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1 | AN ACT concerning local government.
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2 | Be it enacted by the People of the State of Illinois,
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3 | represented in the General Assembly:
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4 | Section 5. The Illinois Municipal Code is amended by | ||||||
5 | changing Sections 8-8-3.5, 11-74.4-5, and 11-74.6-22 as | ||||||
6 | follows:
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7 | (65 ILCS 5/8-8-3.5)
| ||||||
8 | Sec. 8-8-3.5. Tax Increment Financing Report. The reports | ||||||
9 | filed under
subsection (d) of Section 11-74.4-5 of the Tax | ||||||
10 | Increment Allocation
Redevelopment Act and the reports filed | ||||||
11 | under subsection (d) of Section
11-74.6-22 of the Industrial | ||||||
12 | Jobs Recovery Law
in the Illinois Municipal Code must be | ||||||
13 | separate from any
other annual report filed with the | ||||||
14 | Comptroller. The Comptroller must, in
cooperation with | ||||||
15 | reporting municipalities, create
a format for the reporting of | ||||||
16 | information described in paragraphs (1.5) ,
and (5) , and (8) | ||||||
17 | and
in subparagraph (G) of paragraph (7) of subsection (d) of | ||||||
18 | Section
11-74.4-5 of
the Tax Increment Allocation | ||||||
19 | Redevelopment Act
and the information described in paragraphs | ||||||
20 | (1.5) , and (5) , and (8) and in subparagraph
(G) of paragraph | ||||||
21 | (7) of subsection (d) of Section 11-74.6-22 of the Industrial
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22 | Jobs Recovery Law
that facilitates consistent
reporting among | ||||||
23 | the reporting municipalities. The Comptroller may allow these
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1 | reports to be filed electronically and may display the report, | ||||||
2 | or portions of
the report, electronically via the Internet. | ||||||
3 | All reports filed under this
Section must be made available | ||||||
4 | for examination and copying by the public at all
reasonable | ||||||
5 | times. A Tax Increment Financing Report must be filed | ||||||
6 | electronically with the Comptroller within 180 days after the | ||||||
7 | close of the municipal fiscal year or as soon thereafter as the | ||||||
8 | audit for the redevelopment
project area for that fiscal year | ||||||
9 | becomes available. If the Tax Increment Finance administrator | ||||||
10 | provides the Comptroller's office with sufficient evidence | ||||||
11 | that the report is in the process of being completed by an | ||||||
12 | auditor, the Comptroller may grant an extension. If the | ||||||
13 | required report is not filed within
the
time extended by the | ||||||
14 | Comptroller, the Comptroller shall notify the corporate | ||||||
15 | authorities of that municipality that the audit report is past | ||||||
16 | due. The Comptroller may charge a municipality a fee of $5 per | ||||||
17 | day for the first 15 days past due, $10 per day for 16 through | ||||||
18 | 30 days past due, $15 per day for 31 through 45 days past due, | ||||||
19 | and $20 per day for the 46th day and every day thereafter. | ||||||
20 | These amounts may be reduced at the Comptroller's discretion. | ||||||
21 | In the event the required audit report is not filed within 60 | ||||||
22 | days of such notice, the Comptroller shall cause such audit to | ||||||
23 | be made by an auditor or auditors. The Comptroller may decline | ||||||
24 | to order an audit and the preparation of an audit report if an | ||||||
25 | initial examination of the books and records of the | ||||||
26 | municipality indicates that books and records of the |
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1 | municipality are inadequate or unavailable to support the | ||||||
2 | preparation of the audit report or the supplemental report due | ||||||
3 | to the passage of time or the occurrence of a natural disaster. | ||||||
4 | All fees collected pursuant to this Section shall be deposited | ||||||
5 | into the Comptroller's Administrative Fund. In the event the | ||||||
6 | Comptroller causes an audit to be made in accordance with the | ||||||
7 | requirements of this Section, the municipality shall pay to | ||||||
8 | the Comptroller reasonable compensation and expenses to | ||||||
9 | reimburse her for the cost of preparing or completing such | ||||||
10 | report. Moneys paid to the Comptroller pursuant to the | ||||||
11 | preceding sentence shall be deposited into the Comptroller's | ||||||
12 | Audit Expense Revolving Fund.
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13 | (Source: P.A. 101-419, eff. 1-1-20 .)
| ||||||
14 | (65 ILCS 5/11-74.4-5) (from Ch. 24, par. 11-74.4-5)
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15 | Sec. 11-74.4-5. Public hearing; joint review board. | ||||||
16 | (a) The changes made by this amendatory Act of the 91st
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17 | General Assembly do not apply to a municipality that, (i) | ||||||
18 | before the
effective date of this amendatory Act of the 91st | ||||||
19 | General Assembly,
has adopted an ordinance or resolution | ||||||
20 | fixing a time and place for a
public hearing under this Section | ||||||
21 | or (ii) before July 1, 1999, has adopted
an ordinance or | ||||||
22 | resolution providing for a feasibility study under Section
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23 | 11-74.4-4.1, but has not yet adopted an ordinance
approving | ||||||
24 | redevelopment plans and redevelopment projects or designating
| ||||||
25 | redevelopment project areas under Section 11-74.4-4, until |
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1 | after that
municipality adopts an ordinance
approving | ||||||
2 | redevelopment plans and redevelopment projects or designating
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3 | redevelopment project areas under Section 11-74.4-4; | ||||||
4 | thereafter the changes
made by this amendatory Act of the 91st | ||||||
5 | General Assembly apply to the same
extent that they apply to
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6 | redevelopment plans and redevelopment projects that were | ||||||
7 | approved and
redevelopment projects that were designated | ||||||
8 | before the effective date of this
amendatory Act of the 91st | ||||||
9 | General Assembly.
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10 | Prior to the adoption of an ordinance proposing the
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11 | designation of a redevelopment project area, or approving a
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12 | redevelopment plan or redevelopment project, the municipality | ||||||
13 | by its
corporate authorities, or as it may determine by any | ||||||
14 | commission
designated under subsection (k) of Section | ||||||
15 | 11-74.4-4 shall adopt an
ordinance or resolution fixing
a time | ||||||
16 | and place for public hearing.
At least 10 days prior to the | ||||||
17 | adoption of the ordinance or resolution
establishing the time
| ||||||
18 | and place for the public hearing, the municipality shall make | ||||||
19 | available for
public inspection a redevelopment plan or a | ||||||
20 | separate report that provides in
reasonable detail the basis | ||||||
21 | for the eligibility of
the redevelopment project area. The | ||||||
22 | report along with the name of a
person to
contact for further | ||||||
23 | information shall be sent within a reasonable time
after the | ||||||
24 | adoption of such ordinance or resolution to the
affected | ||||||
25 | taxing districts
by certified mail.
