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91_SB1451enr SB1451 Enrolled LRB9110178MWgc 1 AN ACT to amend the Illinois Municipal Code by changing 2 Sections 8-8-3.5, 11-74.4-5, 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, 11-74.4-5, and 11-74.6-22 as 7 follows: 8 (65 ILCS 5/8-8-3.5) 9 Sec. 8-8-3.5. Tax Increment Financing Report. The 10 reports filed under subsection (d) of Section 11-74.4-5 of 11 the Tax Increment Allocation Redevelopment Act and the 12 reports filed under subsection (d) of Section 11-74.6-22 of 13 the Industrial Jobs Recovery Law in the Illinois Municipal 14 Code must be separate from any other annual report filed with 15 the Comptroller. The Comptroller must, in cooperation with 16 reporting municipalities, create a format for the reporting 17 of information described in paragraphs (1.5) and (5) and in 18 subparagraph (G) of paragraph (7) of subsection (d) of 19 Section 11-74.4-5 of the Tax Increment Allocation 20 Redevelopment Act and the information described in paragraphs 21 (1.5) and (5) and in subparagraph (G) of paragraph (7) of 22 subsection (d) of Section 11-74.6-22 of the Industrial Jobs 23 Recovery Law that facilitates consistent reporting among the 24 reporting municipalities. The Comptroller may allow these 25 reports to be filed electronically and may display the 26 report, or portions of the report, electronically via the 27 Internet. All reports filed under this Section must be made 28 available for examination and copying by the public at all 29 reasonable times. 30 (Source: P.A. 91-478, eff. 11-1-99.) SB1451 Enrolled -2- LRB9110178MWgc 1 (65 ILCS 5/11-74.4-5) (from Ch. 24, par. 11-74.4-5) 2 Sec. 11-74.4-5. (a) The changes made by this amendatory 3 Act of the 91st General Assembly do not apply to a 4 municipality that, (i) before the effective date of this 5 amendatory Act of the 91st General Assembly, has adopted an 6 ordinance or resolution fixing a time and place for a public 7 hearing under this Section or (ii) before July 1, 1999, has 8 adopted an ordinance or resolution providing for a 9 feasibility study under Section 11-74.4-4.1, but has not yet 10 adopted an ordinance approving redevelopment plans and 11 redevelopment projects or designating redevelopment project 12 areas under Section 11-74.4-4, until after that municipality 13 adopts an ordinance approving redevelopment plans and 14 redevelopment projects or designating redevelopment project 15 areas under Section 11-74.4-4; thereafter the changes made by 16 this amendatory Act of the 91st General Assembly apply to the 17 same extent that they apply to redevelopment plans and 18 redevelopment projects that were approved and redevelopment 19 projects that were designated before the effective date of 20 this amendatory Act of the 91st General Assembly. 21 Prior to the adoption of an ordinance proposing the 22 designation of a redevelopment project area, or approving a 23 redevelopment plan or redevelopment project, the municipality 24 by its corporate authorities, or as it may determine by any 25 commission designated under subsection (k) of Section 26 11-74.4-4 shall adopt an ordinance or resolution fixing a 27 time and place for public hearing. Prior to the adoption of 28 the ordinance or resolution establishing the time and place 29 for the public hearing, the municipality shall make available 30 for public inspection a redevelopment plan or a separate 31 report that provides in reasonable detail the basis for the 32 eligibility of the redevelopment project area. The report 33 along with the name of a person to contact for further 34 information shall be sent within a reasonable time after the SB1451 Enrolled -3- LRB9110178MWgc 1 adoption of such ordinance or resolution to the affected 2 taxing districts by certified mail. On and after the 3 effective date of this amendatory Act of the 91st General 4 Assembly, the municipality shall print in a newspaper of 5 general circulation within the municipality a notice that 6 interested persons may register with the municipality in 7 order to receive information on the proposed designation of a 8 redevelopment project area or the approval of a redevelopment 9 plan. The notice shall state the place of registration and 10 the operating hours of that place. The municipality shall 11 have adopted reasonable rules to implement this registration 12 process under Section 11-74.4-4.2. Notice of the 13 availability of the redevelopment plan and eligibility 14 report, including how to obtain this information, shall also 15 be sent by mail within a reasonable time after the adoption 16 of the ordinance or resolution to all residents within the 17 postal zip code area or areas contained in whole or in part 18 within the proposed redevelopment project area or 19 organizations that operate in the municipality that have 20 registered with the municipality for that information in 21 accordance with the registration guidelines established by 22 the municipality under Section 11-74.4-4.2. 