Public Act 096-1262 Public Act 1262 96TH GENERAL ASSEMBLY |
Public Act 096-1262 | HB3998 Enrolled | LRB096 10062 RLJ 20227 b |
|
| AN ACT concerning local government.
| Be it enacted by the People of the State of Illinois,
| represented in the General Assembly:
| Section 5. The County Economic Development Project Area | Property
Tax Allocation Act is amended by changing Sections 3, | 4, and 5 as follows: | (55 ILCS 85/3) (from Ch. 34, par. 7003) | Sec. 3. Definitions. In this Act, words or terms shall have | the
following meanings unless the context usage clearly | indicates that another
meaning is intended. | (a) "Department" means the Department of Commerce and | Economic Opportunity. | (b) "Economic development plan" means the written plan of a | county which
sets forth an economic development program for an | economic development
project area. Each economic development | plan shall include but not be
limited to (1) estimated economic | development project costs, (2) the
sources of funds to pay such | costs, (3) the nature and term of any
obligations to be issued | by the county to pay such costs, (4) the most
recent equalized | assessed valuation of the economic development project
area, | (5) an estimate of the equalized assessed valuation of the | economic
development project area after completion of the | economic development plan,
(6) the estimated date of completion |
| of any economic development
project proposed to be undertaken, | (7) a general description of any
proposed developer, user, or | tenant of any property to be located or
improved within the | economic development project area, (8) a description of
the | type, structure and general character of the facilities to be | developed
or improved in the economic development project area, | (9) a description of
the general land uses to apply in the | economic development project area,
(10) a description of the | type, class and number of employees to be
employed in the | operation of the facilities to be developed or improved in
the | economic development project area and (11) a commitment by the | county
to fair employment practices and an affirmative action | plan with respect to
any economic development program to be | undertaken by the county. The economic development plan for an | economic development project area authorized by subsection | (a-15) of Section 4 of this Act must additionally include (1) | evidence indicating that the redevelopment project area on the | whole has not been subject to growth and development through | investment by private enterprise and is not reasonably expected | to be subject to such growth and development without the | assistance provided through the implementation of the economic | development plan and (2) evidence that portions of the economic | development project area have incurred Illinois Environmental | Protection Agency or United States Environmental Protection | Agency remediation costs for, or a study conducted by an | independent consultant recognized as having expertise in |
| environmental remediation has determined a need for, the | clean-up of hazardous waste, hazardous substances, or | underground storage tanks required by State or federal law, | provided that the remediation costs constitute a material | impediment to the development or redevelopment of the project | area. | (c) "Economic development project" means any development | project in
furtherance of the objectives of this Act. | (d) "Economic development project area" means any improved | or vacant
area which is located within the corporate limits of | a county and which (1)
is within the unincorporated area of | such county, or, with the consent of
any affected municipality, | is located partially within the unincorporated
area of such | county and partially within one or more municipalities, (2) is
| contiguous, (3) is not less in the aggregate than 100 acres | and, for an economic development project area authorized by | subsection (a-15) of Section 4 of this Act, not more than 2,000 | acres , (4) is
suitable for siting by any commercial, | manufacturing, industrial, research
or transportation | enterprise of facilities to include but not be limited to
| commercial businesses, offices, factories, mills, processing | plants,
assembly plants, packing plants, fabricating plants, | industrial or
commercial distribution centers, warehouses, | repair overhaul or service
facilities, freight terminals, | research facilities, test facilities or
transportation | facilities, whether or not such area has been used at any
time |
| for such facilities and whether or not the area has been used | or is
suitable for such facilities and whether or not the area | has been used or
is suitable for other uses, including | commercial agricultural purposes, and
(5) which has been | certified by the Department pursuant to this Act. | (e) "Economic development project costs" means and | includes the sum
total of all reasonable or necessary costs | incurred by a county incidental
to an economic development | project, including, without limitation, the
following: | (1) Costs of studies, surveys, development of plans and | specifications,
implementation and administration of an | economic development plan,
personnel and professional | service costs for architectural, engineering,
legal, | marketing, financial, planning, sheriff, fire, public | works or other
services, provided that no charges for | professional services may be based
on a percentage of | incremental tax revenue; | (2) Property assembly costs within an economic | development project area,