On and after the effective | ||||||
26 | date of this amendatory Act of the 91st General
Assembly, the |
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1 | municipality shall print in a newspaper of general circulation
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2 | within the municipality a notice that interested persons may | ||||||
3 | register with the
municipality in order to receive information | ||||||
4 | on the proposed designation of a
redevelopment project area or | ||||||
5 | the approval of a redevelopment plan. The notice
shall state | ||||||
6 | the place of registration and the operating hours of that | ||||||
7 | place.
The municipality shall have adopted reasonable rules to | ||||||
8 | implement this
registration process under Section 11-74.4-4.2.
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9 | The municipality shall provide notice of the availability of | ||||||
10 | the
redevelopment plan and eligibility report, including how | ||||||
11 | to obtain this
information, by mail within a reasonable time | ||||||
12 | after the adoption of the
ordinance or resolution, to all | ||||||
13 | residential addresses that, after a good faith
effort, the | ||||||
14 | municipality determines are located outside the proposed
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15 | redevelopment project area and within 750 feet of the
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16 | boundaries of the proposed redevelopment project area. This | ||||||
17 | requirement is
subject to the limitation that in a | ||||||
18 | municipality with a population of over
100,000, if the total | ||||||
19 | number of residential addresses outside the proposed
| ||||||
20 | redevelopment project area and within 750 feet of the
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21 | boundaries of the proposed redevelopment project area exceeds | ||||||
22 | 750, the
municipality shall be required to provide the notice | ||||||
23 | to only the 750
residential addresses that, after a good faith | ||||||
24 | effort, the municipality
determines are outside the proposed | ||||||
25 | redevelopment project area and closest
to the boundaries of | ||||||
26 | the proposed redevelopment project
area.
Notwithstanding the |
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1 | foregoing, notice given after August 7, 2001 (the
effective | ||||||
2 | date of Public Act 92-263) and before the effective date of | ||||||
3 | this
amendatory Act of the 92nd General Assembly to | ||||||
4 | residential addresses within 750
feet of the boundaries of a | ||||||
5 | proposed redevelopment project area shall be deemed
to have | ||||||
6 | been sufficiently given in compliance with this Act if given | ||||||
7 | only to
residents outside the boundaries of the proposed | ||||||
8 | redevelopment project area.
The notice shall also be provided | ||||||
9 | by the municipality, regardless of its
population, to those | ||||||
10 | organizations and residents that have registered with the
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11 | municipality for that information in accordance with the | ||||||
12 | registration
guidelines established by the municipality under | ||||||
13 | Section 11-74.4-4.2.
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14 | At the public hearing any
interested person or affected | ||||||
15 | taxing district may file with the
municipal clerk written | ||||||
16 | objections to and may be heard orally in respect
to any issues | ||||||
17 | embodied in the notice. The municipality shall hear all | ||||||
18 | protests
and objections at the hearing and the hearing may
be | ||||||
19 | adjourned to another date without further notice other than a | ||||||
20 | motion
to be entered upon the minutes fixing the time and place | ||||||
21 | of the
subsequent hearing.
At the public hearing or at any time | ||||||
22 | prior to the
adoption by the municipality of an ordinance | ||||||
23 | approving a redevelopment plan,
the municipality may make | ||||||
24 | changes in the redevelopment plan. Changes which (1)
add | ||||||
25 | additional parcels of property to the proposed redevelopment | ||||||
26 | project area,
(2) substantially affect the general land uses |
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1 | proposed in the redevelopment
plan, (3) substantially change | ||||||
2 | the nature of or extend the life of the
redevelopment project,
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3 | or (4) increase the number of inhabited residential units to | ||||||
4 | be displaced from the redevelopment project area, as
measured | ||||||
5 | from the time of creation of the redevelopment project area, | ||||||
6 | to a total of more than
10,
shall be made only after the
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7 | municipality gives notice,
convenes a joint review board, and | ||||||
8 | conducts a public hearing pursuant to the
procedures set forth | ||||||
9 | in this Section and in Section 11-74.4-6 of this Act.
Changes | ||||||
10 | which do not (1) add additional parcels of property to the | ||||||
11 | proposed
redevelopment project area, (2) substantially affect | ||||||
12 | the general land uses
proposed in the redevelopment plan, (3) | ||||||
13 | substantially change the nature of
or extend the life of the | ||||||
14 | redevelopment project,
or (4) increase the number of inhabited | ||||||
15 | residential units to be displaced from the redevelopment | ||||||
16 | project area, as
measured from the time of creation of the | ||||||
17 | redevelopment project area, to a total
of more than 10,
may be | ||||||
18 | made without further
hearing, provided that the municipality | ||||||
19 | shall give notice of any such changes
by mail to each affected | ||||||
20 | taxing district and registrant on the interested
parties | ||||||
21 | registry, provided for under Section 11-74.4-4.2, and by | ||||||
22 | publication in
a newspaper of
general circulation within the | ||||||
23 | affected taxing district. Such notice by mail
and by | ||||||
24 | publication shall each occur not later than 10 days following | ||||||
25 | the
adoption by ordinance of such changes. Hearings with | ||||||
26 | regard to a redevelopment
project area, project or plan may be |
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1 | held simultaneously.
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2 | (b) Prior to holding a public hearing to approve or amend a | ||||||
3 | redevelopment
plan or to designate or add additional parcels | ||||||
4 | of property to a redevelopment
project area, the municipality
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5 | shall convene a joint review board. The board shall consist of | ||||||
6 | a representative
selected by each community college district, | ||||||
7 | local elementary school
district and high school district or | ||||||
8 | each local community unit school
district, park district, | ||||||
9 | library district, township, fire protection
district, and | ||||||
10 | county that will have the authority to
directly levy taxes on | ||||||
11 | the property within the proposed redevelopment
project area at | ||||||
12 | the time that the proposed redevelopment project area is
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13 | approved, a representative selected by the municipality and a | ||||||
14 | public
member. The public member shall first be selected and | ||||||
15 | then the board's
chairperson shall be selected by
a majority | ||||||
16 | of the board members present and voting.
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17 | For redevelopment project areas with redevelopment plans | ||||||
18 | or proposed
redevelopment plans that would
result in the | ||||||
19 | displacement of residents from 10 or more inhabited | ||||||
20 | residential
units or that include 75 or more inhabited | ||||||
21 | residential units, the public member
shall be a person who | ||||||
22 | resides in the redevelopment project area. If, as
determined | ||||||
23 | by the housing impact study provided for in paragraph (5) of
| ||||||
24 | subsection (n) of Section 11-74.4-3, or if no housing impact | ||||||
25 | study is required
then based on other reasonable data, the | ||||||
26 | majority of residential units are
occupied by very low, low, |
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1 | or moderate income households, as defined in Section
3 of the | ||||||
2 | Illinois Affordable Housing Act, the public member shall be a | ||||||
3 | person
who resides in very low, low, or moderate income | ||||||
4 | housing within the
redevelopment project area. Municipalities | ||||||
5 | with fewer than 15,000 residents
shall not be required to | ||||||
6 | select a person who lives in very low, low, or
moderate income | ||||||
7 | housing within the redevelopment project area, provided that
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8 | the redevelopment plan or project will not result in | ||||||
9 | displacement of residents
from 10 or more inhabited units, and | ||||||
10 | the municipality so certifies
in the plan. If no person | ||||||
11 | satisfying these requirements is available or if no
qualified | ||||||
12 | person will serve as the public member, then the joint review | ||||||
13 | board
is relieved of this paragraph's selection requirements | ||||||
14 | for the public
member.
