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| [ Introduced ] | [ Enrolled ] | [ House Amendment 001 ] |
| [ House Amendment 002 ] |
91_SB1451eng SB1451 Engrossed 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 Section 11-74.6-22 of 12 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) SB1451 Engrossed -2- LRB9110178MWgc 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 SB1451 Engrossed -3- LRB9110178MWgc 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 SB1451 Engrossed -4- LRB9110178MWgc 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 SB1451 Engrossed -5- LRB9110178MWgc 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 Codein the financial report required33under Section 3 of the Governmental Account Audit Actand 34 (ii) to all taxing districts overlapping the redevelopment SB1451 Engrossed -6- LRB9110178MWgc 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 SB1451 Engrossed -7- LRB9110178MWgc 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 SB1451 Engrossed -8- LRB9110178MWgc 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, SB1451 Engrossed -9- LRB9110178MWgc 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.