23 At the public hearing any interested person or affected 24 taxing district may file with the municipal clerk written 25 objections to and may be heard orally in respect to any 26 issues embodied in the notice. The municipality shall hear 27 and determine all protests and objections at the hearing and 28 the hearing may be adjourned to another date without further 29 notice other than a motion to be entered upon the minutes 30 fixing the time and place of the subsequent hearing. At the 31 public hearing or at any time prior to the adoption by the 32 municipality of an ordinance approving a redevelopment plan, 33 the municipality may make changes in the redevelopment plan. 34 Changes which (1) add additional parcels of property to the SB1451 Enrolled -4- LRB9110178MWgc 1 proposed redevelopment project area, (2) substantially affect 2 the general land uses proposed in the redevelopment plan, (3) 3 substantially change the nature of or extend the life of the 4 redevelopment project, or (4) increase the number of low or 5 very low income households to be displaced from the 6 redevelopment project area, provided that measured from the 7 time of creation of the redevelopment project area the total 8 displacement of the households will exceed 10, shall be made 9 only after the municipality gives notice, convenes a joint 10 review board, and conducts a public hearing pursuant to the 11 procedures set forth in this Section and in Section 11-74.4-6 12 of this Act. 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 or 16 extend the life of the redevelopment project, or (4) increase 17 the number of low or very low income households to be 18 displaced from the redevelopment project area, provided that 19 measured from the time of creation of the redevelopment 20 project area the total displacement of the households will 21 exceed 10, may be made without further hearing, provided that 22 the municipality shall give notice of any such changes by 23 mail to each affected taxing district and registrant on the 24 interested parties registry, provided for under Section 25 11-74.4-4.2, and by publication in a newspaper of general 26 circulation within the affected taxing district. Such notice 27 by mail and by publication shall each occur not later than 10 28 days following the adoption by ordinance of such changes. 29 Hearings with regard to a redevelopment project area, project 30 or plan may be held simultaneously. 31 (b) Prior to holding a public hearing to approve or 32 amend a redevelopment plan or to designate or add additional 33 parcels of property to a redevelopment project area, the 34 municipality shall convene a joint review board. The board SB1451 Enrolled -5- LRB9110178MWgc 1 shall consist of a representative selected by each community 2 college district, local elementary school district and high 3 school district or each local community unit school district, 4 park district, library district, township, fire protection 5 district, and county that will have the authority to directly 6 levy taxes on the property within the proposed redevelopment 7 project area at the time that the proposed redevelopment 8 project area is approved, a representative selected by the 9 municipality and a public member. The public member shall 10 first be selected and then the board's chairperson shall be 11 selected by a majority of the board members present and 12 voting. 13 For redevelopment project areas with redevelopment plans 14 or proposed redevelopment plans that would result in the 15 displacement of residents from 10 or more inhabited 16 residential units or that include 75 or more inhabited 17 residential units, the public member shall be a person who 18 resides in the redevelopment project area. If, as determined 19 by the housing impact study provided for in paragraph (5) of 20 subsection (n) of Section 11-74.4-3, or if no housing impact 21 study is required then based on other reasonable data, the 22 majority of residential units are occupied by very low, low, 23 or moderate income households, as defined in Section 3 of the 24 Illinois Affordable Housing Act, the public member shall be a 25 person who resides in very low, low, or moderate income 26 housing within the redevelopment project area. 27 Municipalities with fewer than 15,000 residents shall not be 28 required to select a person who lives in very low, low, or 29 moderate income housing within the redevelopment project 30 area, provided that the redevelopment plan or project will 31 not result in displacement of residents from 10 or more 32 inhabited units, and the municipality so certifies in the 33 plan. If no person satisfying these requirements is 34 available or if no qualified person will serve as the public SB1451 Enrolled -6- LRB9110178MWgc 1 member, then the joint review board is relieved of this 2 paragraph's selection requirements for the public member. 