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15 | Within 90 days of the effective date of this amendatory | ||||||
16 | Act of the 91st
General Assembly, each municipality that | ||||||
17 | designated a redevelopment project
area for which it was not | ||||||
18 | required to convene a joint review board under this
Section | ||||||
19 | shall convene a joint review board to perform the
duties | ||||||
20 | specified under paragraph (e) of this Section.
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21 | All board members shall be appointed and the first board | ||||||
22 | meeting shall be
held at least 14 days but not more than 28 | ||||||
23 | days after the
mailing of notice by the
municipality to the | ||||||
24 | taxing
districts as required by Section 11-74.4-6(c).
| ||||||
25 | Notwithstanding the preceding sentence, a municipality that | ||||||
26 | adopted either a
public hearing resolution or a feasibility |
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1 | resolution between July 1, 1999 and
July 1, 2000 that called | ||||||
2 | for the meeting of the joint review board within 14
days of | ||||||
3 | notice of public hearing to affected taxing districts is | ||||||
4 | deemed to be
in compliance with the notice, meeting, and | ||||||
5 | public hearing provisions of the
Act.
Such notice
shall also | ||||||
6 | advise
the taxing bodies represented on the joint review board | ||||||
7 | of the time and place
of the first meeting of the board. | ||||||
8 | Additional meetings of the
board shall be held upon the call of | ||||||
9 | any member. The municipality
seeking designation of the | ||||||
10 | redevelopment project area shall provide
administrative | ||||||
11 | support to the board.
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12 | The board shall review (i) the public record, planning | ||||||
13 | documents and
proposed ordinances approving the redevelopment | ||||||
14 | plan and
project and (ii) proposed amendments to the | ||||||
15 | redevelopment plan or additions
of parcels of property to the | ||||||
16 | redevelopment project area to be
adopted by the municipality. | ||||||
17 | As part of its deliberations, the board may
hold additional | ||||||
18 | hearings on the proposal. A
board's recommendation shall be
an | ||||||
19 | advisory, non-binding recommendation. The recommendation shall | ||||||
20 | be adopted
by a majority of those members present and voting. | ||||||
21 | The recommendations shall
be submitted to the municipality
| ||||||
22 | within 30 days after convening of the board.
Failure of the | ||||||
23 | board to
submit
its report on a timely basis shall not be cause | ||||||
24 | to delay the public hearing
or any other step in the process of | ||||||
25 | designating or
amending the
redevelopment project area but | ||||||
26 | shall be deemed to constitute approval by the
joint review |
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1 | board of the matters before it.
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2 | The board shall base its recommendation to approve or | ||||||
3 | disapprove the
redevelopment plan and the designation of the | ||||||
4 | redevelopment project area or the
amendment of the | ||||||
5 | redevelopment plan or addition of parcels of property to the
| ||||||
6 | redevelopment project area on the basis of the redevelopment | ||||||
7 | project area and
redevelopment plan satisfying the
plan | ||||||
8 | requirements, the eligibility criteria
defined in Section | ||||||
9 | 11-74.4-3, and the objectives of this Act.
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10 | The board shall issue a written report describing why the
| ||||||
11 | redevelopment plan and project area or the amendment thereof | ||||||
12 | meets or
fails to meet one or more of the objectives of this | ||||||
13 | Act and both the plan
requirements and the eligibility | ||||||
14 | criteria defined in Section 11-74.4-3.
In the event the Board | ||||||
15 | does not file a report it shall be presumed
that these taxing | ||||||
16 | bodies find the redevelopment project area and
redevelopment | ||||||
17 | plan satisfy the
objectives of this Act and the plan | ||||||
18 | requirements and eligibility criteria.
| ||||||
19 | If the board recommends rejection of the matters before | ||||||
20 | it, the
municipality will have 30 days within which to | ||||||
21 | resubmit the plan or amendment.
During this period, the | ||||||
22 | municipality will meet and confer with the board and
attempt | ||||||
23 | to resolve those issues set forth in the board's written | ||||||
24 | report that
led to the rejection of the plan or amendment.
| ||||||
25 | Notwithstanding the resubmission set forth above, the | ||||||
26 | municipality may
commence the scheduled public hearing and |
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1 | either adjourn the public hearing or
continue the public | ||||||
2 | hearing until a date certain. Prior to continuing any
public | ||||||
3 | hearing to a date certain, the municipality shall announce | ||||||
4 | during the
public hearing the time, date, and location for the | ||||||
5 | reconvening of the public
hearing. Any changes to the | ||||||
6 | redevelopment plan necessary to satisfy the issues
set forth | ||||||
7 | in the joint review board report shall be the subject of a | ||||||
8 | public
hearing before the hearing is adjourned if the changes | ||||||
9 | would (1) substantially
affect the general land uses proposed | ||||||
10 | in the redevelopment plan, (2)
substantially change the nature | ||||||
11 | of or extend the life of the redevelopment
project, or (3) | ||||||
12 | increase the number of inhabited residential units to be
| ||||||
13 | displaced from the redevelopment project area, as
measured | ||||||
14 | from the
time of creation of the redevelopment project area, | ||||||
15 | to a total of
more than 10. Changes to the redevelopment plan | ||||||
16 | necessary
to
satisfy the issues set forth in the joint review | ||||||
17 | board report shall not require
any further notice or convening | ||||||
18 | of a joint review board meeting, except that
any changes to the | ||||||
19 | redevelopment plan that would add additional parcels of
| ||||||
20 | property to the proposed redevelopment project area shall be | ||||||
21 | subject to the
notice, public hearing, and joint review board | ||||||
22 | meeting requirements established
for such changes by | ||||||
23 | subsection (a) of Section 11-74.4-5.
| ||||||
24 | In the event that the
municipality and the board are | ||||||
25 | unable to resolve these differences, or in the
event that the | ||||||
26 | resubmitted plan or amendment is rejected by the board, the
|
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| |||||||
1 | municipality may proceed with the plan or amendment, but only | ||||||
2 | upon a
three-fifths vote of the corporate authority | ||||||
3 | responsible for approval of the
plan or amendment, excluding | ||||||
4 | positions of members that are vacant and those
members that | ||||||
5 | are ineligible to vote because of conflicts of interest.
