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1 | AN ACT concerning technology.
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2 | Be it enacted by the People of the State of Illinois, | ||||||||||||||||||||||||||
3 | represented in the General Assembly:
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4 | Section 1. Short title. This Act may be cited as the | ||||||||||||||||||||||||||
5 | Technology
Development
Zone Act.
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6 | Section 5. Definitions. As used in this Act: | ||||||||||||||||||||||||||
7 | "Department" means the Department of Commerce and Economic | ||||||||||||||||||||||||||
8 | Opportunity. | ||||||||||||||||||||||||||
9 | "Technology-zone program" means any development project or | ||||||||||||||||||||||||||
10 | program in furtherance of the objectives of this Act. | ||||||||||||||||||||||||||
11 | "Technology-zone project costs" include costs for: | ||||||||||||||||||||||||||
12 | (1) the purchase and rehabilitation of real and | ||||||||||||||||||||||||||
13 | personal property and the construction of infrastructure | ||||||||||||||||||||||||||
14 | serving the zone; | ||||||||||||||||||||||||||
15 | (2) the construction of publicly-owned, | ||||||||||||||||||||||||||
16 | technology-oriented facilities such as technology or small | ||||||||||||||||||||||||||
17 | business incubators, research and development | ||||||||||||||||||||||||||
18 | laboratories, training centers, testing laboratories, and | ||||||||||||||||||||||||||
19 | a portion of the operating cost of the facility; and | ||||||||||||||||||||||||||
20 | (3) operating costs related to the management, | ||||||||||||||||||||||||||
21 | marketing, and promotion of technology zones and operating | ||||||||||||||||||||||||||
22 | costs related to post-secondary school programs to provide | ||||||||||||||||||||||||||
23 | workers, students, and interns within the zone.
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1 | Section 10. Creation of a technology-zone plan. | ||||||
2 | (a) A municipality, in cooperation with a college, | ||||||
3 | university, or community college located within that | ||||||
4 | municipality, may create a written plan that sets forth a | ||||||
5 | tecnology-zone program. Each tecnology zone plan must include, | ||||||
6 | without limitation, all of the following: | ||||||
7 | (1) the estimated costs of the tecnology-zone program; | ||||||
8 | (2) the sources of funds to pay those costs; | ||||||
9 | (3) the nature and term of any obligations to be issued | ||||||
10 | by the local government to pay those costs; | ||||||
11 | (4) the most recent equalized assessed valuation of | ||||||
12 | prperty within the technology zone; | ||||||
13 | (5) an estimate of the equalized assessed valuation of | ||||||
14 | the technology zone after the completion of the | ||||||
15 | technology-zone program; | ||||||
16 | (6) the estimated date of completion of the | ||||||
17 | technology-zone program that is proposed to be undertaken; | ||||||
18 | (7) a general description of any proposed developer, | ||||||
19 | user, or tenant of any property to be located or improved | ||||||
20 | within the technology zone; | ||||||
21 | (8) a description of the type, structure, and general | ||||||
22 | character of the facilities to be developed or improved in | ||||||
23 | the technology zone; | ||||||
24 | (9) a description of the general land uses to apply in | ||||||
25 | the technology zone; |
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1 | (10) a description of the type, class, and number of | ||||||
2 | employees to be employed in the operation of the facilities | ||||||
3 | to be developed or improved in the technology zone; and | ||||||
4 | (11) a commitment by the municipality to fair | ||||||
5 | employment practices and an affirmative-action plan with | ||||||
6 | respect to any technology-zone program to be undertaken by | ||||||
7 | the local government.
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8 | Section 15. Initiation of technology zones by | ||||||
9 | municipalities. | ||||||
10 | (a) A municipality, after consultation with a college, | ||||||
11 | university, or community college located within that | ||||||
12 | municipality, may by ordinance propose the establishment of a | ||||||
13 | technology zone within the boundaries of the municipality and | ||||||
14 | fix a time and place for a public hearing. The municipality | ||||||
15 | must submit a certified copy of the ordinance as adopted to the | ||||||
16 | Department. | ||||||
17 | (b) The notice of the public hearing must be given by | ||||||
18 | publication and by mailing. The notice by publication must be | ||||||
19 | given by publication at least twice, the first publication to | ||||||
20 | be not more than 30 nor less than 10 days prior to the hearing | ||||||
21 | in a newspaper of general circulation within the taxing | ||||||
22 | districts having property in the proposed technology zone. The | ||||||
23 | notice by mailing must be given by depositing the notice in the | ||||||
24 | United States mails by certified mail addressed to the person | ||||||
25 | or persons in whose name the general taxes for the last |
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1 | preceding year were paid on each lot, block, tract, or parcel | ||||||
2 | of land lying within the technology zone. The notice must be | ||||||
3 | mailed not less than 10 days prior to the date set for the | ||||||
4 | public hearing. If taxes for the last preceding year were not | ||||||
5 | paid, the notice must also be sent to the persons last listed | ||||||
6 | on the tax rolls within the preceding 3 years as the owners of | ||||||
7 | the property. | ||||||
8 | The notices issued under this Section must include the | ||||||
