Rep. Richard P. Myers
Filed: 3/31/2004
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1 | AMENDMENT TO HOUSE BILL 6057
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2 | AMENDMENT NO. ______. Amend House Bill 6057 by replacing | ||||||
3 | everything after the enacting clause with the following:
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4 | "Section 1. Short title. This Act may be cited as the | ||||||
5 | Downtown Real Estate Improvement Assessment Phase-In Act.
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6 | Section 5. Definitions. As used in this Act:
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7 | "Downtown" means an area of a municipality that is now or | ||||||
8 | once was a central business district of the municipality.
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9 | Section 10. Application. Any owner of property within a | ||||||
10 | downtown area may submit to the local assessment officer an | ||||||
11 | application for the phase-in of equalized assessed value on | ||||||
12 | that property. The application shall include a detailed | ||||||
13 | description of the overall costs of any renovation or | ||||||
14 | rehabilitation project. The application shall also include a | ||||||
15 | certificate of qualification from the municipality in which the | ||||||
16 | property resides.
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17 | Section 905. The Property Tax Code is amended by adding | ||||||
18 | Section 15-97 as
follows:
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19 | (35 ILCS 200/15-97 new)
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20 | Sec. 15-97. Downtown development district equalized | ||||||
21 | assessed value phase-in program.
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1 | (a) For purposes of this Section, "downtown development | |||||||||||||||||||||||||||||||||||||
2 | district"
means any downtown area in the State that (i) is | |||||||||||||||||||||||||||||||||||||
3 | designated an Illinois Main Street community by the Illinois | |||||||||||||||||||||||||||||||||||||
4 | Main Street Program, (ii) is within a municipality that has | |||||||||||||||||||||||||||||||||||||
5 | adopted a Tax Increment Finance District in the downtown as | |||||||||||||||||||||||||||||||||||||
6 | part of its overall redevelopment plan, or (iii) is within a | |||||||||||||||||||||||||||||||||||||
7 | municipality that has adopted a downtown plan specifying | |||||||||||||||||||||||||||||||||||||
8 | certain aspects of redevelopment that actually take place.
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9 | (b) Any municipality that qualifies under the definition in | |||||||||||||||||||||||||||||||||||||
10 | subsection (a) may accept applications for the property value | |||||||||||||||||||||||||||||||||||||
11 | phase-in program. | |||||||||||||||||||||||||||||||||||||
12 | (c) The municipality may upon a majority vote of its | |||||||||||||||||||||||||||||||||||||
13 | corporate authorities, adopt an ordinance or resolution | |||||||||||||||||||||||||||||||||||||
14 | approving the application for property value phase-in and | |||||||||||||||||||||||||||||||||||||
15 | authorizing a certificate of approval.
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16 | (d) The ordinance or resolution provided with the | |||||||||||||||||||||||||||||||||||||
17 | certificate of approval shall be presented to the local | |||||||||||||||||||||||||||||||||||||
18 | assessment officer's office within 10 working days of approval. | |||||||||||||||||||||||||||||||||||||
19 | The certificate shall show the original assessed value, the | |||||||||||||||||||||||||||||||||||||
20 | value of improvements made to the property, and their totals.
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21 | (e) The local assessment officer shall then make a | |||||||||||||||||||||||||||||||||||||
22 | determination of the property's new value and proceed to apply | |||||||||||||||||||||||||||||||||||||
23 | the increase in value in increments equal to the following | |||||||||||||||||||||||||||||||||||||
24 | schedule:
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34 | (f) If the property approved for phase-in ceases to be part |
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1 | of the downtown development district, that property is no | ||||||
2 | longer eligible for the phase-in program. If the phase-in is no | ||||||
3 | longer eligible, the municipality shall notify the local | ||||||
4 | assessment officer and the property shall be fully assessed.
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5 | (g) If the property is receiving tax increment finance | ||||||
6 | revenue through a redevelopment agreement or through some other | ||||||
7 | type of agreement or ordinance where the property's value is | ||||||
8 | directly dependent upon the increased value of the property the | ||||||
9 | property is ineligible.
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10 | Section 999. Effective date. This Act takes effect upon | ||||||
11 | becoming law.".
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