including but not limited to | acquisition of land and other real or personal
property or | rights or interests therein, and specifically including | payments
to developers or other non-governmental persons | as reimbursement for property
assembly costs incurred by | such developer or other non-governmental person; | (3) Site preparation costs, including but not limited | to clearance of
any area within an economic development |
| project area by demolition or
removal of any existing | buildings, structures, fixtures, utilities and
| improvements and clearing and grading; site improvement | addressing ground level or below ground environmental | contamination; and including installation, repair,
| construction, reconstruction, or relocation of public | streets, public
utilities, and other public site | improvements within or without an economic
development | project area which are essential to the preparation of the
| economic development project area for use in accordance | with an economic
development plan; and specifically | including payments to developers or
other non-governmental | persons as reimbursement for site preparation costs
| incurred by such developer or non-governmental person; | (4) Costs of renovation, rehabilitation, | reconstruction, relocation,
repair or remodeling of any | existing buildings, improvements, and fixtures
within an | economic development project area, and specifically | including
payments to developers or other non-governmental | persons as reimbursement
for such costs incurred by such | developer or non-governmental person; | (5) Costs of construction within an economic | development project area of
public improvements, including | but not limited to, buildings, structures,
works, | improvements, utilities or fixtures; | (6) Financing costs, including but not limited to all |
| necessary and
incidental expenses related to the issuance | of obligations, payment of any
interest on any obligations | issued hereunder which accrues during the
estimated period | of construction of any economic development project for
| which such obligations are issued and for not exceeding 36 | months
thereafter, and any reasonable reserves related to | the issuance of such
obligations; | (7) All or a portion of a taxing district's capital | costs resulting from
an economic development project | necessarily incurred or estimated to be
incurred by a | taxing district in the furtherance of the objectives of an
| economic development project, to the extent that the county | by written
agreement accepts, approves and agrees to incur | or to reimburse such costs; | (8) Relocation costs to the extent that a county | determines that
relocation costs shall be paid or is | required to make payment of relocation
costs by federal or | State law; | (9) The estimated tax revenues from real property in an | economic
development project area acquired by a county | which, according to the
economic development plan, is to be | used for a private use and which any
taxing district would | have received had the county not adopted property tax
| allocation financing for an economic development project | area and
which would result from such taxing district's | levies made after the time
of the adoption by the county of |
| property tax allocation financing to the
time the current | equalized assessed value of real property in the economic
| development project area exceeds the total initial | equalized value of real
property in that area; | (10) Costs of rebating ad valorem taxes paid by any | developer or other
nongovernmental person in whose name the | general taxes were paid for the
last preceding year on any | lot, block, tract or parcel of land in the
economic | development project area, provided that: | (i) such economic development project area is | located in an enterprise
zone created pursuant to the | Illinois Enterprise Zone Act; | (ii) such ad valorem taxes shall be rebated only in | such amounts and for
such tax year or years as the | county and any one or more affected taxing
districts | shall have agreed by prior written agreement; | (iii) any amount of rebate of taxes shall not | exceed the portion, if
any, of taxes levied by the | county or such taxing district or districts
which is | attributable to the increase in the current equalized | assessed
valuation of each taxable lot, block, tract or | parcel of real property in
the economic development | project area over and above the initial equalized
| assessed value of each property existing at the time | property tax allocation
financing was adopted for said | economic development project area; and |
| (iv) costs of rebating ad valorem taxes shall be | paid by a county solely
from the special tax allocation | fund established pursuant to this Act and
shall be paid | from the proceeds of any obligations issued by a | county. | (11) Costs of job training, advanced vocational | education or career
education programs, including but not | limited to courses in occupational,
semi-technical or | technical fields leading directly to employment, incurred
| by one or more taxing districts, provided that such costs | are related to
the establishment and maintenance of | additional job training, advanced
vocational education or | career education programs for persons employed or
to be | employed by employers located in an economic development | project
area, and further provided, that when such costs | are incurred by a taxing
district or taxing districts other | than the county, they shall be set forth
in a written | agreement by or among the county and the taxing district
or | taxing districts, which agreement describes the program to | be