| ||||||
6 | (c) After a municipality has by ordinance approved a | ||||||
7 | redevelopment plan
and designated a redevelopment project | ||||||
8 | area, the plan may be amended and
additional properties may be | ||||||
9 | added to the redevelopment project area only as
herein | ||||||
10 | provided. Amendments which (1) add additional parcels of | ||||||
11 | property to
the proposed redevelopment project area, (2) | ||||||
12 | substantially affect the general
land uses proposed in the | ||||||
13 | redevelopment plan, (3) substantially change the
nature of the | ||||||
14 | redevelopment project, (4) increase the total estimated
| ||||||
15 | redevelopment
project costs set out in the redevelopment plan | ||||||
16 | by more than 5% after
adjustment for inflation from the date | ||||||
17 | the plan was adopted, (5) add
additional redevelopment project | ||||||
18 | costs to the itemized list of redevelopment
project costs set | ||||||
19 | out in the redevelopment plan, or (6) increase the number of
| ||||||
20 | inhabited residential units to be
displaced from the | ||||||
21 | redevelopment
project area, as measured from the time of | ||||||
22 | creation of
the
redevelopment project area, to a total of more | ||||||
23 | than
10, shall be made only after
the
municipality gives | ||||||
24 | notice, convenes a joint review board, and conducts a public
| ||||||
25 | hearing pursuant to the procedures set forth in this Section | ||||||
26 | and in Section
11-74.4-6 of this Act. Changes which do not (1) |
| |||||||
| |||||||
1 | add additional parcels of
property to the proposed | ||||||
2 | redevelopment project area, (2) substantially affect
the | ||||||
3 | general land uses proposed in the redevelopment plan, (3) | ||||||
4 | substantially
change the nature of the redevelopment project, | ||||||
5 | (4) increase the total
estimated redevelopment project cost | ||||||
6 | set out in the redevelopment plan by more
than 5% after | ||||||
7 | adjustment for inflation from the date the plan was adopted,
| ||||||
8 | (5) add additional redevelopment project costs to the itemized | ||||||
9 | list of
redevelopment project costs set out in the | ||||||
10 | redevelopment plan, or (6) increase
the number of inhabited | ||||||
11 | residential units to be displaced from the
redevelopment | ||||||
12 | project area, as measured from the time of
creation of
the | ||||||
13 | redevelopment project area, to a total of more than 10, may be | ||||||
14 | made
without further public hearing
and related notices and | ||||||
15 | procedures including the convening of a joint review
board as | ||||||
16 | set forth in Section 11-74.4-6 of this Act, provided that the
| ||||||
17 | municipality shall give notice of
any such changes by mail to | ||||||
18 | each affected taxing district and registrant on the
interested | ||||||
19 | parties registry, provided for under Section 11-74.4-4.2, and | ||||||
20 | by
publication in
a newspaper of general circulation within | ||||||
21 | the affected taxing district. Such
notice by mail and by | ||||||
22 | publication shall each occur not later than 10 days
following | ||||||
23 | the adoption by ordinance of such changes.
| ||||||
24 | (d) After the effective date of this amendatory Act of the | ||||||
25 | 91st General
Assembly, a
municipality shall submit in an | ||||||
26 | electronic format the
following information for each |
| |||||||
| |||||||
1 | redevelopment project area (i) to the State
Comptroller under | ||||||
2 | Section 8-8-3.5 of the Illinois Municipal Code, subject to any | ||||||
3 | extensions or exemptions provided at the Comptroller's | ||||||
4 | discretion under that Section,
and (ii) to all taxing | ||||||
5 | districts overlapping the
redevelopment project area no later | ||||||
6 | than 180
days after the close of each municipal fiscal year or | ||||||
7 | as soon thereafter as
the audited financial
statements become | ||||||
8 | available and, in any case, shall be submitted before the
| ||||||
9 | annual meeting of the Joint Review Board to each of the taxing | ||||||
10 | districts that
overlap the redevelopment project area:
| ||||||
11 | (1) Any amendments to the redevelopment plan, the | ||||||
12 | redevelopment
project area, or the State Sales Tax | ||||||
13 | Boundary.
| ||||||
14 | (1.5) A list of the redevelopment project areas | ||||||
15 | administered by the
municipality and, if applicable, the | ||||||
16 | date each redevelopment project area was
designated or | ||||||
17 | terminated by the municipality.
| ||||||
18 | (2) Audited financial statements of the special tax | ||||||
19 | allocation fund once a
cumulative total of $100,000 has | ||||||
20 | been deposited in the fund.
| ||||||
21 | (3) Certification of the Chief Executive Officer of | ||||||
22 | the municipality
that the municipality has complied with | ||||||
23 | all of the requirements of this Act
during the preceding | ||||||
24 | fiscal year.
| ||||||
25 | (4) An opinion of legal counsel that the municipality | ||||||
26 | is in compliance
with this Act.
|
| |||||||
| |||||||
1 | (5) An analysis of the special tax allocation fund | ||||||
2 | which sets forth:
| ||||||
3 | (A) the balance in the special tax allocation fund | ||||||
4 | at the beginning of
the fiscal year;
| ||||||
5 | (B) all amounts deposited in the special tax | ||||||
6 | allocation fund by source;
| ||||||
7 | (C) an itemized list of all expenditures from the | ||||||
8 | special tax
allocation fund by category of
permissible | ||||||
9 | redevelopment project cost; and
| ||||||
10 | (D) the balance in the special tax allocation fund | ||||||
11 | at the end of the
fiscal year including a breakdown of | ||||||
12 | that balance by source and a breakdown
of that balance | ||||||
13 | identifying any portion of the balance that is | ||||||
14 | required,
pledged, earmarked, or otherwise designated | ||||||
15 | for payment of or securing of
obligations and | ||||||
16 | anticipated redevelopment project costs. Any portion | ||||||
17 | of
such ending balance that has not been identified or | ||||||
18 | is not identified as
being
required, pledged, | ||||||
19 | earmarked, or otherwise designated for payment of or
| ||||||
20 | securing of obligations or anticipated redevelopment | ||||||
21 | projects costs
shall be designated as surplus as set | ||||||
22 | forth in Section
11-74.4-7 hereof.
| ||||||
23 | (6) A description of all property purchased by the | ||||||
24 | municipality within
the redevelopment project area | ||||||
25 | including:
| ||||||
26 | (A) Street address.
|
| |||||||
| |||||||
1 | (B) Approximate size or description of property.
| ||||||
2 | (C) Purchase price.
| ||||||
3 | (D) Seller of property.
| ||||||
4 | (7) A statement setting forth all activities | ||||||
5 | undertaken in furtherance
of the objectives of the | ||||||
6 | redevelopment plan, including:
| ||||||
7 | (A) Any project implemented in the preceding | ||||||
8 | fiscal year.
| ||||||
9 | (B) A description of the redevelopment activities | ||||||
10 | undertaken.
| ||||||
11 | (C) A description of any agreements entered into | ||||||
12 | by the municipality
with
regard to the disposition or | ||||||
13 | redevelopment of any property within the
redevelopment | ||||||
14 | project area or the area within the State Sales Tax | ||||||
15 | Boundary.
| ||||||
16 | (D) Additional information on the use of all funds | ||||||
17 | received under this
Division and steps taken by the
| ||||||
18 | municipality to achieve the objectives of the | ||||||
19 | redevelopment plan.