9 | following: | ||||||
10 | (1) the time and place of public hearing; | ||||||
11 | (2) the boundaries of the proposed technology zone by | ||||||
12 | legal description and by street location if possible;
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13 | (3) a statement that all interested persons will be | ||||||
14 | given an opportunity to be heard at the public hearing;
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15 | (4) an invitation for any person to submit alternative | ||||||
16 | proposals or bids for any proposed conveyance, lease, | ||||||
17 | mortgage, or other disposition of land within the | ||||||
18 | technology zone;
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19 | (5) a description of the technology zone plan if a plan | ||||||
20 | or project is a subject matter of the hearing; and
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21 | (6) any other matters as the municipality may deem | ||||||
22 | appropriate. | ||||||
23 | Not less than 30 days prior to the date set for hearing, | ||||||
24 | the municipality shall give notice by mail as provided in this | ||||||
25 | subsection (b) to all taxing districts in which taxable | ||||||
26 | property is included in the technology zone and to the |
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1 | Department. | ||||||
2 | In addition to the other requirements under this subsection | ||||||
3 | (b), the notice shall include an invitation to the Department | ||||||
4 | and each taxing district to submit comments to the municipality | ||||||
5 | concerning the subject matter of the hearing prior to the date | ||||||
6 | of the hearing. | ||||||
7 | (c) At the public hearing, any interested person, the | ||||||
8 | Department, or any affected taxing district may file written | ||||||
9 | objections and may be heard orally with respect to any issues | ||||||
10 | embodied in the notice. The municipality shall hear and | ||||||
11 | determine all alternate proposals. The hearing may be adjourned | ||||||
12 | to another date without further notice other than a motion to | ||||||
13 | be entered upon the minutes fixing the time and place of the | ||||||
14 | adjourned hearing. Public hearings with regard to a | ||||||
15 | technology-zone plan, technology zone, or technology-zone | ||||||
16 | project may be held simultaneously. | ||||||
17 | (d) At the public hearing or at any time prior to the | ||||||
18 | adoption of an ordinance approving a technology-zone plan, the | ||||||
19 | municipality may make changes in the technology-zone plan. The | ||||||
20 | following changes may be made only after notice and hearing in | ||||||
21 | accordance with the procedures set forth under this Section: | ||||||
22 | (1) changes that alter the exterior boundaries of the | ||||||
23 | proposed technology zone; | ||||||
24 | (2) changes that substantially affect the general land | ||||||
25 | uses established in the proposed technology-zone plan; | ||||||
26 | (3) changes that substantially change the nature of the |
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1 | proposed technology-zone program; | ||||||
2 | (4) changes that change the general description of any | ||||||
3 | proposed developer, user, or tenant of any property to be | ||||||
4 | located or improved within the technology zone; or | ||||||
5 | (5) changes that change the description of the type, | ||||||
6 | class, and number of employees to be employed in the | ||||||
7 | operation of the facilities to be developed or improved | ||||||
8 | within the technology zone. | ||||||
9 | Any other changes be made without further hearing, but the | ||||||
10 | municipality must give notice of its changes by mail to the | ||||||
11 | Department and to each affected taxing district and by | ||||||
12 | publication in a newspaper or newspapers of general circulation | ||||||
13 | within the affected taxing districts. The notice by mail and by | ||||||
14 | publication must each occur not later than 10 days following | ||||||
15 | the adoption by ordinance of the changes. | ||||||
16 | (e) At any time within 30 days after the final adjournment | ||||||
17 | of the public hearing, the municipality may, by ordinance, | ||||||
18 | approve the technology-zone plan, establish the technology | ||||||
19 | zone, and authorize tax increment allocation financing for that | ||||||
20 | technology zone. | ||||||
21 | Section 20. Submission to Department; certification by | ||||||
22 | Department; limitation on number of permissible technology | ||||||
23 | zones. | ||||||
24 | (a) The municipality shall submit certified copies of any | ||||||
25 | ordinances adopted under subsection (d) of Section 15 to the |
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1 | Department, together with (1) a map of the technology zone, (2) | ||||||
2 | a copy of the technology-zone plan as approved, (3) an estimate | ||||||
3 | of the economic impact of the technology-zone project and the | ||||||
4 | use of tax increment allocation financing upon the revenues of | ||||||
5 | the municipality and the affected taxing districts, (4) a | ||||||
6 | record of all public hearings had in connection with the | ||||||
7 | establishment of the technology zone, and (6) any other | ||||||
8 | information that the Department may require. | ||||||
9 | (b) Upon receipt of an application from a municipality the | ||||||
10 | Department shall review the application to determine whether | ||||||
11 | the technology zone qualifies under this Act. At its | ||||||
12 | discretion, the Department may accept or reject the application | ||||||
13 | or may request such additional information as it deems | ||||||
14 | necessary or advisable to aid its review. | ||||||
15 | If any such area is found to be qualified to be a | ||||||