undertaken, including, but not limited to, the number of | employees to be
trained, a description of the training and | services to be provided, the
number and type of positions | available or to be available, itemized costs
of the program | and sources of funds to pay the same, and the term of the
| agreement. Such costs include, specifically, the payment | by community
college districts of costs pursuant to Section |
| 3-37, 3-38, 3-40 and 3-40.1
of the Public Community College | Act and by school districts of costs
pursuant to Sections | 10-22.20 and 10-23.3a of the School Code; | (12) Private financing costs incurred by developers or | other
non-governmental persons in connection with an | economic development
project, and specifically including | payments to developers or other
non-governmental persons | as reimbursement for such costs incurred by such
developer | or other non-governmental persons provided that: | (A) private financing costs shall be paid or | reimbursed by a county only
pursuant to the prior | official action of the county evidencing an intent to
| pay such private financing costs; | (B) except as provided in subparagraph (D) of this | Section, the
aggregate amount of such costs paid or | reimbursed by a county in any one
year shall not exceed | 30% of such costs paid or incurred by such developer
or | other non-governmental person in that year; | (C) private financing costs shall be paid or | reimbursed by a county
solely from the special tax | allocation fund established pursuant to this
Act and | shall not be paid or reimbursed from the proceeds of | any
obligations issued by a county; | (D) if there are not sufficient funds available in | the special tax
allocation fund in any year to make | such payment or reimbursement in full,
any amount of |
| such private financing costs remaining to be paid or
| reimbursed by a county shall accrue and be payable when | funds are available
in the special tax allocation fund | to make such payment; and | (E) in connection with its approval and | certification of an economic
development project | pursuant to Section 5 of this Act, the Department shall
| review any agreement authorizing the payment or | reimbursement by a county
of private financing costs in | its consideration of the impact on the
revenues of the | county and the affected taxing districts of the use of
| property tax allocation financing. | (f) "Obligations" means any instrument evidencing the | obligation of a
county to pay money, including without | limitation, bonds, notes,
installment or financing contracts, | certificates, tax anticipation warrants
or notes, vouchers, | and any other evidence of indebtedness. | (g) "Taxing districts" means municipalities, townships, | counties, and
school, road, park, sanitary, mosquito | abatement, forest preserve, public
health, fire protection, | river conservancy, tuberculosis sanitarium and any
other | county corporations or districts with the power to levy taxes | on
real property. | (Source: P.A. 94-793, eff. 5-19-06.) | (55 ILCS 85/4) (from Ch. 34, par. 7004) |
| Sec. 4. Establishment of economic development project | area;
ordinance; joint review board; notice; hearing; changes | in economic
development plan; annual reporting requirements. | Economic development
project areas shall be established as | follows: | (a)
The corporate authorities of Whiteside County may by | ordinance propose the establishment of an economic
development | project area and fix a time and place for a public hearing, and
| shall submit a certified copy of the ordinance as adopted to | the Department. | (a-5) After the effective date of this amendatory Act of | the 93rd General Assembly, the corporate authorities of | Stephenson County may by ordinance propose the establishment of | an economic development project area and fix a time and place | for a public hearing, and shall submit a certified copy of the | ordinance as adopted to the Department.
| (a-10) The corporate authorities of Grundy County may, by | ordinance, propose the establishment of an economic | development project and fix a time and place for a public | hearing. Upon passage of the ordinance, the corporate | authorities of Grundy County shall submit a certified copy of | the ordinance, as adopted, to the Department.
| (a-15) For a period of 2 years beginning on the effective | date of this amendatory Act of the 96th General Assembly, the | corporate authorities of Grundy County may, by ordinance, | propose the establishment of an economic development project |
| and fix a time and place for a public hearing. Upon passage of | the ordinance, the corporate authorities of Grundy County shall | submit a certified copy of the ordinance, as adopted, to the | Department. | (b) Any county which adopts an ordinance which fixes a | date, time and
place for a public hearing shall convene a joint | review board as
hereinafter provided. Not less than 45 days | prior to the date fixed for
the public hearing, the county | shall give notice by mailing to the chief
executive officer of | each affected taxing district having taxable property
included | in the proposed economic development project area and, if the | ordinance is adopted by Stephenson County, the chief executive | officer of any municipality within Stephenson County having a | population of more than 20,000 that such chief
executive | officer or his designee is invited to participate in a joint
| review board. The designee shall serve at the discretion of the | chief
executive officer of the taxing district for a term not | to exceed 2 years.