3 Within 90 days of the effective date of this amendatory 4 Act of the 91st General Assembly, each municipality that 5 designated a redevelopment project area for which it was not 6 required to convene a joint review board under this Section 7 shall convene a joint review board to perform the duties 8 specified under paragraph (e) of this Section. 9 All board members shall be appointed and the first board 10 meeting held following at least 14 days after notice by the 11 municipality to all the taxing districts as required by 12 Section 11-74.4-6(c). Such notice shall also advise the 13 taxing bodies represented on the joint review board of the 14 time and place of the first meeting of the board. Additional 15 meetings of the board shall be held upon the call of any 16 member. The municipality seeking designation of the 17 redevelopment project area shall provide administrative 18 support to the board. 19 The board shall review (i) the public record, planning 20 documents and proposed ordinances approving the redevelopment 21 plan and project and (ii) proposed amendments to the 22 redevelopment plan or additions of parcels of property to the 23 redevelopment project area to be adopted by the municipality. 24 As part of its deliberations, the board may hold additional 25 hearings on the proposal. A board's recommendation shall be 26 an advisory, non-binding recommendation. The recommendation 27 shall be adopted by a majority of those members present and 28 voting. The recommendations shall be submitted to the 29 municipality within 30 days after convening of the board. 30 Failure of the board to submit its report on a timely basis 31 shall not be cause to delay the public hearing or any other 32 step in the process of designating or amending the 33 redevelopment project area but shall be deemed to constitute 34 approval by the joint review board of the matters before it. SB1451 Enrolled -7- LRB9110178MWgc 1 The board shall base its recommendation to approve or 2 disapprove the redevelopment plan and the designation of the 3 redevelopment project area or the amendment of the 4 redevelopment plan or addition of parcels of property to the 5 redevelopment project area on the basis of the redevelopment 6 project area and redevelopment plan satisfying the plan 7 requirements, the eligibility criteria defined in Section 8 11-74.4-3, and the objectives of this Act. 9 The board shall issue a written report describing why the 10 redevelopment plan and project area or the amendment thereof 11 meets or fails to meet one or more of the objectives of this 12 Act and both the plan requirements and the eligibility 13 criteria defined in Section 11-74.4-3. In the event the Board 14 does not file a report it shall be presumed that these taxing 15 bodies find the redevelopment project area and redevelopment 16 plan satisfy the objectives of this Act and the plan 17 requirements and eligibility criteria. 18 If the board recommends rejection of the matters before 19 it, the municipality will have 30 days within which to 20 resubmit the plan or amendment. During this period, the 21 municipality will meet and confer with the board and attempt 22 to resolve those issues set forth in the board's written 23 report that lead to the rejection of the plan or amendment. 24 In the event that the municipality and the board are unable 25 to resolve these differences, or in the event that the 26 resubmitted plan or amendment is rejected by the board, the 27 municipality may proceed with the plan or amendment, but only 28 upon a three-fifths vote of the corporate authority 29 responsible for approval of the plan or amendment, excluding 30 positions of members that are vacant and those members that 31 are ineligible to vote because of conflicts of interest. 