| ||||||
20 | (E) Information regarding contracts that the | ||||||
21 | municipality's tax
increment advisors or consultants | ||||||
22 | have entered into with entities or persons
that have | ||||||
23 | received, or are receiving, payments financed by tax | ||||||
24 | increment
revenues produced by the same redevelopment | ||||||
25 | project area.
| ||||||
26 | (F) Any reports submitted to the municipality by |
| |||||||
| |||||||
1 | the joint review board.
| ||||||
2 | (G) A review of public and, to the extent | ||||||
3 | possible, private investment
actually undertaken to | ||||||
4 | date after the effective date of this amendatory Act | ||||||
5 | of
the 91st General Assembly and estimated to be | ||||||
6 | undertaken during the following
year. This review | ||||||
7 | shall, on a project-by-project basis, set forth the
| ||||||
8 | estimated amounts of public and private investment | ||||||
9 | incurred after the effective
date of this amendatory | ||||||
10 | Act of the 91st General Assembly and provide the ratio
| ||||||
11 | of private investment to public investment to the date | ||||||
12 | of the report and as
estimated to the completion of the | ||||||
13 | redevelopment project.
| ||||||
14 | (8) With regard to any obligations issued by the | ||||||
15 | municipality:
| ||||||
16 | (A) copies of any official statements; and
| ||||||
17 | (B) an analysis prepared by financial advisor or | ||||||
18 | underwriter , chosen by the municipality, setting
forth | ||||||
19 | the : (i) nature and term of obligation; and (ii) | ||||||
20 | projected debt service
including required reserves and | ||||||
21 | debt coverage ; and (iii) actual debt service .
| ||||||
22 | (9) For special tax allocation funds that have | ||||||
23 | experienced cumulative
deposits of incremental tax | ||||||
24 | revenues of $100,000 or more, a certified audit
report | ||||||
25 | reviewing compliance
with this Act
performed by an | ||||||
26 | independent public accountant certified and licensed by |
| |||||||
| |||||||
1 | the
authority of the State of Illinois. The financial | ||||||
2 | portion of the audit
must be conducted in accordance with | ||||||
3 | Standards for Audits of Governmental
Organizations, | ||||||
4 | Programs, Activities, and Functions adopted by the
| ||||||
5 | Comptroller General of the United States (1981), as | ||||||
6 | amended, or the standards
specified by Section 8-8-5 of | ||||||
7 | the Illinois Municipal Auditing Law of the
Illinois | ||||||
8 | Municipal Code. The audit
report shall contain a letter | ||||||
9 | from the independent certified public accountant
| ||||||
10 | indicating compliance or noncompliance with the | ||||||
11 | requirements
of subsection (q) of Section 11-74.4-3. For | ||||||
12 | redevelopment plans or
projects that would result in the | ||||||
13 | displacement of residents from 10 or more
inhabited | ||||||
14 | residential units or that contain 75 or more inhabited | ||||||
15 | residential
units, notice of the availability of the | ||||||
16 | information, including how to obtain
the report, required | ||||||
17 | in this subsection shall also be sent by mail to all
| ||||||
18 | residents or organizations that operate in the | ||||||
19 | municipality that register with
the municipality for that | ||||||
20 | information according to registration procedures
adopted | ||||||
21 | under Section 11-74.4-4.2. All municipalities are subject | ||||||
22 | to this
provision.
| ||||||
23 | (10) A list of all intergovernmental agreements in | ||||||
24 | effect during the fiscal year to which the municipality is | ||||||
25 | a party and an accounting of any moneys transferred or | ||||||
26 | received by the municipality during that fiscal year |
| |||||||
| |||||||
1 | pursuant to those intergovernmental agreements. | ||||||
2 | In addition to information required to be reported under | ||||||
3 | this Section, for Fiscal Year 2022 and each fiscal year | ||||||
4 | thereafter, reporting municipalities shall also report to the | ||||||
5 | Comptroller annually in a manner and format prescribed by the | ||||||
6 | Comptroller: (1) the number of jobs, if any, projected to be | ||||||
7 | created for each redevelopment project area at the time of | ||||||
8 | approval of the redevelopment agreement; (2) the number of | ||||||
9 | jobs, if any, created as a result of the development to date | ||||||
10 | for that reporting period under the same guidelines and | ||||||
11 | assumptions as was used for the projections used at the time of | ||||||
12 | approval of the redevelopment agreement; (3) the amount of | ||||||
13 | increment projected to be created at the time of approval of | ||||||
14 | the redevelopment agreement for each redevelopment project | ||||||
15 | area; (4) the amount of increment created as a result of the | ||||||
16 | development to date for that reporting period using the same | ||||||
17 | assumptions as was used for the projections used at the time of | ||||||
18 | the approval of the redevelopment agreement; and (5) the | ||||||
19 | stated rate of return identified by the developer to the | ||||||
20 | municipality for each redevelopment project area, if any. | ||||||
21 | Stated rates of return required to be reported in item (5) | ||||||
22 | shall be independently verified by a third party chosen by the | ||||||
23 | municipality. Reporting municipalities shall also report to | ||||||
24 | the Comptroller a copy of the redevelopment plan each time the | ||||||
25 | redevelopment plan is enacted, amended, or extended in a | ||||||
26 | manner and format prescribed by the Comptroller. These |
| |||||||
| |||||||
1 | requirements shall only apply to redevelopment projects | ||||||
2 | beginning in or after Fiscal Year 2022. | ||||||
3 | (d-1) Prior to the effective date of this amendatory Act | ||||||
4 | of the 91st
General Assembly, municipalities with populations | ||||||
5 | of over 1,000,000 shall,
after
adoption of a redevelopment | ||||||
6 | plan or project, make available upon request to any
taxing | ||||||
7 | district in which the redevelopment project area is located | ||||||
8 | the
following information:
| ||||||
9 | (1) Any amendments to the redevelopment plan, the | ||||||
10 | redevelopment project
area, or the State Sales Tax | ||||||
11 | Boundary; and
| ||||||
12 | (2) In connection with any redevelopment project area | ||||||
13 | for which the
municipality has outstanding obligations | ||||||
14 | issued to provide for redevelopment
project costs pursuant | ||||||
15 | to Section 11-74.4-7, audited financial statements of
the | ||||||
16 | special tax allocation fund.
| ||||||
17 | (e) The joint review board shall meet annually 180 days
| ||||||
18 | after the close of the municipal fiscal year or as soon as the | ||||||
19 | redevelopment
project audit for that fiscal year becomes | ||||||
20 | available to review the
effectiveness and status of the | ||||||
21 | redevelopment project area up to that date.
| ||||||
22 | (f) (Blank).
| ||||||
23 | (g) In the event that a municipality has held a public | ||||||
24 | hearing under this
Section prior to March 14, 1994 (the | ||||||
25 | effective date of Public Act 88-537), the
requirements imposed | ||||||
26 | by Public Act 88-537 relating to the method of fixing the
time |
| |||||||
| |||||||
1 | and place for public hearing, the materials and information | ||||||
2 | required to be
made available for public inspection, and the | ||||||
3 | information required to be sent
after adoption of an ordinance | ||||||
4 | or resolution fixing a time and place for public
hearing shall | ||||||
5 | not be applicable.