Such notice shall advise each chief | executive officer of the date, time and
place of the first | meeting of such joint review board, which shall occur
not less | than 30 days prior to the date of the public hearing. Such | notice
by mail shall be given by depositing such notice in the | United States
Postal Service by certified mail. | At or prior to the first meeting of such joint review board | the county
shall furnish to any member of such joint review | board copies of the
proposed economic development plan and any |
| related documents which such
member shall reasonably request. A | majority of the members of such joint
review board present at | any meeting shall constitute a quorum. Additional
meetings may | be called by any member of a joint review board upon the
giving | of notice not less than 72 hours prior to the date of any | additional
meeting to all members of the joint review board. | The joint review board
shall review such information and | material as its members reasonably deem
relevant to the | county's proposals to approve economic development plans
and | economic development projects and to designate economic | development
project areas. The county shall provide such | information and material
promptly upon the request of the joint | review board and may also provide
administrative support and | facilities as the joint review board may
reasonably require. | Within 30 days of its first meeting, a joint review board | shall provide
the county with a written report of its review of | any proposal to approve
an economic development plan and | economic development project and to
designate an economic | development project area. Such written report shall
include | such information and advisory, nonbinding recommendations as a
| majority of the members of the joint review board shall deem | relevant.
Written reports of joint review boards may include | information and
advisory, nonbinding recommendations provided | by a minority of the members
thereof. Any joint review board | which does not provide such written report
within such 30-day | period shall be deemed to have recommended that the
county |
| proceed with a proposal to approve an economic development plan | and
economic development project and to designate an economic | development
project area. | (c) Notice of the public hearing shall be given by | publication and
mailing. | (1) Notice by publication shall be given by publication | at least
twice, the first publication to be not more than | 30 nor less than 10 days
prior to the hearing in a | newspaper of general circulation within the
taxing | districts having property in the proposed economic | development
project area. Notice by mailing shall be given | by depositing such notice
together with a copy of the | proposed economic development plan in the
United States | Postal Service by certified mail addressed to the person or
| persons in whose name the general taxes for the last | preceding year were
paid on each lot, block, tract, or | parcel of land lying within the proposed
economic | development project area. The notice shall be mailed not | less
than 10 days prior to the dates set for the public | hearing. In the event
taxes for the last preceding year | were not paid, the notice shall also be
sent to the persons | last listed on the tax rolls within the preceding 3
years | as the owners of the property. | (2) The notices issued pursuant to this Section shall | include the
following: | (A) The time and place of public hearing; |
| (B) The boundaries of the proposed economic | development project area
by legal description and by | street location where possible; | (C) A notification that all interested persons | will be given an
opportunity to be heard at the public | hearing; | (D) An invitation for any person to submit | alternative proposals or bids
for any proposed | conveyance, lease, mortgage or other disposition of | land
within the proposed economic development project | area; | (E) A description of the economic development plan | or economic
development project if a plan or project is | a subject matter of the
hearing; and | (F) Such other matters as the county may deem | appropriate. | (3) Not less than 45 days prior to the date set for | hearing, the county
shall give notice by mail as provided | in this subsection (c) to all taxing
districts of which | taxable property is included in the economic development
| project area, and to the Department. In addition to the | other requirements
under this subsection (c), the notice | shall include an invitation to the
Department and each | taxing district to submit comments to the county
concerning | the subject matter of the hearing prior to the date of the | hearing. |
| (d) At the public hearing any interested person, the | Department or any
affected taxing district may file written | objections with the county clerk
and may be heard orally with | respect to any issues embodied in the notice.