32 (c) After a municipality has by ordinance approved a 33 redevelopment plan and designated a redevelopment project 34 area, the plan may be amended and additional properties may SB1451 Enrolled -8- LRB9110178MWgc 1 be added to the redevelopment project area only as herein 2 provided. Amendments which (1) add additional parcels of 3 property to the proposed redevelopment project area, (2) 4 substantially affect the general land uses proposed in the 5 redevelopment plan, (3) substantially change the nature of 6 the redevelopment project, (4) increase the total estimated 7 redevelopment project costs set out in the redevelopment plan 8 by more than 5% after adjustment for inflation from the date 9 the plan was adopted, (5) add additional redevelopment 10 project costs to the itemized list of redevelopment project 11 costs set out in the redevelopment plan, or (6) increase the 12 number of low or very low income households to be displaced 13 from the redevelopment project area, provided that measured 14 from the time of creation of the redevelopment project area 15 the total displacement of the households will exceed 10, 16 shall be made only after the municipality gives notice, 17 convenes a joint review board, and conducts a public hearing 18 pursuant to the procedures set forth in this Section and in 19 Section 11-74.4-6 of this Act. Changes which do not (1) add 20 additional parcels of property to the proposed redevelopment 21 project area, (2) substantially affect the general land uses 22 proposed in the redevelopment plan, (3) substantially change 23 the nature of the redevelopment project, (4) increase the 24 total estimated redevelopment project cost set out in the 25 redevelopment plan by more than 5% after adjustment for 26 inflation from the date the plan was adopted, (5) add 27 additional redevelopment project costs to the itemized list 28 of redevelopment project costs set out in the redevelopment 29 plan, or (6) increase the number of low or very low income 30 households to be displaced from the redevelopment project 31 area, provided that measured from the time of creation of the 32 redevelopment project area the total displacement of the 33 households will exceed 10, may be made without further 34 hearing, provided that the municipality shall give notice of SB1451 Enrolled -9- LRB9110178MWgc 1 any such changes by mail to each affected taxing district and 2 registrant on the interested parties registry, provided for 3 under Section 11-74.4-4.2, and by publication in a newspaper 4 of general circulation within the affected taxing district. 5 Such notice by mail and by publication shall each occur not 6 later than 10 days following the adoption by ordinance of 7 such changes. 8 (d) After the effective date of this amendatory Act of 9 the 91st General Assembly, a municipality shall submit the 10 following information for each redevelopment project area (i) 11 to the State Comptroller under Section 8-8-3.5 of the 12 Illinois Municipal Code and (ii) to all taxing districts 13 overlapping the redevelopment project area no later than 180 14 days after the close of each municipal fiscal year or as soon 15 thereafter as the audited financial statements become 16 available and, in any case, shall be submitted before the 17 annual meeting of the Joint Review Board to each of the 18 taxing districts that overlap the redevelopment project area: 19 (1) Any amendments to the redevelopment plan, the 20 redevelopment project area, or the State Sales Tax 21 Boundary. 22 (1.5) A list of the redevelopment project areas 23 administered by the municipality and, if applicable, the 24 date each redevelopment project area was designated or 25 terminated by the municipality. 26 (2) Audited financial statements of the special tax 27 allocation fund once a cumulative total of $100,000 has 28 been deposited in the fund. 29 (3) Certification of the Chief Executive Officer of 30 the municipality that the municipality has complied with 31 all of the requirements of this Act during the preceding 32 fiscal year. 33 (4) An opinion of legal counsel that the 34 municipality is in compliance with this Act. SB1451 Enrolled -10- LRB9110178MWgc 1 (5) An analysis of the special tax allocation fund 2 which sets forth: 3 (A) the balance in the special tax allocation 4 fund at the beginning of the fiscal year; 5 (B) all amounts deposited in the special tax 6 allocation fund by source; 7 (C) an itemized list of all expenditures from 8 the special tax allocation fund by category of 9 permissible redevelopment project cost; and 10 (D) the balance in the special tax allocation 11 fund at the end of the fiscal year including a 12 breakdown of that balance by source and a breakdown 13 of that balance identifying any portion of the 14 balance that is required, pledged, earmarked, or 15 otherwise designated for payment of or securing of 16 obligations and anticipated redevelopment project 17 costs. Any portion of such ending balance that has 18 not been identified or is not identified as being 19 required, pledged, earmarked, or otherwise 20 designated for payment of or securing of obligations 21 or anticipated redevelopment projects costs shall be 22 designated as surplus as set forth in Section 23 11-74.4-7 hereof. 24 (6) A description of all property purchased by the 25 municipality within the redevelopment project area 26 including: 27 (A) Street address. 28 (B) Approximate size or description of 29 property. 30 (C) Purchase price. 31 (D) Seller of property. 