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Sen. Toi W. Hutchinson
Filed: 11/29/2011
| | 09700HB1883sam008 | | LRB097 08685 HLH 60154 a |
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1 | | AMENDMENT TO HOUSE BILL 1883
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2 | | AMENDMENT NO. ______. Amend House Bill 1883, AS AMENDED, |
3 | | with reference to page and line numbers of Senate Amendment No. |
4 | | 7, on page 39, line 10, after " area, ", by inserting " except as |
5 | | provided in subsection (c), "; and
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6 | | on page 39, immediately below line 20, by inserting the |
7 | | following: |
8 | | " (c) In the event that the developer maintains no jobs at |
9 | | any time before the termination of the economic development |
10 | | project area, the municipality shall adopt an ordinance |
11 | | dissolving the special tax allocation fund for the economic |
12 | | development project area and terminating the economic |
13 | | development project area as an economic development project |
14 | | area. That ordinance shall be adopted no later than one year |
15 | | after the date that the developer maintains no jobs within the |
16 | | economic development project area. All excess moneys in the |
17 | | special tax allocation fund shall be distributed to the taxing |