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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 Property Tax Code is amended by adding | ||||||
| 5 | Section 18-184.10 as follows: | ||||||
| 6 | (35 ILCS 200/18-184.10 new) | ||||||
| 7 | Sec. 18-184.10. Business corridors; abatement. | ||||||
| 8 | (a) The county clerk shall abate property taxes levied by | ||||||
| 9 | an affected taxing district on property that meets the | ||||||
| 10 | following requirements: | ||||||
| 11 | (1) the property does not qualify as exempt property | ||||||
| 12 | under Section 15-95 of this Code; and | ||||||
| 13 | (2) the property is situated in a business corridor | ||||||
| 14 | created by intergovernmental agreement between 2 adjoining | ||||||
| 15 | disadvantaged municipalities. | ||||||
| 16 | (b) A business corridor created under this Section shall | ||||||
| 17 | encompass only territory along the common border of the | ||||||
| 18 | municipalities that is (i) undeveloped or underdeveloped and | ||||||
| 19 | (ii) not likely to be developed without the creation of the | ||||||
| 20 | business corridor. | ||||||
| 21 | The intergovernmental agreement shall specify the | ||||||
| 22 | territory to be included in the business corridor. The | ||||||
| 23 | agreement shall also provide for the percentage amount and | ||||||
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| 1 | duration of an abatement under this Section and for any other | ||||||
| 2 | provision necessary to carry out the provisions of this | ||||||
| 3 | Section. No abatement under this Section shall exceed 10 years | ||||||
| 4 | in duration. Upon adoption of the agreement provided for under | ||||||
| 5 | this Section, the municipalities must deliver a certified copy | ||||||
| 6 | of the agreement to the county clerk. | ||||||
| 7 | (c) As used in this Section: | ||||||
| 8 | "Affected taxing district" means both (i) municipalities | ||||||
| 9 | party to the intergovernmental agreement and (ii) any school | ||||||
| 10 | district that (A) levies property taxes upon property in the | ||||||
| 11 | business corridor and (B) has maintained an unrestricted fund | ||||||
| 12 | balance of at least 20% of its total direct expenditures for | ||||||
| 13 | the most recent 2 years that data is available, as reported in | ||||||
| 14 | the districts' Annual Financial Reports to the Illinois State | ||||||
| 15 | Board of Education. | ||||||
| 16 | "Disadvantaged municipality" means a municipality with (i) | ||||||
| 17 | a per capita equalized assessed valuation (EAV) less than 60% | ||||||
| 18 | of the State average and (ii) more than 15% of its population | ||||||
| 19 | below the national poverty level.
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