Date	Chamber	Action
1/10/2023	Senate	Session Sine Die

Statutes Amended In Order of Appearance

65 ILCS 5/11-74.4-9

from Ch. 24, par. 11-74.4-9

Synopsis As Introduced
Amends the Tax Increment Allocation Redevelopment Act of the Illinois Municipal Code. Provides that if (1) three or more improved lots, blocks, tracts, or parcels of real property within a single redevelopment project area are purchased by a developer or a developer's parent company or wholly-owned subsidiary, or any combination thereof, within the 3 years prior to the date that the ordinance providing for the tax increment allocation was adopted by the municipality, and (2) an improvement on any of the lots, blocks, tracts, or parcels of real property is demolished or otherwise rendered uninhabitable, then the initial equalized assessed value for the lot, block, tract or parcel of real property shall be the equalized assessed value of the lot, block, tract, or parcel of real property on the date it was purchased by the developer, the developer's parent company, or the developer's wholly-owned subsidiary or purchased by any combination thereof. Limits the provisions to ordinances adopted after the effective date of the amendatory Act.

Actions 

Date	Chamber	Action
2/26/2021	Senate	Filed with Secretary by Sen. Robert F. Martwick
2/26/2021	Senate	First Reading
2/26/2021	Senate	Referred to Assignments
3/16/2021	Senate	Assigned to Revenue
4/16/2021	Senate	Rule 3-9(a) / Re-referred to Assignments
1/10/2023	Senate	Session Sine Die

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