The county shall | hear and determine all alternate proposals or bids for any
| proposed conveyance, lease, mortgage or other disposition of | land and all
protests and objections at the hearing, and the | hearing may be adjourned to
another date without further notice | other than a motion to be entered upon
the minutes fixing the | time and place of the adjourned hearing. Public
hearings with | regard to an economic development plan, economic development
| project area, or economic development project may be held | simultaneously. | (e) At the public hearing, or at any time prior to the | adoption by the
county of an ordinance approving an economic | development plan, the county
may make changes in the economic | development plan. Changes which (1) alter
the exterior | boundaries of the proposed economic development project area,
| (2) substantially affect the general land uses established in | the proposed
economic development plan, (3) substantially | change the nature of the
proposed economic development plan, | (4) change the general description
of any proposed developer, | user or tenant of any property to be located or
improved within | the economic development project area, or (5) change the
| description of the type, class and number of employees to be | employed in
the operation of the facilities to be developed or |
| improved within the
economic development project area shall be | made only after review by joint
review board, notice and | hearing pursuant to the procedures set forth in
this Section. | Changes which do not (1) alter the exterior boundaries of a
| proposed economic development project area, (2) substantially | affect the
general land uses established in the proposed plan, | (3) substantially
change the nature of the proposed economic | development plan, (4) change the
general description of any | proposed developer, user or tenant of any
property to be | located or improved within the economic development project
| area, or (5) change the description of the type, class and | number of
employees to be employed in the operation of the | facilities to be developed
or improved within the economic | development project area may be made
without further notice or | hearing, provided that the county shall give
notice of its | changes by mail to the Department and to each affected taxing
| district and by publication in a newspaper or newspapers of | general
circulation with the affected taxing districts. Such | notice by mail and by
publication shall each occur not later | than 10 days following the adoption
by ordinance of such | changes. | (f) At any time within 90 days of the final adjournment
of | the public hearing, a county may, by ordinance, approve the | economic
development plan, establish the economic development | project area, and
authorize property tax allocation financing | for such economic development
project area. |
| Any ordinance adopted by Whiteside County which approves | the economic
development plan shall contain findings that the | economic development
project is reasonably expected to create | or retain not less than 500
full-time equivalent jobs, that | private investment in an amount not less
than $25,000,000 is | reasonably expected to occur in the
economic
development | project area, that the economic development project will
| encourage the increase of commerce and industry within the | State, thereby
reducing the evils attendant upon unemployment | and increasing opportunities
for personal income, and that the | economic development project will
increase or maintain the | property, sales and income tax bases of the county
and of the | State.
| Any ordinance adopted by Grundy County that approves an the | economic
development plan shall contain findings that the | economic development
project is reasonably expected to create | or retain not less than 250
full-time equivalent jobs, that | private investment in an amount not less
than $50,000,000 is | reasonably expected to occur in the
economic
development | project area, that the economic development project will
| encourage the increase of commerce and industry within the | State, thereby
reducing the evils attendant upon unemployment | and increasing opportunities
for personal income, and that the | economic development project will
increase or maintain the | property, sales, and income tax bases of the county
and of the | State.
|
| Any ordinance adopted by Stephenson County that approves an | economic development plan shall contain findings that (i) the | economic development project is reasonably expected to create | or retain not less than 500 full-time equivalent jobs; (ii) | private investment in an amount not less than $10,000,000 is | reasonably expected to occur in the economic development area; | (iii) the economic development project will encourage the | increase of commerce and industry within the State, thereby | reducing the evils attendant upon unemployment and increasing | opportunities for personal income; and (iv) the economic | development project will increase or maintain the property, | sales, and income tax bases of the county and of the State. | Before the economic development project area is established by | Stephenson County, the following additional conditions must be | included in an intergovernmental agreement approved by both the | Stephenson County Board and the corporate authorities of the | City of Freeport: (i) the corporate authorities of the City of | Freeport must concur by resolution with the findings of | Stephenson County; (ii) both the corporate authorities of the | City of Freeport and the Stephenson County Board shall approve | any and all economic or redevelopment agreements and incentives | for any economic development project within the economic | development area; (iii) any economic development project that | receives funds under this Act, except for any economic | development project specifically excluded from annexation in | the provisions of the intergovernmental agreement, shall agree |
| to and must enter into an annexation agreement with the City of | Freeport to annex property included in the economic development | project area to the City of Freeport at the first point in time | that the property becomes contiguous to the City of Freeport; | (iv) the local share of all State occupation and use taxes | allocable to the City of Freeport and Stephenson County and | derived from commercial projects within the economic | development project area shall be equally shared by and between | the City of Freeport and Stephenson County for the duration of | the economic development project; and (v) any development in | the economic development project area shall be built in | accordance with the building and related codes of both the City | of Freeport and Stephenson County and the City of Freeport | shall approve all provisions for water and sewer service.
