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Public Act 096-1262 |
HB3998 Enrolled | LRB096 10062 RLJ 20227 b |
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AN ACT concerning local government.
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Be it enacted by the People of the State of Illinois,
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represented in the General Assembly:
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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 |
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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 |
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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
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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
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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 |
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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 |
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project area by demolition or
removal of any existing |
buildings, structures, fixtures, utilities and
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improvements and clearing and grading; site improvement |
addressing ground level or below ground environmental |
contamination; and including installation, repair,
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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
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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
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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 |
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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
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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
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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
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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 |
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property tax allocation financing to the
time the current |
equalized assessed value of real property in the economic
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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
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assessed value of each property existing at the time |
property tax allocation
financing was adopted for said |
economic development project area; and |
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(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
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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
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agreement. Such costs include, specifically, the payment |
by community
college districts of costs pursuant to Section |
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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
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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 |
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such private financing costs remaining to be paid or
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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
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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
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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) |
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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
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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.
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(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.
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(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 |
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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
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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 |
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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
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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 |
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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
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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; |
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(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
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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. |
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(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
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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
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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,
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(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
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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
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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
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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
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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. |
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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.
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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.
|
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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.
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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
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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 |