16 | technology zone, then the Department shall approve and certify | ||||||
17 | the technology zone and shall provide written notice of its | ||||||
18 | approval and certification to the municipality and to the | ||||||
19 | county clerk. | ||||||
20 | In determining whether a technology-zone project area | ||||||
21 | shall be approved and certified, the Department shall consider: | ||||||
22 | (1) whether, without public intervention, the State | ||||||
23 | would suffer substantial technological dislocation, such | ||||||
24 | as relocation of technology-related commercial businesses | ||||||
25 | or industrial or manufacturing facilities to another | ||||||
26 | state, territory, or country or would not otherwise benefit |
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1 | from private investment offering substantial employment | ||||||
2 | opportunities and economic growth in the technology | ||||||
3 | sector; and | ||||||
4 | (2) the impact on the revenues of the municipality and | ||||||
5 | the affected taxing districts of the use of tax increment | ||||||
6 | allocation financing in connection with the | ||||||
7 | technology-zone project. | ||||||
8 | The Department may not certify more than 10 technology | ||||||
9 | zones in the State. | ||||||
10 | (d) Within 18 months after the effective date of this Act, | ||||||
11 | the Department shall submit to the General Assembly a report | ||||||
12 | detailing the number of technology zones it has approved and | ||||||
13 | certified, the number and type of jobs created or retained | ||||||
14 | therein, the aggregate amount of private investment therein, | ||||||
15 | the impact on the revenues of municipalities and counties and | ||||||
16 | affected taxing districts of the use of tax increment | ||||||
17 | allocation financing therein, and such additional information | ||||||
18 | as the Department may determine to be relevant. | ||||||
19 | (e) Within 20 months after the effective date of this Act, | ||||||
20 | the authority granted under this Act to municipalities and | ||||||
21 | counties to establish technology zones and to adopt tax | ||||||
22 | increment allocation financing in connection therewith and to | ||||||
23 | the Department to approve and certify technology zones expires | ||||||
24 | unless the General Assembly, by law, authorizes | ||||||
25 | municipalities, counties, and the Department to continue to | ||||||
26 | exercise the powers granted to them under this Act.
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1 | Section 25. Filing with county clerk; certification of | ||||||
2 | initial equalized assessed value. | ||||||
3 | (a) The municipality shall file a certified copy of any | ||||||
4 | ordinance authorizing tax increment allocation financing for a | ||||||
5 | technology zone with the county clerk, and the county clerk | ||||||
6 | shall immediately thereafter determine: | ||||||
7 | (1) the most recently ascertained equalized assessed | ||||||
8 | value of each lot, block, tract, or parcel of real property | ||||||
9 | within the technology zone from which must be deducted the | ||||||
10 | homestead exemptions provided by Sections 15-170, 15-175, | ||||||
11 | and 15-176 of the Property Tax Code, which value shall be | ||||||
12 | the "initial equalized assessed value" of each such piece | ||||||
13 | of property; and | ||||||
14 | (2) the total equalized assessed value of all taxable | ||||||
15 | real property within the technology zone by adding together | ||||||
16 | the most recently ascertained equalized assessed value of | ||||||
17 | each taxable lot, block, tract, or parcel of real property | ||||||
18 | within the technology zone, from which must be deducted the | ||||||
19 | homestead exemptions provided by Sections 15-170, 15-175, | ||||||
20 | and 15-176 of the Property Tax Code, and shall certify that | ||||||
21 | amount as the "total initial equalized assessed value" of | ||||||
22 | the taxable real property within the technology zone.
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23 | (b) After the county clerk has certified the "total initial | ||||||
24 | equalized assessed value" of the taxable real property in the | ||||||
25 | technology zone, then in respect to every taxing district |
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1 | containing a technology zone, the county clerk or any other | ||||||
2 | official required by law to ascertain the amount of the | ||||||
3 | equalized assessed value of all taxable property within that | ||||||
4 | taxing district for the purpose of computing the rate per cent | ||||||
5 | of tax to be extended upon taxable property within that taxing | ||||||
6 | district, shall in every year that tax increment allocation | ||||||
7 | financing is in effect ascertain the amount of value of taxable | ||||||
8 | property in a technology zone by including in that amount the | ||||||
9 | lower of the current equalized assessed value or the certified | ||||||
10 | "total initial equalized assessed value" of all taxable real | ||||||
11 | property in such area. The rate per cent of tax determined | ||||||
12 | shall be extended to the current equalized assessed value of | ||||||
13 | all property in the technology zone in the same manner as the | ||||||
14 | rate per cent of tax is extended to all other taxable property | ||||||
15 | in the taxing district. The method of allocating taxes | ||||||
16 | established under this Section terminates when the | ||||||
17 | municipality adopts an ordinance dissolving the special tax | ||||||
18 | allocation fund for the technology zone, terminating the | ||||||
19 | technology zone, and terminating the use of tax increment | ||||||
20 | allocation financing for the technology zone. This Act may not | ||||||
