95TH GENERAL ASSEMBLY
State of Illinois
2007 and 2008
HB5747


 
Introduced , by Rep. Dave Winters
 
SYNOPSIS AS INTRODUCED:
 		














65 ILCS 5/8-11-20









    Amends the Illinois Municipal Code.  Provides that certain economic incentive agreements entered into on or after the effective date of this amendatory Act shall  not be in effect for more than 15 years.
















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FISCAL NOTE ACT MAY APPLY
















 


 


A BILL FOR









 











HB5747

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    AN ACT concerning local government.

 
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    Be it enacted by the People of the State of Illinois,
 
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represented in the General Assembly:


 
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    Section 5. The Illinois Municipal Code is amended  by 
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changing Section 8-11-20 as follows:
 



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    (65 ILCS 5/8-11-20)



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    Sec. 8-11-20. Economic incentive agreements. The corporate 
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authorities
of a municipality may enter into an economic 
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incentive agreement relating to
the development or

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redevelopment of land within the corporate limits of the 
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municipality.  Under
this agreement, the municipality may agree 
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to share or rebate a
portion of any retailers' occupation taxes 
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received by the municipality that
were generated by the 
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development or redevelopment over a finite period of
time, 
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provided that no agreement entered into under this Section on 
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or after the effective date of this amendatory Act of the 95th 
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General Assembly may  be in effect for more than 15 years.  
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Before entering into the agreement authorized by this Section, 
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the
corporate authorities shall make the following findings:

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    (1) If the property subject to the agreement is vacant:


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        (A) that the property has remained vacant for at least 
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    one year, or


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        (B) that any building located on the property was 
 


 






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    demolished within
the last year and that the building would 
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    have qualified under finding (2)
of this Section;

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    (2) If the property subject to the agreement is currently 
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developed:


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        (A) that the buildings on the property no longer comply 
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    with current
building
codes, or


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        (B) that the buildings on the property have remained 
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    less than
significantly unoccupied or underutilized for a 
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    period of at least one year;

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    (3) That the project is expected to create or retain job 
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opportunities
within the municipality;

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    (4) That the project will serve to further the development 
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of adjacent
areas;

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    (5) That without the agreement, the project would not be 
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possible;

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    (6) That the developer meets high standards of 
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creditworthiness and
financial strength as demonstrated by one 
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or more of the following:


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        (A) corporate debenture ratings of BBB or higher by 
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    Standard & Poor's
Corporation or Baa or higher by Moody's 
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    Investors Service, Inc.;


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        (B) a letter from a financial institution with assets 
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    of $10,000,000 or
more attesting to the financial strength 
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    of the developer; or


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        (C) specific evidence of equity financing for not less 
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    than 10% of the
total project costs;

 


 






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    (7) That the project will strengthen the commercial sector 
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of the
municipality;

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    (8) That the project will enhance the tax base of the 
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municipality; and

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    (9) That the agreement is made in the best interest of the 
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municipality.

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(Source: P.A. 92-263, eff. 8-7-01.)