32 (7) A statement setting forth all activities 33 undertaken in furtherance of the objectives of the 34 redevelopment plan, including: SB1451 Enrolled -11- LRB9110178MWgc 1 (A) Any project implemented in the preceding 2 fiscal year. 3 (B) A description of the redevelopment 4 activities undertaken. 5 (C) A description of any agreements entered 6 into by the municipality with regard to the 7 disposition or redevelopment of any property within 8 the redevelopment project area or the area within 9 the State Sales Tax Boundary. 10 (D) Additional information on the use of all 11 funds received under this Division and steps taken 12 by the municipality to achieve the objectives of the 13 redevelopment plan. 14 (E) Information regarding contracts that the 15 municipality's tax increment advisors or consultants 16 have entered into with entities or persons that have 17 received, or are receiving, payments financed by tax 18 increment revenues produced by the same 19 redevelopment project area. 20 (F) Any reports submitted to the municipality 21 by the joint review board. 22 (G) A review of public and, to the extent 23 possible, private investment actually undertaken to 24 date after the effective date of this amendatory Act 25 of the 91st General Assembly and estimated to be 26 undertaken during the following year. This review 27 shall, on a project-by-project basis, set forth the 28 estimated amounts of public and private investment 29 incurred after the effective date of this amendatory 30 Act of the 91st General Assembly and provide the 31 ratio of private investment to public investment to 32 the date of the report and as estimated to the 33 completion of the redevelopment project. 34 (8) With regard to any obligations issued by the SB1451 Enrolled -12- LRB9110178MWgc 1 municipality: 2 (A) copies of any official statements; and 3 (B) an analysis prepared by financial advisor 4 or underwriter setting forth: (i) nature and term of 5 obligation; and (ii) projected debt service 6 including required reserves and debt coverage. 7 (9) For special tax allocation funds that have 8 experienced cumulative deposits of incremental tax 9 revenues of $100,000 or more, a certified audit report 10 reviewing compliance with this Act performed by an 11 independent public accountant certified and licensed by 12 the authority of the State of Illinois. The financial 13 portion of the audit must be conducted in accordance with 14 Standards for Audits of Governmental Organizations, 15 Programs, Activities, and Functions adopted by the 16 Comptroller General of the United States (1981), as 17 amended, or the standards specified by Section 8-8-5 of 18 the Illinois Municipal Auditing Law of the Illinois 19 Municipal Code. The audit report shall contain a letter 20 from the independent certified public accountant 21 indicating compliance or noncompliance with the 22 requirements of subsection (q) of Section 11-74.4-3. For 23 redevelopment plans or projects that would result in the 24 displacement of residents from 10 or more inhabited 25 residential units or that contain 75 or more inhabited 26 residential units, notice of the availability of the 27 information, including how to obtain the report, required 28 in this subsection shall also be sent by mail to all 29 residents or organizations that operate in the 30 municipality that register with the municipality for that 31 information according to registration procedures adopted 32 under Section 11-74.4-4.2. All municipalities are 33 subject to this provision. 34 (d-1) Prior to the effective date of this amendatory Act SB1451 Enrolled -13- LRB9110178MWgc 1 of the 91st General Assembly, municipalities with populations 2 of over 1,000,000 shall, after adoption of a redevelopment 3 plan or project, make available upon request to any taxing 4 district in which the redevelopment project area is located 5 the following information: 6 (1) Any amendments to the redevelopment plan, the 7 redevelopment project area, or the State Sales Tax 8 Boundary; and 9 (2) In connection with any redevelopment project 10 area for which the municipality has outstanding 11 obligations issued to provide for redevelopment project 12 costs pursuant to Section 11-74.4-7, audited financial 13 statements of the special tax allocation fund. 14 (e) The joint review board shall meet annually 180 days 15 after the close of the municipal fiscal year or as soon as 16 the redevelopment project audit for that fiscal year becomes 17 available to review the effectiveness and status of the 18 redevelopment project area up to that date. 19 (f) (Blank). 