21 | be construed as relieving property owners within a technology | ||||||
22 | zone from paying a uniform rate of taxes upon the current | ||||||
23 | equalized assessed value of their taxable property as provided | ||||||
24 | in the Property Tax Code. | ||||||
25 | Section 30. Creation of special tax allocation fund. |
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1 | (a) If a municipality has adopted tax increment allocation | ||||||
2 | financing for a technology zone by ordinance, the county clerk | ||||||
3 | has thereafter certified the "total initial equalized assessed | ||||||
4 | value" of the taxable real property within the a technology | ||||||
5 | zone in the manner provided in Section 25 of this Act, and the | ||||||
6 | Department has approved and certified the a technology zone, | ||||||
7 | each year after the date of the certification by the county | ||||||
8 | clerk of the "total initial equalized assessed value" until a | ||||||
9 | technology-zone project costs and all municipal obligations | ||||||
10 | financing technology-zone project costs have been paid, the ad | ||||||
11 | valorem taxes, if any, arising from the levies upon the taxable | ||||||
12 | real property in the technology zone by taxing districts and | ||||||
13 | tax rates determined in the manner provided in subsection (b) | ||||||
14 | of Section 25 of this Act are divided as follows: | ||||||
15 | (1) that portion of the taxes levied upon each taxable | ||||||
16 | lot, block, tract or parcel of real property that is | ||||||
17 | attributable to the lower of (i) the current equalized | ||||||
18 | assessed value or (ii) the initial equalized assessed value | ||||||
19 | of each such taxable lot, block, tract, or parcel of real | ||||||
20 | property existing at the time tax increment allocation | ||||||
21 | financing was adopted, is allocated to and when collected | ||||||
22 | must be paid by the county collector to the respective | ||||||
23 | affected taxing districts in the manner required by law in | ||||||
24 | the absence of the adoption of tax increment allocation | ||||||
25 | financing; and | ||||||
26 | (2) That portion, if any, of those taxes that is |
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1 | attributable to the increase in the current equalized | ||||||
2 | assessed valuation of each taxable lot, block, tract, or | ||||||
3 | parcel of real property in the technology zone over and | ||||||
4 | above the initial equalized assessed value of each property | ||||||
5 | existing at the time tax increment allocation financing was | ||||||
6 | adopted is allocated to and when collected must be paid to | ||||||
7 | the municipal treasurer, who must deposit those taxes into | ||||||
8 | a special fund called the special tax allocation fund of | ||||||
9 | the municipality for the purpose of paying technology-zone | ||||||
10 | project costs and obligations incurred in the payment | ||||||
11 | thereof.
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12 | (b) The municipality, by an ordinance adopting tax | ||||||
13 | increment allocation financing, may pledge the funds in and to | ||||||
14 | be deposited into the special tax allocation fund for the | ||||||
15 | payment of obligations issued under this Act and for the | ||||||
16 | payment of technology-zone project costs. No part of the | ||||||
17 | current equalized assessed valuation of each property in the | ||||||
18 | technology zone attributable to any increase above the total | ||||||
19 | initial equalized assessed value of such properties may be used | ||||||
20 | in calculating the general State school aid formula, provided | ||||||
21 | for in Section 18-8.05 of the School Code, until such time as | ||||||
22 | all technology-zone project costs have been paid as provided | ||||||
23 | for in this Section.
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24 | (c) When the technology-zone project costs, including | ||||||
25 | without limitation all obligations financing technology-zone | ||||||
26 | project costs incurred under this Act, have been paid, all |
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1 | surplus funds then remaining in the special tax allocation fund | ||||||
2 | shall be distributed by being paid by the municipal treasurer | ||||||
3 | to the county collector, who shall immediately thereafter pay | ||||||
4 | those funds to the taxing districts having taxable property in | ||||||
5 | the technology zone in the same manner and proportion as the | ||||||
6 | most recent distribution by the county collector to those | ||||||
7 | taxing districts of real property taxes from real property in | ||||||
8 | the technology zone.
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9 | (d) Upon the payment of all technology-zone project costs, | ||||||
10 | retirement of obligations, and the distribution of any excess | ||||||
11 | moneys pursuant to this Section, the municipality shall adopt | ||||||
12 | an ordinance dissolving the special tax allocation fund for the | ||||||
13 | technology zone, terminating the technology zone, and | ||||||
14 | terminating the use of tax increment allocation financing for | ||||||
15 | the technology zone. Thereafter, the rates of the taxing | ||||||
16 | districts must be extended and taxes levied, collected, and | ||||||
17 | distributed in the manner applicable in the absence of the | ||||||
18 | adoption of tax increment allocation financing. | ||||||
19 | (e) Nothing in this Section may be construed as relieving | ||||||
20 | property in technology zones from being assessed as provided in | ||||||
21 | the Property Tax Code, or as relieving owners of that property | ||||||
22 | from paying a uniform rate of taxes, as required by Section 4 | ||||||
23 | of Article IX of the Illinois Constitution.