| The ordinance shall also state that the economic | development project area
shall not include parcels to be used | for purposes of residential
development.
Any ordinance adopted | which establishes an economic
development project area shall | contain the boundaries of such area by legal
description and, | where possible, by street location. Any ordinance adopted
which | authorizes property tax allocation financing shall provide | that the
ad valorem taxes, if any, arising from the levies upon | taxable real
property in such economic development project area | by taxing districts and
tax rates determined in the manner | provided in subsection (b) of Section 6
of this Act each year | after the effective date of the ordinance until
economic |
| development project costs and all county obligations financing
| economic development project costs incurred under this Act have | been paid
shall be divided as follows: | (1) That portion of taxes levied upon each taxable lot, | block, tract or
parcel of real property which is | attributable to the lower of the current
equalized assessed | value or the initial equalized assessed value of each
such | taxable lot, block, tract or parcel of real property in the | economic
development project area shall be allocated to, | and when collected, shall
be paid by the county collector | to the respective affected taxing districts
in the manner | required by law in the absence of the adoption of property | tax
allocation financing. | (2) That portion, if any, of such taxes which is | attributable to the
increase in the current equalized | assessed valuation of each taxable lot,
block, tract or | parcel of real property in the economic development project
| area over and above the initial equalized assessed value of | each property
in the economic development project area | shall be allocated to and when
collected shall be paid to | the county treasurer who shall deposit those
taxes into a | special fund called the special tax allocation fund of the
| county for the purpose of paying economic development | project costs and
obligations incurred in the payment | thereof. | (g) After a county has by ordinance approved an economic |
| development plan
and established an economic development | project area, the plan may be
amended and the boundaries of the | area may be altered only as herein
provided. Amendments which | (1) alter the exterior boundaries of an
economic development | project area, (2) substantially affect the general
land uses | established pursuant to the economic development plan, (3)
| substantially change the nature of the economic development | plan, (4)
change the general description of any proposed | developer, user, or tenant
of any property to be located or | improved within the economic development
project area, or (5) | change the description of the type, class and number
of | employees to be employed in the operation of the facilities to | be
developed or improved shall be made only after review by a | joint review
board, notice and hearing pursuant to the | procedures set forth in this
Section. Amendments which do not | (1) alter the exterior boundaries of an
economic development | project area, (2) substantially affect the general
land uses | established in the economic development plan, (3) | substantially
change the nature of the economic development | plan, (4) change the
description of any proposed developer, | user, or tenant of any property to
be located or improved | within the economic development project area, or (5)
change the | description of the type, class and number of employees to be
| employed in the operation of the facilities to be developed or | improved
within the economic development project area may be | made without further
hearing or notice, provided that the |
| county shall give notice of any
amendment by mail to the | Department and to each taxing district and by
publication in a | newspaper or newspapers of general circulation within the
| affected taxing districts. Such notices by mail and by | publication shall
each occur not later than 10 days following | the adoption by ordinance of
such amendments. | (h) After the adoption of an ordinance adopting property | tax allocation
financing for an economic development project | area, the county
shall annually report to each taxing district | having taxable property
within such economic development | project area (i) any increase or decrease
in the equalized | assessed value of the real property located within such
| economic development project area above or below the initial | equalized
assessed value of such real property, (ii) that | portion, if any, of the ad
valorem taxes arising from the | levies upon taxable real property in such
economic development | project area by the taxing districts which is
attributable to | the increase in the current equalized assessed valuation of
| each lot, block, tract or parcel of real property in the | economic
development project area over and above the initial | equalized value of each