20 (g) In the event that a municipality has held a public 21 hearing under this Section prior to March 14, 1994 (the 22 effective date of Public Act 88-537), the requirements 23 imposed by Public Act 88-537 relating to the method of fixing 24 the time and place for public hearing, the materials and 25 information required to be made available for public 26 inspection, and the information required to be sent after 27 adoption of an ordinance or resolution fixing a time and 28 place for public hearing shall not be applicable. 29 (Source: P.A. 91-357, eff. 7-29-99; 91-478, eff. 11-1-99.) 30 (65 ILCS 5/11-74.6-22) 31 Sec. 11-74.6-22. Adoption of ordinance; requirements; 32 changes. 33 (a) Before adoption of an ordinance proposing the SB1451 Enrolled -14- LRB9110178MWgc 1 designation of a redevelopment planning area or a 2 redevelopment project area, or both, or approving a 3 redevelopment plan or redevelopment project, the municipality 4 or commission designated pursuant to subsection (l) of 5 Section 11-74.6-15 shall fix by ordinance or resolution a 6 time and place for public hearing. Prior to the adoption of 7 the ordinance or resolution establishing the time and place 8 for the public hearing, the municipality shall make available 9 for public inspection a redevelopment plan or a report that 10 provides in sufficient detail, the basis for the eligibility 11 of the redevelopment project area. The report along with the 12 name of a person to contact for further information shall be 13 sent to the affected taxing district by certified mail within 14 a reasonable time following the adoption of the ordinance or 15 resolution establishing the time and place for the public 16 hearing. 17 At the public hearing any interested person or affected 18 taxing district may file with the municipal clerk written 19 objections to the ordinance and may be heard orally on any 20 issues that are the subject of the hearing. The municipality 21 shall hear and determine all alternate proposals or bids for 22 any proposed conveyance, lease, mortgage or other disposition 23 of land and all protests and objections at the hearing and 24 the hearing may be adjourned to another date without further 25 notice other than a motion to be entered upon the minutes 26 fixing the time and place of the later hearing. At the public 27 hearing or at any time prior to the adoption by the 28 municipality of an ordinance approving a redevelopment plan, 29 the municipality may make changes in the redevelopment plan. 30 Changes which (1) add additional parcels of property to the 31 proposed redevelopment project area, (2) substantially affect 32 the general land uses proposed in the redevelopment plan, or 33 (3) substantially change the nature of or extend the life of 34 the redevelopment project shall be made only after the SB1451 Enrolled -15- LRB9110178MWgc 1 municipality gives notice, convenes a joint review board, and 2 conducts a public hearing pursuant to the procedures set 3 forth in this Section and in Section 11-74.6-25. Changes 4 which do not (1) add additional parcels of property to the 5 proposed redevelopment project area, (2) substantially affect 6 the general land uses proposed in the redevelopment plan, or 7 (3) substantially change the nature of or extend the life of 8 the redevelopment project may be made without further 9 hearing, provided that the municipality shall give notice of 10 any such changes by mail to each affected taxing district and 11 by publication in a newspaper of general circulation within 12 the affected taxing district. Such notice by mail and by 13 publication shall each occur not later than 10 days following 14 the adoption by ordinance of such changes. 15 (b) Before adoption of an ordinance proposing the 16 designation of a redevelopment planning area or a 17 redevelopment project area, or both, or amending the 18 boundaries of an existing redevelopment project area or 19 redevelopment planning area, or both, the municipality shall 20 convene a joint review board to consider the proposal. The 21 board shall consist of a representative selected by each 22 taxing district that has authority to levy real property 23 taxes on the property within the proposed redevelopment 24 project area and that has at least 5% of its total equalized 25 assessed value located within the proposed redevelopment 26 project area, a representative selected by the municipality 27 and a public member. The public member and the board's 28 chairperson shall be selected by a majority of other board 29 members. 30 All board members shall be appointed and the first board 31 meeting held within 14 days following the notice by the 32 municipality to all the taxing districts as required by 33 subsection (c) of Section 11-74.6-25. The notice shall also 34 advise the taxing bodies represented on the joint review SB1451 Enrolled -16- LRB9110178MWgc 1 board of the time and place of the first meeting of the 2 board. Additional meetings of the board shall be held upon 3 the call of any 2 members. The municipality seeking 4 designation of the redevelopment project area may provide 5 administrative support to the board. 