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24 | Section 35. Issuance of obligations for technology-zone | ||||||
25 | costs. |
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1 | (a) Obligations secured by the special tax allocation fund | ||||||
2 | provided for in Section 30 of this Act for a technology zone | ||||||
3 | may be issued to provide for technology-zone costs. Those | ||||||
4 | obligations, when so issued, shall be retired in the manner | ||||||
5 | provided in the ordinance authorizing the issuance of the | ||||||
6 | obligations by the receipts of taxes levied as specified in | ||||||
7 | Section 25 of this Act against the taxable property included in | ||||||
8 | the technology-zone project area and by other revenue | ||||||
9 | designated or pledged by the municipality. A municipality may | ||||||
10 | in the ordinance pledge all or any part of the funds in and to | ||||||
11 | be deposited in the special tax allocation fund created | ||||||
12 | pursuant to Section 30 of this Act to the payment of the | ||||||
13 | technology-zone costs and obligations. Whenever a municipality | ||||||
14 | pledges all of the funds to the credit of a special tax | ||||||
15 | allocation fund to secure obligations issued or to be issued to | ||||||
16 | pay technology-zone costs, the municipality may specifically | ||||||
17 | provide that funds remaining to the credit of such special tax | ||||||
18 | allocation fund after the payment of those obligations shall be | ||||||
19 | accounted for annually and shall be deemed to be "surplus" | ||||||
20 | funds. If a municipality pledges less than all of the moneys to | ||||||
21 | the credit of a special tax allocation fund to secure | ||||||
22 | obligations issued or to be issued to pay technology-zone | ||||||
23 | costs, then the municipality shall provide that moneys to the | ||||||
24 | credit of the special tax allocation fund and not subject to | ||||||
25 | that pledge or otherwise encumbered or required for payment of | ||||||
26 | contractual obligations for specific technology-zone costs |
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1 | shall be calculated annually and shall be deemed to be | ||||||
2 | "surplus" funds. All funds to the credit of a special tax | ||||||
3 | allocation fund that are deemed to be "surplus" funds shall be | ||||||
4 | distributed annually within 180 days after the close of the | ||||||
5 | municipality's fiscal year by being paid by the municipal | ||||||
6 | treasurer to the county collector. The county collector shall, | ||||||
7 | thereafter, make distribution to the respective taxing | ||||||
8 | districts in the same manner and proportion as the most recent | ||||||
9 | distribution by the county collector to those taxing districts | ||||||
10 | of real property taxes from real property in the technology | ||||||
11 | zone. | ||||||
12 | (b) Without limiting the provisions of subsection (a), the | ||||||
13 | municipality may, in addition to obligations secured by the | ||||||
14 | special tax allocation fund, pledge for a period not greater | ||||||
15 | than the term of the obligations towards payment of those | ||||||
16 | obligations any part or any combination of the following: | ||||||
17 | (1) net revenues of all or part of any technology-zone | ||||||
18 | project; | ||||||
19 | (2) taxes levied and collected on any or all property | ||||||
20 | in the municipality, including, specifically, taxes levied | ||||||
21 | or imposed by the municipality in a special service area | ||||||
22 | pursuant to the Special service Area Tax Law in the | ||||||
23 | Property Tax Code; | ||||||
24 | (3) the full faith and credit of the municipality; | ||||||
25 | (4) a mortgage on part or all of the technology-zone | ||||||
26 | project; or |
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1 | (5) any other taxes or anticipated receipts that the | ||||||
2 | municipality may lawfully pledge. | ||||||
3 | (c) Such obligations may be issued in one or more series | ||||||
4 | bearing interest at such rate or rates as the corporate | ||||||
5 | authorities of the municipality shall determine by ordinance, | ||||||
6 | which rate or rates may be variable or fixed, without regard to | ||||||
7 | any limitations contained in any law now in effect or hereafter | ||||||
8 | adopted. Such obligations shall bear such date or dates, mature | ||||||
9 | at such time or times not exceeding 20 years from their | ||||||
10 | respective dates, but in no event exceeding 23 years from the | ||||||
11 | date of establishment of the technology zone, be in such | ||||||
12 | denomination, be in such form, whether coupon, registered or | ||||||
13 | book-entry, carry such registration, conversion and exchange | ||||||
14 | privileges, be executed in such manner, be payable in such | ||||||
15 | medium of payment at such place or places within or without the | ||||||
16 | State of Illinois, contain such covenants, terms and | ||||||
17 | conditions, be subject to redemption with or without premium, | ||||||
18 | be subject to defeasance upon such terms, and have such rank or | ||||||
19 | priority, as such ordinance shall provide. Obligations issued | ||||||
20 | pursuant to this Act may be sold at public or private sale at | ||||||
21 | such price as shall be determined by the corporate authorities | ||||||
22 | of the municipalities. Such obligations may, but need not, be | ||||||
23 | issued using the provisions of any one or more of the omnibus | ||||||
24 | bond Acts specified in Section 1.33 of the Statute on Statutes. | ||||||
25 | No referendum approval of the electors is required as a | ||||||
26 | condition to the issuance of obligations pursuant to this Act |
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1 | except as provided in this Section. | ||||||
2 | (d) Whenever a municipality issues bonds for the purpose of | ||||||
3 | financing technology-zone costs, the municipality may provide | ||||||
4 | by ordinance for the appointment of a trustee, which may be any | ||||||