| ||||||
6 | (h) On and after the effective date of this amendatory Act | ||||||
7 | of the 96th General Assembly, the State Comptroller must post | ||||||
8 | on the State Comptroller's official website the information | ||||||
9 | submitted by a municipality pursuant to subsection (d) of this | ||||||
10 | Section. The information must be posted no later than 45 days | ||||||
11 | after the State Comptroller receives the information from the | ||||||
12 | municipality. The State Comptroller must also post a list of | ||||||
13 | the municipalities not in compliance with the reporting | ||||||
14 | requirements set forth in subsection (d) of this Section. | ||||||
15 | (i) No later than 10 years after the corporate authorities | ||||||
16 | of a municipality adopt an ordinance to establish a | ||||||
17 | redevelopment project area, the municipality must compile a | ||||||
18 | status report concerning the redevelopment project area. The | ||||||
19 | status report must detail without limitation the following: | ||||||
20 | (i) the amount of revenue generated within the redevelopment | ||||||
21 | project area, (ii) any expenditures made by the municipality | ||||||
22 | for the redevelopment project area including without | ||||||
23 | limitation expenditures from the special tax allocation fund, | ||||||
24 | (iii) the status of planned activities, goals, and objectives | ||||||
25 | set forth in the redevelopment plan including details on new | ||||||
26 | or planned construction within the redevelopment project area, |
| |||||||
| |||||||
1 | (iv) the amount of private and public investment within the | ||||||
2 | redevelopment project area, and (v) any other relevant | ||||||
3 | evaluation or performance data. Within 30 days after the | ||||||
4 | municipality compiles the status report, the municipality must | ||||||
5 | hold at least one public hearing concerning the report. The | ||||||
6 | municipality must provide 20 days' public notice of the | ||||||
7 | hearing. | ||||||
8 | (j) Beginning in fiscal year 2011 and in each fiscal year | ||||||
9 | thereafter, a municipality must detail in its annual budget | ||||||
10 | (i) the revenues generated from redevelopment project areas by | ||||||
11 | source and (ii) the expenditures made by the municipality for | ||||||
12 | redevelopment project areas. | ||||||
13 | (Source: P.A. 98-922, eff. 8-15-14.)
| ||||||
14 | (65 ILCS 5/11-74.6-22)
| ||||||
15 | Sec. 11-74.6-22. Adoption of ordinance; requirements; | ||||||
16 | changes.
| ||||||
17 | (a) Before adoption of an ordinance proposing the
| ||||||
18 | designation of a redevelopment planning area or a | ||||||
19 | redevelopment project area,
or both, or approving a
| ||||||
20 | redevelopment plan or redevelopment project, the municipality | ||||||
21 | or commission
designated pursuant to subsection (l) of Section | ||||||
22 | 11-74.6-15 shall fix by
ordinance or resolution
a time and | ||||||
23 | place for public hearing.
Prior to the adoption of the | ||||||
24 | ordinance or resolution establishing the time and
place for | ||||||
25 | the public hearing, the municipality shall make available for |
| |||||||
| |||||||
1 | public
inspection a redevelopment plan or a report that | ||||||
2 | provides in sufficient detail,
the basis for the eligibility | ||||||
3 | of the
redevelopment project area. The report
along with the | ||||||
4 | name of a
person to contact for further information shall be | ||||||
5 | sent to the affected taxing
district by certified mail within | ||||||
6 | a reasonable time following the adoption of
the ordinance or | ||||||
7 | resolution establishing the time and place for the public
| ||||||
8 | hearing.
| ||||||
9 | At the public hearing any
interested person or affected | ||||||
10 | taxing district may file with the
municipal clerk written | ||||||
11 | objections to the ordinance and may be heard orally
on any | ||||||
12 | issues that are the subject of the hearing. The municipality | ||||||
13 | shall
hear and determine all alternate proposals or bids for | ||||||
14 | any proposed conveyance,
lease, mortgage or other disposition | ||||||
15 | of land and all protests and objections at
the hearing and the
| ||||||
16 | hearing may be adjourned to another date without further | ||||||
17 | notice other than
a motion to be entered upon the minutes | ||||||
18 | fixing the time and place of the
later hearing.
At the public | ||||||
19 | hearing or at any time prior to the adoption by the
| ||||||
20 | municipality of an ordinance approving a redevelopment plan, | ||||||
21 | the
municipality may make changes in the redevelopment plan. | ||||||
22 | Changes
which (1) add additional parcels of property to the | ||||||
23 | proposed redevelopment
project
area, (2) substantially affect | ||||||
24 | the general land uses proposed in the
redevelopment plan, or | ||||||
25 | (3) substantially change the nature of or extend the
life of | ||||||
26 | the redevelopment
project shall be made only after the
|
| |||||||
| |||||||
1 | municipality gives notice, convenes a joint review board, and | ||||||
2 | conducts a public
hearing pursuant to the procedures set forth | ||||||
3 | in this Section and in Section
11-74.6-25. Changes which do | ||||||
4 | not (1) add additional parcels of
property to the proposed | ||||||
5 | redevelopment project area, (2) substantially affect
the | ||||||
6 | general land uses proposed in the redevelopment plan, or (3) | ||||||
7 | substantially
change the nature of or extend the life of the | ||||||
8 | redevelopment project may be
made without further hearing, | ||||||
9 | provided that the municipality shall give notice
of any such | ||||||
10 | changes by mail to each affected taxing district and by | ||||||
11 | publication
once in a newspaper of general circulation within | ||||||
12 | the affected taxing district.
Such notice by mail and by | ||||||
13 | publication shall each occur not later than 10 days
following | ||||||
14 | the adoption by ordinance of such changes.
| ||||||
15 | (b) Before adoption of an ordinance proposing the | ||||||
16 | designation of a
redevelopment planning area or a | ||||||
17 | redevelopment project area, or both, or
amending the | ||||||
18 | boundaries of an existing
redevelopment project area or | ||||||
19 | redevelopment planning area, or both, the
municipality shall | ||||||
20 | convene a joint review
board to consider the proposal. The | ||||||
21 | board shall consist of a
representative selected by each | ||||||
22 | taxing district that has
authority to levy real property taxes | ||||||
23 | on the property within the proposed
redevelopment project area | ||||||
24 | and that has at least 5% of its total equalized
assessed value | ||||||
25 | located within the proposed redevelopment project area, a
| ||||||
26 | representative selected by the municipality
and a public |
| |||||||
| |||||||
1 | member. The public member and the board's chairperson shall
be | ||||||
2 | selected by a majority of other board members.
