Public Act 096-1262
 
HB3998 EnrolledLRB096 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
becoming law.

Effective Date: 7/26/2010