5 | trust company within the State, and for the establishment of | ||||||
6 | the funds or accounts to be maintained by such trustee as the | ||||||
7 | municipality shall deem necessary to provide for the security | ||||||
8 | and payment of the bonds. If the municipality provides for the | ||||||
9 | appointment of a trustee, the trustee shall be considered the | ||||||
10 | assignee of any payments assigned by the municipality pursuant | ||||||
11 | to the ordinance and this Section. Any amounts paid to the | ||||||
12 | trustee as assignee shall be deposited in the funds or accounts | ||||||
13 | established pursuant to the trust agreement, and shall be held | ||||||
14 | by the trustee in trust for the benefit of the holders of the | ||||||
15 | bonds, and the holders shall have a lien on and a security | ||||||
16 | interest in those bonds or accounts so long as the bonds remain | ||||||
17 | outstanding and unpaid. Upon retirement of the bonds, the | ||||||
18 | trustee shall pay over any excess amounts held to the | ||||||
19 | municipality for deposit in the special tax allocation fund. | ||||||
20 | (e) In the event the municipality authorizes the issuance | ||||||
21 | of obligations pursuant to the authority of this Act secured by | ||||||
22 | the full faith and credit of the municipality, or pledges ad | ||||||
23 | valorem taxes pursuant to item (2) of subsection (b) of this | ||||||
24 | Section, which obligations are other than obligations that may | ||||||
25 | be issued under home rule powers provided by Article VII, | ||||||
26 | Section 6 of the Illinois Constitution, or which ad valorem |
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1 | taxes are other than ad valorem taxes which may be pledged | ||||||
2 | under home rule powers provided by Article VII, Section 6 of | ||||||
3 | the Illinois Constitution, or which are levied in a special | ||||||
4 | service area pursuant to Special Service Area Tax Law in the | ||||||
5 | Property Tax Code, the ordinance authorizing the issuance of | ||||||
6 | those obligations or pledging those taxes shall be published | ||||||
7 | within 10 days after the ordinance has been adopted, in one or | ||||||
8 | more newspapers having a general circulation within the | ||||||
9 | municipality. The publication of the ordinance shall be | ||||||
10 | accompanied by a notice of: | ||||||
11 | (1) the specific number of voters required to sign a | ||||||
12 | petition requesting the question of the issuance of the | ||||||
13 | obligations or pledging such ad valorem taxes to be | ||||||
14 | submitted to the electors; | ||||||
15 | (2) the time within which the petition must be filed; | ||||||
16 | and | ||||||
17 | (3) the date of the prospective referendum. | ||||||
18 | The municipal clerk shall provide a petition form to any | ||||||
19 | individual requesting one.
| ||||||
20 | If no petition is filed with the municipal clerk, as | ||||||
21 | provided in this Section, within 21 days after the publication | ||||||
22 | of the ordinance, the ordinance shall be in effect. If, | ||||||
23 | however, within that 21-day period, a petition is filed with | ||||||
24 | the municipal clerk, signed by electors numbering not less than | ||||||
25 | 15% of the number of electors voting for the mayor or president | ||||||
26 | at the last general municipal election, asking that the |
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1 | question of issuing obligations using full faith and credit of | ||||||
2 | the municipality as security for the cost of paying for | ||||||
3 | technology-zone costs, or of pledging such ad valorem taxes for | ||||||
4 | the payment of those obligations, or both, be submitted to the | ||||||
5 | electors of the municipality, the municipality shall not be | ||||||
6 | authorized to issue obligations of the municipality using the | ||||||
7 | full faith and credit of the municipality as security or | ||||||
8 | pledging such ad valorem taxes for the payment of those | ||||||
9 | obligations, or both, until the proposition has been submitted | ||||||
10 | to and approved by a majority of the voters voting on the | ||||||
11 | proposition at a regularly scheduled election. The | ||||||
12 | municipality shall certify the proposition to the proper | ||||||
13 | election authorities for submission in accordance with the | ||||||
14 | general election law.
The ordinance authorizing the | ||||||
15 | obligations may provide that the obligations shall contain a | ||||||
16 | recital that they are issued pursuant to this Act, which | ||||||
17 | recital shall be conclusive evidence of their validity and of | ||||||
18 | the regularity of their issuance.
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19 | In the event the municipality authorizes issuance of | ||||||
20 | obligations pursuant to this Act secured by the full faith and | ||||||
21 | credit of the municipality, the ordinance authorizing the | ||||||
22 | obligations may provide for the levy and collection of a direct | ||||||
23 | annual tax upon all taxable property within the municipality | ||||||
24 | sufficient to pay the principal thereof and interest thereon as | ||||||
25 | it matures, which levy may be in addition to and exclusive of | ||||||
26 | the maximum of all other taxes authorized to be levied by the |
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1 | municipality, which levy, however, shall be abated to the | ||||||
2 | extent that moneys from other sources are available for payment | ||||||
3 | of the obligations and the municipality certifies the amount of | ||||||
4 | those monies available to the county clerk. | ||||||
5 | (f)
A certified copy of the ordinance shall be filed with | ||||||
6 | the county clerk of each county in which any portion of the | ||||||
7 | municipality is situated, and shall constitute the authority | ||||||
8 | for the extension and collection of the taxes to be deposited | ||||||
9 | in the special tax allocation fund.