| ||||||
3 | All board members shall be appointed and the first board | ||||||
4 | meeting held
within 14 days following the notice by the | ||||||
5 | municipality to all the taxing
districts as required by | ||||||
6 | subsection (c) of Section 11-74.6-25. The notice
shall also | ||||||
7 | advise the taxing bodies represented on the joint review board
| ||||||
8 | of the time and place of the first meeting of the board. | ||||||
9 | Additional
meetings of the board shall be held upon the call of | ||||||
10 | any 2 members. The
municipality seeking designation of the | ||||||
11 | redevelopment project area may provide
administrative support | ||||||
12 | to the board.
| ||||||
13 | The board shall review the public record, planning | ||||||
14 | documents and
proposed ordinances approving the redevelopment | ||||||
15 | plan and project to be
adopted by the municipality. As part of | ||||||
16 | its deliberations, the board may
hold additional hearings on | ||||||
17 | the proposal. A board's recommendation, if any,
shall be a | ||||||
18 | written recommendation adopted by a
majority vote of the board | ||||||
19 | and submitted to the municipality within 30 days
after the | ||||||
20 | board convenes. A board's recommendation shall be binding upon | ||||||
21 | the
municipality. Failure of the board to submit
its | ||||||
22 | recommendation on a timely basis shall not be cause to delay | ||||||
23 | the public
hearing or the process of establishing or amending | ||||||
24 | the
redevelopment project area. The board's recommendation on | ||||||
25 | the proposal
shall be based upon the area satisfying the | ||||||
26 | applicable eligibility criteria
defined in Section 11-74.6-10 |
| |||||||
| |||||||
1 | and whether there is a basis for the
municipal findings set | ||||||
2 | forth in the redevelopment plan as required by this
Act. If the | ||||||
3 | board does not file a recommendation it shall be presumed that
| ||||||
4 | the board has found that the redevelopment project area | ||||||
5 | satisfies the
eligibility criteria.
| ||||||
6 | (c) After a municipality has by ordinance approved a | ||||||
7 | redevelopment plan
and designated a redevelopment planning | ||||||
8 | area or a redevelopment project area,
or both, the plan may be
| ||||||
9 | amended and additional properties may be added to the | ||||||
10 | redevelopment project
area only as herein provided. Amendments
| ||||||
11 | which (1) add additional parcels of property to the proposed | ||||||
12 | redevelopment
project
area, (2) substantially affect the | ||||||
13 | general land uses proposed in the
redevelopment plan, (3) | ||||||
14 | substantially change the nature of the redevelopment
project,
| ||||||
15 | (4) increase the total estimated
redevelopment project costs | ||||||
16 | set out in the redevelopment plan by more than 5%
after | ||||||
17 | adjustment for inflation from the date the plan was adopted, | ||||||
18 | or
(5) add additional redevelopment project costs to the | ||||||
19 | itemized list of
redevelopment project costs set out in the | ||||||
20 | redevelopment plan
shall be made only after the municipality | ||||||
21 | gives notice,
convenes a joint review board, and conducts a | ||||||
22 | public hearing pursuant to the
procedures set forth in this | ||||||
23 | Section and in Section 11-74.6-25.
Changes which do not (1) | ||||||
24 | add additional parcels of property to the proposed
| ||||||
25 | redevelopment project area, (2) substantially affect the | ||||||
26 | general land uses
proposed in the redevelopment plan, (3) |
| |||||||
| |||||||
1 | substantially change the nature
of the redevelopment project, | ||||||
2 | (4) increase the total estimated redevelopment
project cost | ||||||
3 | set out in the redevelopment plan by more than 5% after | ||||||
4 | adjustment
for inflation from the date the plan was adopted, | ||||||
5 | or (5) add additional
redevelopment project costs to the | ||||||
6 | itemized list of redevelopment project costs
set out in the | ||||||
7 | redevelopment plan
may be made without further hearing, | ||||||
8 | provided that the municipality
shall give notice of any such | ||||||
9 | changes by mail to each affected taxing district
and by | ||||||
10 | publication once in a newspaper of general circulation within | ||||||
11 | the affected
taxing district. Such notice by mail and by | ||||||
12 | publication shall each occur not
later than 10 days following | ||||||
13 | the adoption by ordinance of such changes. | ||||||
14 | Notwithstanding Section 11-74.6-50, the redevelopment | ||||||
15 | project area established by an ordinance adopted in its final | ||||||
16 | form on December 19, 2011 by the City of Loves Park may be | ||||||
17 | expanded by the adoption of an ordinance to that effect | ||||||
18 | without further hearing or notice to include land that (i) is | ||||||
19 | at least in part contiguous to the existing redevelopment | ||||||
20 | project area, (ii) does not exceed approximately 16.56 acres, | ||||||
21 | (iii) at the time of the establishment of the redevelopment | ||||||
22 | project area would have been otherwise eligible for inclusion | ||||||
23 | in the redevelopment project area, and (iv) is zoned so as to | ||||||
24 | comply with this Act prior to its inclusion in the | ||||||
25 | redevelopment project area.
| ||||||
26 | (d) After the effective date of this amendatory Act of the |
| |||||||
| |||||||
1 | 91st General
Assembly, a
municipality shall
submit the | ||||||
2 | following information for each redevelopment project area (i) | ||||||
3 | to
the State Comptroller under Section 8-8-3.5 of the Illinois | ||||||
4 | Municipal Code, subject to any extensions or exemptions | ||||||
5 | provided at the Comptroller's discretion under that Section, | ||||||
6 | and (ii) to all taxing districts overlapping
the
redevelopment | ||||||
7 | project area
no later than 180
days after the close of each | ||||||
8 | municipal fiscal year or as soon thereafter as
the audited | ||||||
9 | financial statements become available and, in any case, shall | ||||||
10 | be
submitted before the annual meeting of the joint review | ||||||
11 | board to each of the
taxing districts that overlap the | ||||||
12 | redevelopment project area:
| ||||||
13 | (1) Any amendments to the redevelopment plan, or the | ||||||
14 | redevelopment
project area.
| ||||||
15 | (1.5) A list of the redevelopment project areas | ||||||
16 | administered by the
municipality and, if applicable, the | ||||||
17 | date each redevelopment project area was
designated or | ||||||
18 | terminated by the municipality.
| ||||||
19 | (2) Audited financial statements of the special tax | ||||||
20 | allocation fund once a
cumulative total of $100,000 of tax | ||||||
21 | increment revenues has been deposited in
the fund.
| ||||||
22 | (3) Certification of the Chief Executive Officer of | ||||||
23 | the municipality
that the municipality has complied with | ||||||
24 | all of the requirements of this Act
during the preceding | ||||||
25 | fiscal year.
| ||||||
26 | (4) An opinion of legal counsel that the municipality |
| |||||||
| |||||||
1 | is in compliance
with this Act.