property and which has been allocated | to the county in the current year,
and (iii) such other | information as the county may deem relevant. | (i) The county shall give notice by mail as provided in | this Section and
shall reconvene the joint review board not | less than annually for each of
the 2 years following its |
| adoption of an ordinance adopting property tax
allocation | financing for an economic development project area and not less
| than once in each 3-year period thereafter. The county shall | provide such
information, and may provide administrative | support and facilities as the
joint review board may reasonably | require for each of such meetings. | (Source: P.A. 93-959, eff. 8-20-04; 94-259, eff. 1-1-06.) | (55 ILCS 85/5) (from Ch. 34, par. 7005) | Sec. 5. Submission to Department; certification by | Department. | (a) The county shall submit certified copies of any | ordinances adopted
approving a proposed economic development | plan, establishing an economic
development project area, and | authorizing tax increment allocation
financing to the | Department, together with (1) a map of the economic
development | project area, (2) a copy of the economic development plan as
| approved, (3) an analysis, and any supporting documents and | statistics,
demonstrating (i) that the economic development | project is reasonably expected
to create or retain not less | than 500 full-time equivalent jobs
and (ii) that
private | investment in the amount of not less than $25,000,000 for all | ordinances adopted by Whiteside County and in the amount of not | less than $10,000,000 for any ordinance adopted by Stephenson | County is reasonably
expected to occur in the economic | development project area, (4) an estimate
of the economic |
| impact of the economic development plan and the use of
property | tax allocation financing upon the revenues of the county and | the
affected taxing districts, (5) a record of all public | hearings held in
connection with the establishment of the | economic development project area,
and (6) such other | information as the Department by regulation may require. | (b) Upon receipt of an application from a county the | Department shall
review the application to determine whether | the economic development
project area qualifies as an economic | development project area under this
Act. At its discretion, the | Department may accept or reject the application
or may request | such additional information as it deems necessary or
advisable | to aid its review. If any such area is found to be qualified to
| be an economic development project area, the Department shall | approve and
certify such economic development project area and | shall provide written
notice of its approval and certification | to the county and to the county
clerk. In determining whether | an economic development project area shall be
approved and | certified, the Department shall consider (1) whether, without
| public intervention, the State would suffer substantial | economic
dislocation, such as relocation of a commercial | business or industrial or
manufacturing facility to another | state, territory or country, or would not
otherwise benefit | from private investment offering substantial employment
| opportunities and economic growth, and (2) the impact on the | revenues of
the county and the affected taxing districts of the |
| use of tax increment
allocation financing in connection with | the economic development project. | (c) On or before July 1, 2007, and again on or before July | 1, 2012, the Department shall submit to
the
General Assembly a | report detailing the number of economic development
project | areas it has approved and certified, the number and type of | jobs
created or retained therein, the aggregate amount of | private investment
therein, the impact in the revenues of | counties and affected taxing
districts of the use of property | tax allocation financing therein, and such
additional | information as the Department may determine to be relevant. On
| July 1, 2008 the authority granted hereunder to counties to
| establish
economic development project areas under subsections | (a), (a-5), and (a-10) of Section 4 of this Act and to adopt | property tax allocation
financing in connection therewith and | to the Department to approve and
certify economic development | project areas shall expire unless the General
Assembly shall | have authorized counties and the Department to continue to
| exercise the powers granted to them under this Act. Two years | after the effective date of this amendatory Act of the 96th | General Assembly, the authority granted to Grundy County to | establish an economic development project under subsection | (a-15) of Section 4 of this Act and to adopt property tax | allocation financing in connection therewith shall expire. | (Source: P.A. 92-791, eff. 8-6-02; 93-959, eff. 8-20-04.)
| Section 99. Effective date. This Act takes effect upon |
Effective Date: 7/26/2010
|