6 The board shall review the public record, planning 7 documents and proposed ordinances approving the redevelopment 8 plan and project to be adopted by the municipality. As part 9 of its deliberations, the board may hold additional hearings 10 on the proposal. A board's recommendation, if any, shall be a 11 written recommendation adopted by a majority vote of the 12 board and submitted to the municipality within 30 days after 13 the board convenes. A board's recommendation shall be binding 14 upon the municipality. Failure of the board to submit its 15 recommendation on a timely basis shall not be cause to delay 16 the public hearing or the process of establishing or amending 17 the redevelopment project area. The board's recommendation on 18 the proposal shall be based upon the area satisfying the 19 applicable eligibility criteria defined in Section 11-74.6-10 20 and whether there is a basis for the municipal findings set 21 forth in the redevelopment plan as required by this Act. If 22 the board does not file a recommendation it shall be presumed 23 that the board has found that the redevelopment project area 24 satisfies the eligibility criteria. 25 (c) After a municipality has by ordinance approved a 26 redevelopment plan and designated a redevelopment planning 27 area or a redevelopment project area, or both, the plan may 28 be amended and additional properties may be added to the 29 redevelopment project area only as herein provided. 30 Amendments which (1) add additional parcels of property to 31 the proposed redevelopment project area, (2) substantially 32 affect the general land uses proposed in the redevelopment 33 plan, (3) substantially change the nature of the 34 redevelopment project, (4) increase the total estimated SB1451 Enrolled -17- LRB9110178MWgc 1 redevelopment project costs set out in the redevelopment plan 2 by more than 5% after adjustment for inflation from the date 3 the plan was adopted, or (5) add additional redevelopment 4 project costs to the itemized list of redevelopment project 5 costs set out in the redevelopment plan shall be made only 6 after the municipality gives notice, convenes a joint review 7 board, and conducts a public hearing pursuant to the 8 procedures set forth in this Section and in Section 9 11-74.6-25. Changes which do not (1) add additional parcels 10 of property to the proposed redevelopment project area, (2) 11 substantially affect the general land uses proposed in the 12 redevelopment plan, (3) substantially change the nature of 13 the redevelopment project, (4) increase the total estimated 14 redevelopment project cost set out in the redevelopment plan 15 by more than 5% after adjustment for inflation from the date 16 the plan was adopted, or (5) add additional redevelopment 17 project costs to the itemized list of redevelopment project 18 costs set out in the redevelopment plan may be made without 19 further hearing, provided that the municipality shall give 20 notice of any such changes by mail to each affected taxing 21 district and by publication in a newspaper of general 22 circulation within the affected taxing district. Such notice 23 by mail and by publication shall each occur not later than 10 24 days following the adoption by ordinance of such changes. 25 (d) After the effective date of this amendatory Act of 26 the 91st General Assembly, a municipality shall submit the 27 following information for each redevelopment project area (i) 28 to the State Comptroller under Section 8-8-3.5 of the 29 Illinois Municipal Codein the financial report required30under Section 3 of the Governmental Account Audit Actand 31 (ii) to all taxing districts overlapping the redevelopment 32 project area no later than 180 days after the close of each 33 municipal fiscal year or as soon thereafter as the audited 34 financial statements become available and, in any case, shall SB1451 Enrolled -18- LRB9110178MWgc 1 be submitted before the annual meeting of the joint review 2 board to each of the taxing districts that overlap the 3 redevelopment project area: 4 (1) Any amendments to the redevelopment plan, or 5 the redevelopment project area. 6 (1.5) A list of the redevelopment project areas 7 administered by the municipality and, if applicable, the 8 date each redevelopment project area was designated or 9 terminated by the municipality. 