| ||||||
2 | (5) An analysis of the special tax allocation fund | ||||||
3 | which sets forth:
| ||||||
4 | (A) the balance in the special tax allocation fund | ||||||
5 | at the beginning of
the fiscal year;
| ||||||
6 | (B) all amounts deposited in the special tax | ||||||
7 | allocation fund by source;
| ||||||
8 | (C) an itemized list of all expenditures from the | ||||||
9 | special tax
allocation fund by category of
permissible | ||||||
10 | redevelopment project cost; and
| ||||||
11 | (D) the balance in the special tax allocation fund | ||||||
12 | at the end of the
fiscal year including a breakdown of | ||||||
13 | that balance by source and a breakdown
of that balance | ||||||
14 | identifying any portion of the balance that is | ||||||
15 | required,
pledged, earmarked, or otherwise designated | ||||||
16 | for payment of or securing of
obligations and | ||||||
17 | anticipated redevelopment project costs. Any portion | ||||||
18 | of
such ending
balance that has not been identified or | ||||||
19 | is not identified as being required,
pledged, | ||||||
20 | earmarked, or otherwise designated for payment of or | ||||||
21 | securing of
obligations or anticipated redevelopment | ||||||
22 | project costs shall be designated as
surplus as set | ||||||
23 | forth in Section
11-74.6-30 hereof.
| ||||||
24 | (6) A description of all property purchased by the | ||||||
25 | municipality within
the redevelopment project area | ||||||
26 | including:
|
| |||||||
| |||||||
1 | (A) Street address.
| ||||||
2 | (B) Approximate size or description of property.
| ||||||
3 | (C) Purchase price.
| ||||||
4 | (D) Seller of property.
| ||||||
5 | (7) A statement setting forth all activities | ||||||
6 | undertaken in furtherance
of the objectives of the | ||||||
7 | redevelopment plan, including:
| ||||||
8 | (A) Any project implemented in the preceding | ||||||
9 | fiscal year.
| ||||||
10 | (B) A description of the redevelopment activities | ||||||
11 | undertaken.
| ||||||
12 | (C) A description of any agreements entered into | ||||||
13 | by the municipality
with regard to the disposition or | ||||||
14 | redevelopment of any property within the
redevelopment | ||||||
15 | project area.
| ||||||
16 | (D) Additional information on the use of all funds | ||||||
17 | received under this
Division and steps taken by the
| ||||||
18 | municipality to achieve the objectives of the | ||||||
19 | redevelopment plan.
| ||||||
20 | (E) Information regarding contracts that the | ||||||
21 | municipality's tax
increment advisors or consultants | ||||||
22 | have entered into with entities or persons
that have | ||||||
23 | received, or are receiving, payments financed by tax | ||||||
24 | increment
revenues produced
by the same redevelopment | ||||||
25 | project area.
| ||||||
26 | (F) Any reports submitted to the municipality by |
| |||||||
| |||||||
1 | the joint review
board.
| ||||||
2 | (G) A review of public and, to the extent | ||||||
3 | possible, private investment
actually undertaken to | ||||||
4 | date after the effective date of this amendatory Act | ||||||
5 | of
the 91st General Assembly and estimated to be | ||||||
6 | undertaken during the following
year. This review
| ||||||
7 | shall, on a project-by-project basis, set forth the | ||||||
8 | estimated amounts of public
and private investment | ||||||
9 | incurred after the effective date of this amendatory | ||||||
10 | Act
of the 91st General Assembly
and provide the ratio | ||||||
11 | of private investment to public investment to the date | ||||||
12 | of
the report and as estimated to the completion of the | ||||||
13 | redevelopment project.
| ||||||
14 | (8) With regard to any obligations issued by the | ||||||
15 | municipality:
| ||||||
16 | (A) copies of any official statements; and
| ||||||
17 | (B) an analysis prepared by financial advisor or | ||||||
18 | underwriter , chosen by the municipality, setting
| ||||||
19 | forth: (i) nature and term of obligation; and (ii) | ||||||
20 | projected debt service
including required reserves and | ||||||
21 | debt coverage ; and (iii) actual debt service .
| ||||||
22 | (9) For special tax allocation funds that have | ||||||
23 | received cumulative
deposits of incremental tax revenues | ||||||
24 | of $100,000 or more, a certified audit
report reviewing | ||||||
25 | compliance with
this Act
performed by an independent | ||||||
26 | public accountant certified and licensed by the
authority |
| |||||||
| |||||||
1 | of the State of Illinois. The financial portion of the | ||||||
2 | audit
must be conducted in accordance with Standards for | ||||||
3 | Audits of Governmental
Organizations, Programs, | ||||||
4 | Activities, and Functions adopted by the
Comptroller | ||||||
5 | General of the United States (1981), as amended, or the | ||||||
6 | standards
specified
by Section 8-8-5 of the Illinois | ||||||
7 | Municipal Auditing Law of the Illinois
Municipal Code. The | ||||||
8 | audit
report shall contain a letter from the independent | ||||||
9 | certified public accountant
indicating compliance or | ||||||
10 | noncompliance with the requirements
of subsection (o) of | ||||||
11 | Section 11-74.6-10.
| ||||||
12 | In addition to information required to be reported under | ||||||
13 | this Section, for Fiscal Year 2022 and each fiscal year | ||||||
14 | thereafter, reporting municipalities shall also report to the | ||||||
15 | Comptroller annually in a manner and format prescribed by the | ||||||
16 | Comptroller: (1) the number of jobs, if any, projected to be | ||||||
17 | created for each redevelopment project area at the time of | ||||||
18 | approval of the redevelopment agreement; (2) the number of | ||||||
19 | jobs, if any, created as a result of the development to date | ||||||
20 | for that reporting period under the same guidelines and | ||||||
21 | assumptions as was used for the projections used at the time of | ||||||
22 | approval of the redevelopment agreement; (3) the amount of | ||||||
23 | increment projected to be created at the time of approval of | ||||||
24 | the redevelopment agreement for each redevelopment project | ||||||
25 | area; (4) the amount of increment created as a result of the | ||||||
26 | development to date for that reporting period using the same |
| |||||||
| |||||||
1 | assumptions as was used for the projections used at the time of | ||||||
2 | the approval of the redevelopment agreement; and (5) the | ||||||
3 | stated rate of return identified by the developer to the | ||||||
4 | municipality for each redevelopment project area, if any. | ||||||
5 | Stated rates of return required to be reported in item (5) | ||||||
6 | shall be independently verified by a third party chosen by the | ||||||
7 | municipality. Reporting municipalities shall also report to | ||||||
8 | the Comptroller a copy of the redevelopment plan each time the | ||||||
9 | redevelopment plan is enacted, amended, or extended in a | ||||||
10 | manner and format prescribed by the Comptroller. These | ||||||
11 | requirements shall only apply to redevelopment projects | ||||||
12 | beginning in or after Fiscal Year 2022. | ||||||
13 | (e) The joint review board shall meet annually 180 days
| ||||||
14 | after the close of the municipal fiscal year or as soon as the | ||||||
15 | redevelopment
project audit for that fiscal year becomes | ||||||
16 | available to review the
effectiveness and status of the | ||||||
17 | redevelopment project area up to that date.
| ||||||
18 | (Source: P.A. 98-922, eff. 8-15-14; 99-792, eff. 8-12-16.)
| ||||||
19 | Section 99. Effective date. This Act takes effect upon | ||||||
20 | becoming law. |