A municipality may also | ||||||
10 | issue its obligations to refund, in whole or in part, | ||||||
11 | obligations theretofore issued by the municipality under the | ||||||
12 | authority of this Act, whether at or prior to maturity. | ||||||
13 | However, the last maturity of the refunding obligations shall | ||||||
14 | not be expressed to mature later than 23 years from the date of | ||||||
15 | the ordinance establishing the technology zone. | ||||||
16 | (g) In the event a municipality issues obligations under | ||||||
17 | home rule powers or other legislative authority, the proceeds | ||||||
18 | of which are pledged to pay for technology-zone costs, the | ||||||
19 | municipality may, if it has followed the procedures in | ||||||
20 | conformance with this Act, retire those obligations from funds | ||||||
21 | in the special tax allocation fund in amounts and in such | ||||||
22 | manner as if those obligations had been issued pursuant to the | ||||||
23 | provisions of this Act. | ||||||
24 | (h) No obligations issued pursuant to this Act shall be | ||||||
25 | regarded as indebtedness of the municipality issuing those | ||||||
26 | obligations or any other taxing district for the purpose of any |
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1 | limitation imposed by law. | ||||||
2 |
Obligations issued pursuant to this Act shall not be | ||||||
3 | subject to the provisions of the Bond Authorization Act.
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4 | Section 40. Cancellation and repayment of tax benefits. Any | ||||||
5 | tax abatement or benefit granted by a taxing district under an | ||||||
6 | agreement entered into under this Act to a private individual | ||||||
7 | or entity for the purpose of originating, locating, | ||||||
8 | maintaining, rehabilitating, or expanding a business facility | ||||||
9 | shall be cancelled if the individual or entity relocated its | ||||||
10 | entire facility in violation of the agreement, and the amount | ||||||
11 | of the abatements or tax benefits granted before the | ||||||
12 | cancellation shall be repaid to the taxing district within 30 | ||||||
13 | days, as provided in Section 18-183 of the Property Tax Code. | ||||||
14 | Section 45. Powers of municipalities. In addition to powers | ||||||
15 | that it may now have, any municipality has the power under this | ||||||
16 | Act: | ||||||
17 | (1) To make and enter into all contracts necessary or | ||||||
18 | incidental to the implementation and furtherance of a | ||||||
19 | technology-zone plan. | ||||||
20 | (2) Within a technology zone, to acquire by purchase, | ||||||
21 | donation, lease, or eminent domain, and to own, convey, | ||||||
22 | lease, mortgage or dispose of land and other real or | ||||||
23 | personal property or rights or interests therein; and to | ||||||
24 | grant or acquire licenses, easements and options with |
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1 | respect thereto, all in the manner and at such price the | ||||||
2 | municipality determines is reasonably necessary to achieve | ||||||
3 | the objectives of the technology-zone project. No | ||||||
4 | conveyance, lease, mortgage, disposition of land or other | ||||||
5 | property acquired by the municipality, or agreement | ||||||
6 | relating to the development of property, shall be made or | ||||||
7 | executed except pursuant to prior official action of the | ||||||
8 | municipality. No conveyance, lease, mortgage or other | ||||||
9 | disposition of land, and no agreement relating to the | ||||||
10 | development of property, shall be made without making | ||||||
11 | public disclosure of the terms and disposition of all bids | ||||||
12 | and proposals submitted to the municipality in connection | ||||||
13 | therewith. | ||||||
14 | (3) To clear any area within a technology zone by | ||||||
15 | demolition or removal of any existing buildings, | ||||||
16 | structures, fixtures, utilities, or improvements, and to | ||||||
17 | clear and grade land. | ||||||
18 | (4) To install, repair, construct, reconstruct or | ||||||
19 | relocate public streets, public utilities, and other | ||||||
20 | public site improvements within or without a technology | ||||||
21 | zone which are essential to the preparation of a technology | ||||||
22 | zone for use in accordance with a technology-zone plan. | ||||||
23 | (5) To renovate, rehabilitate, reconstruct, relocate, | ||||||
24 | repair or remodel any existing buildings, improvements, | ||||||
25 | and fixtures within a technology zone. | ||||||
26 | (6) To construct public improvements, including but |
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| |||||||
1 | not limited to, buildings, structures, works, utilities or | ||||||
2 | fixtures within any technology zone. | ||||||
3 | (7) To issue obligations as in this Act provided. | ||||||
4 | (8) To fix, charge, and collect fees, rents, and | ||||||
5 | charges for the use of any building, facility, or property | ||||||
6 | or any portion thereof owned or leased by the municipality | ||||||
7 | within a technology zone. | ||||||
8 | (9) To accept grants, guarantees, donations of | ||||||
9 | property or labor, or any other thing of value for use in | ||||||
10 | connection with a technology-zone project. | ||||||
11 | (10) To pay or cause to be paid technology-zone project | ||||||
12 | costs. Any payments to be made by the municipality to | ||||||
13 | developers or other nongovernmental persons for | ||||||
14 | technology-zone costs incurred by such developer or other | ||||||
15 | nongovernmental person shall be made only pursuant to the | ||||||
16 | prior official action of the municipality evidencing an | ||||||
17 | intent to pay or cause to be paid such technology-zone | ||||||
18 | costs. A municipality is not required to obtain any right, | ||||||
19 | title, or interest in any real or personal property in | ||||||
20 | order to pay technology-zone costs associated with such | ||||||
21 | property. The municipality shall adopt such accounting | ||||||
22 | procedures as may be necessary to determine that such | ||||||
23 | technology-zone costs are properly paid. | ||||||
24 | (11) To exercise any and all other powers necessary to | ||||||
25 | effectuate the purposes of this Act. | ||||||
26 | (12) To create a commission of not less than 5 or more |
| |||||||
| |||||||
1 | than 15 persons to be appointed by the mayor or president | ||||||
2 | of the municipality with the consent of the majority of the | ||||||
3 | corporate authorities of the municipality. Members of a | ||||||
4 | commission shall be appointed for initial terms of 1, 2, 3, | ||||||
5 | 4, and 5 years, respectively, in such numbers as to provide | ||||||
6 | that the terms of not more than 1/3 of all such members | ||||||
7 | shall expire in any one year. Their successors shall be | ||||||
8 | appointed for a term of 5 years. The commission, subject to | ||||||
9 | approval of the corporate authorities, may exercise the | ||||||
10 | powers enumerated in this Section. The commission shall | ||||||
11 | also have the power to hold the public hearings required by | ||||||
12 | this Act and make recommendations to the corporate | ||||||
13 | authorities concerning the approval of technology-zone | ||||||
14 | plans, the establishment of technology zones, and the | ||||||
15 | adoption of tax increment allocation financing for | ||||||
16 | technology zones.