10 (2) Audited financial statements of the special tax 11 allocation fund once a cumulative total of $100,000 of 12 tax increment revenues has been deposited in the fund. 13 (3) Certification of the Chief Executive Officer of 14 the municipality that the municipality has complied with 15 all of the requirements of this Act during the preceding 16 fiscal year. 17 (4) An opinion of legal counsel that the 18 municipality is in compliance with this Act. 19 (5) An analysis of the special tax allocation fund 20 which sets forth: 21 (A) the balance in the special tax allocation 22 fund at the beginning of the fiscal year; 23 (B) all amounts deposited in the special tax 24 allocation fund by source; 25 (C) an itemized list of all expenditures from 26 the special tax allocation fund by category of 27 permissible redevelopment project cost; and 28 (D) the balance in the special tax allocation 29 fund at the end of the fiscal year including a 30 breakdown of that balance by source and a breakdown 31 of that balance identifying any portion of the 32 balance that is required, pledged, earmarked, or 33 otherwise designated for payment of or securing of 34 obligations and anticipated redevelopment project SB1451 Enrolled -19- LRB9110178MWgc 1 costs. Any portion of such ending balance that has 2 not been identified or is not identified as being 3 required, pledged, earmarked, or otherwise 4 designated for payment of or securing of obligations 5 or anticipated redevelopment project costs shall be 6 designated as surplus as set forth in Section 7 11-74.6-30 hereof. 8 (6) A description of all property purchased by the 9 municipality within the redevelopment project area 10 including: 11 (A) Street address. 12 (B) Approximate size or description of 13 property. 14 (C) Purchase price. 15 (D) Seller of property. 16 (7) A statement setting forth all activities 17 undertaken in furtherance of the objectives of the 18 redevelopment plan, including: 19 (A) Any project implemented in the preceding 20 fiscal year. 21 (B) A description of the redevelopment 22 activities undertaken. 23 (C) A description of any agreements entered 24 into by the municipality with regard to the 25 disposition or redevelopment of any property within 26 the redevelopment project area. 27 (D) Additional information on the use of all 28 funds received under this Division and steps taken 29 by the municipality to achieve the objectives of the 30 redevelopment plan. 31 (E) Information regarding contracts that the 32 municipality's tax increment advisors or consultants 33 have entered into with entities or persons that have 34 received, or are receiving, payments financed by tax SB1451 Enrolled -20- LRB9110178MWgc 1 increment revenues produced by the same 2 redevelopment project area. 3 (F) Any reports submitted to the municipality 4 by the joint review board. 5 (G) A review of public and, to the extent 6 possible, private investment actually undertaken to 7 date after the effective date of this amendatory Act 8 of the 91st General Assembly and estimated to be 9 undertaken during the following year. This review 10 shall, on a project-by-project basis, set forth the 11 estimated amounts of public and private investment 12 incurred after the effective date of this amendatory 13 Act of the 91st General Assembly and provide the 14 ratio of private investment to public investment to 15 the date of the report and as estimated to the 16 completion of the redevelopment project. 17 (8) With regard to any obligations issued by the 18 municipality: 19 (A) copies of any official statements; and 20 (B) an analysis prepared by financial advisor 21 or underwriter setting forth: (i) nature and term of 22 obligation; and (ii) projected debt service 23 including required reserves and debt coverage. 24 (9) For special tax allocation funds that have 25 received cumulative deposits of incremental tax revenues 26 of $100,000 or more, a certified audit report reviewing 27 compliance with this Act performed by an independent 28 public accountant certified and licensed by the authority 29 of the State of Illinois. The financial portion of the 30 audit must be conducted in accordance with Standards for 31 Audits of Governmental Organizations, Programs, 32 Activities, and Functions adopted by the Comptroller 33 General of the United States (1981), as amended, or the 34 standards specified by Section 8-8-5 of the Illinois SB1451 Enrolled -21- LRB9110178MWgc 1 Municipal Auditing Law of the Illinois Municipal Code. 2 The audit report shall contain a letter from the 3 independent certified public accountant indicating 4 compliance or noncompliance with the requirements of 5 subsection (o) of Section 11-74.6-10. 6 (e) The joint review board shall meet annually 180 days 7 after the close of the municipal fiscal year or as soon as 8 the redevelopment project audit for that fiscal year becomes 9 available to review the effectiveness and status of the 10 redevelopment project area up to that date. 11 (Source: P.A. 91-474, eff. 11-1-99.) 12 Section 99. Effective date. This Act takes effect upon 13 becoming law.