommendation on
21 the proposal shall be based upon the area satisfying the
22 applicable eligibility criteria defined in Section 11-74.6-10
23 and whether there is a basis for the municipal findings set
24 forth in the redevelopment plan as required by this Act. If
25 the board does not file a recommendation it shall be presumed
26 that the board has found that the redevelopment project area
27 satisfies the eligibility criteria.
28 (c) After a municipality has by ordinance approved a
29 redevelopment plan and designated a redevelopment planning
30 area or a redevelopment project area, or both, the plan may
31 be amended and additional properties may be added to the
32 redevelopment project area only as herein provided.
33 Amendments which (1) add additional parcels of property to
34 the proposed redevelopment project area, (2) substantially
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1 affect the general land uses proposed in the redevelopment
2 plan, (3) substantially change the nature of the
3 redevelopment project, (4) increase the total estimated
4 redevelopment project costs set out in the redevelopment plan
5 by more than 5% after adjustment for inflation from the date
6 the plan was adopted, or (5) add additional redevelopment
7 project costs to the itemized list of redevelopment project
8 costs set out in the redevelopment plan shall be made only
9 after the municipality gives notice, convenes a joint review
10 board, and conducts a public hearing pursuant to the
11 procedures set forth in this Section and in Section
12 11-74.6-25. Changes which do not (1) add additional parcels
13 of property to the proposed redevelopment project area, (2)
14 substantially affect the general land uses proposed in the
15 redevelopment plan, (3) substantially change the nature of
16 the redevelopment project, (4) increase the total estimated
17 redevelopment project cost set out in the redevelopment plan
18 by more than 5% after adjustment for inflation from the date
19 the plan was adopted, or (5) add additional redevelopment
20 project costs to the itemized list of redevelopment project
21 costs set out in the redevelopment plan may be made without
22 further hearing, provided that the municipality shall give
23 notice of any such changes by mail to each affected taxing
24 district and by publication in a newspaper of general
25 circulation within the affected taxing district. Such notice
26 by mail and by publication shall each occur not later than 10
27 days following the adoption by ordinance of such changes.
28 (d) After the effective date of this amendatory Act of
29 the 91st General Assembly, a municipality shall submit the
30 following information for each redevelopment project area (i)
31 to the State Comptroller under Section 8-8-3.5 of the
32 Illinois Municipal Code in the financial report required
33 under Section 3 of the Governmental Account Audit Act and
34 (ii) to all taxing districts overlapping the redevelopment
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1 project area no later than 180 days after the close of each
2 municipal fiscal year or as soon thereafter as the audited
3 financial statements become available and, in any case, shall
4 be submitted before the annual meeting of the joint review
5 board to each of the taxing districts that overlap the
6 redevelopment project area:
7 (1) Any amendments to the redevelopment plan, or
8 the redevelopment project area.
9 (1.5) A list of the redevelopment project areas
10 administered by the municipality and, if applicable, the
11 date each redevelopment project area was designated or
12 terminated by the municipality.
13 (2) Audited financial statements of the special tax
14 allocation fund once a cumulative total of $100,000 of
15 tax increment revenues has been deposited in the fund.
16 (3) Certification of the Chief Executive Officer of
17 the municipality that the municipality has complied with
18 all of the requirements of this Act during the preceding
19 fiscal year.
20 (4) An opinion of legal counsel that the
21 municipality is in compliance with this Act.
22 (5) An analysis of the special tax allocation fund
23 which sets forth:
24 (A) the balance in the special tax allocation
25 fund at the beginning of the fiscal year;
26 (B) all amounts deposited in the special tax
27 allocation fund by source;
28 (C) an itemized list of all expenditures from
29 the special tax allocation fund by category of
30 permissible redevelopment project cost; and
31 (D) the balance in the special tax allocation
32 fund at the end of the fiscal year including a
33 breakdown of that balance by source and a breakdown
34 of that balance identifying any portion of the
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1 balance that is required, pledged, earmarked, or
2 otherwise designated for payment of or securing of
3 obligations and anticipated redevelopment project
4 costs. Any portion of such ending balance that has
5 not been identified or is not identified as being
6 required, pledged, earmarked, or otherwise
7 designated for payment of or securing of obligations
8 or anticipated redevelopment project costs shall be
9 designated as surplus as set forth in Section
10 11-74.6-30 hereof.
11 (6) A description of all property purchased by the
12 municipality within the redevelopment project area
13 including:
14 (A) Street address.
15 (B) Approximate size or description of
16 property.
17 (C) Purchase price.
18 (D) Seller of property.
19 (7) A statement setting forth all activities
20 undertaken in furtherance of the objectives of the
21 redevelopment plan, including:
22 (A) Any project implemented in the preceding
23 fiscal year.
24 (B) A description of the redevelopment
25 activities undertaken.
26 (C) A description of any agreements entered
27 into by the municipality with regard to the
28 disposition or redevelopment of any property within
29 the redevelopment project area.
30 (D) Additional information on the use of all
31 funds received under this Division and steps taken
32 by the municipality to achieve the objectives of the
33 redevelopment plan.
34 (E) Information regarding contracts that the
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1 municipality's tax increment advisors or consultants
2 have entered into with entities or persons that have
3 received, or are receiving, payments financed by tax
4 increment revenues produced by the same
5 redevelopment project area.
6 (F) Any reports submitted to the municipality
7 by the joint review board.
8 (G) A review of public and, to the extent
9 possible, private investment actually undertaken to
10 date after the effective date of this amendatory Act
11 of the 91st General Assembly and estimated to be
12 undertaken during the following year. This review
13 shall, on a project-by-project basis, set forth the
14 estimated amounts of public and private investment
15 incurred after the effective date of this amendatory
16 Act of the 91st General Assembly and provide the
17 ratio of private investment to public investment to
18 the date of the report and as estimated to the
19 completion of the redevelopment project.
20 (8) With regard to any obligations issued by the
21 municipality:
22 (A) copies of any official statements; and
23 (B) an analysis prepared by financial advisor
24 or underwriter setting forth: (i) nature and term of
25 obligation; and (ii) projected debt service
26 including required reserves and debt coverage.
27 (9) For special tax allocation funds that have
28 received cumulative deposits of incremental tax revenues
29 of $100,000 or more, a certified audit report reviewing
30 compliance with this Act performed by an independent
31 public accountant certified and licensed by the authority
32 of the State of Illinois. The financial portion of the
33 audit must be conducted in accordance with Standards for
34 Audits of Governmental Organizations, Programs,
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1 Activities, and Functions adopted by the Comptroller
2 General of the United States (1981), as amended. The
3 audit report shall contain a letter from the independent
4 certified public accountant indicating compliance or
5 noncompliance with the requirements of subsection (o) of
6 Section 11-74.6-10.
7 (e) The joint review board shall meet annually 180 days
8 after the close of the municipal fiscal year or as soon as
9 the redevelopment project audit for that fiscal year becomes
10 available to review the effectiveness and status of the
11 redevelopment project area up to that date.
12 (Source: P.A. 91-474, eff. 11-1-99.)
13 Section 99. Effective date. This Act takes effect upon
14 becoming law.