| ||||||
17 | Section 50. Eminent domain. Notwithstanding any other | ||||||
18 | provision of this Act, any power granted under this Act to | ||||||
19 | acquire property by condemnation or eminent domain is subject | ||||||
20 | to, and shall be exercised in accordance with, the Eminent | ||||||
21 | Domain Act. | ||||||
22 | Section 55. Conflicts of interest; disclosure. If any | ||||||
23 | member of the corporate authorities of a municipality, or any | ||||||
24 | employee or consultant of the municipality involved in the |
| |||||||
| |||||||
1 | planning, analysis, preparation or administration of a | ||||||
2 | technology-zone plan or a technology-zone project, or any | ||||||
3 | proposed technology-zone plan or any proposed technology-zone | ||||||
4 | project, owns or controls any interest, direct or indirect, in | ||||||
5 | any property included in any technology zone or proposed | ||||||
6 | technology zone, he or she shall disclose the same in writing | ||||||
7 | to the municipal clerk, which disclosure shall include the | ||||||
8 | dates, terms and conditions of any disposition of any such | ||||||
9 | interest. The disclosures shall be acknowledged by the | ||||||
10 | corporate authorities of the municipality and entered upon the | ||||||
11 | official records and files of the corporate authorities. Any | ||||||
12 | such individual holding any such interest shall refrain from | ||||||
13 | any further official involvement regarding such established or | ||||||
14 | proposed technology zone, technology-zone plan or | ||||||
15 | technology-zone project, and shall also refrain from voting on | ||||||
16 | any matter pertaining to that project, plan or area and from | ||||||
17 | communicating with any members of the corporate authorities or | ||||||
18 | any employees or consultants of the municipality regarding any | ||||||
19 | matter relating to that project, plan or area. No member of the | ||||||
20 | corporate authorities of the municipality and no employee of | ||||||
21 | the municipality shall acquire any interest, direct or | ||||||
22 | indirect, in any real or personal property or rights or | ||||||
23 | interest therein within a technology zone or a proposed | ||||||
24 | technology zone after that person obtains knowledge of the | ||||||
25 | project, plan or area or after the first public notice of the | ||||||
26 | project, plan or area is given by the municipality, whichever |
| |||||||
| |||||||
1 | occurs first. | ||||||
2 | Section 60. Payment of project costs; revenues from | ||||||
3 | municipal property. Revenues received by a municipality from | ||||||
4 | any property, building, or facility owned, leased, or operated | ||||||
5 | by the municipality or any agency or authority established by | ||||||
6 | the municipality may be used to pay technology-zone costs, or | ||||||
7 | reduce outstanding obligations of the municipality incurred | ||||||
8 | under this Act for technology-zone costs. The municipality may | ||||||
9 | place those revenues in the special tax allocation fund that | ||||||
10 | shall be held by the municipal treasurer or other person | ||||||
11 | designated by the municipality. Revenue received by the | ||||||
12 | municipality from the sale or other disposition of real or | ||||||
13 | personal property or rights or interests therein acquired by | ||||||
14 | the municipality with the proceeds of obligations funded by tax | ||||||
15 | increment allocation financing shall be deposited by the | ||||||
16 | municipality in the special tax allocation fund. | ||||||
17 | Section 900. The Eminent Domain Act is amended by adding | ||||||
18 | Section 15-5-45 as follows: | ||||||
19 | (735 ILCS 30/15-5-45 new)
| ||||||
20 | Sec. 15-5-45. Eminent domain powers in New Acts. The | ||||||
21 | following provisions of law may include express grants of the | ||||||
22 | power to acquire property by condemnation or eminent domain: |
| |||||||
| |||||||
1 | Technology Development Zone Act; municipalities; for | ||||||
2 | activities associated with technology zones.
| ||||||
3 | Section 999. Effective date. This Act takes effect upon | ||||||
4 | becoming law. |