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| | 97TH GENERAL ASSEMBLY
State of Illinois
2011 and 2012
HB4890 Introduced 2/3/2012, by Rep. Tom Cross - Joe Sosnowski SYNOPSIS AS INTRODUCED:
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Amends the Municipal Validation Law of 2002. Makes a technical change in a
Section concerning redevelopment actions.
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| | A BILL FOR |
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| | HB4890 | | LRB097 18556 KMW 63788 b |
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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, |
| 3 | | represented in the General Assembly:
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| 4 | | Section 5. The Municipal Validation Law of 2002 is amended |
| 5 | | by changing Section 5-5 as follows:
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| 6 | | (65 ILCS 46/5-5)
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| 7 | | Sec. 5-5. Redevelopment actions; validation. All actions |
| 8 | | taken before the
the
effective
date of this Law by any |
| 9 | | municipality pursuant to the Tax Increment Allocation
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| 10 | | Redevelopment Act for purposes of approving a redevelopment |
| 11 | | plan and
redevelopment
project, designating a redevelopment |
| 12 | | project area, and adopting tax increment
allocation
financing |
| 13 | | are validated, ratified, and confirmed as valid actions in full |
| 14 | | force
and effect as
of the date of adoption of the ordinance of |
| 15 | | the municipality approving the
redevelopment
plan and project, |
| 16 | | notwithstanding that an ordinance designating the
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| 17 | | redevelopment
project area was not adopted on that date and an |
| 18 | | ordinance adopting tax
increment
allocation financing was not |
| 19 | | adopted on that date, provided that, no later than
180 days
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| 20 | | after the effective date of this Law, the governing body of the |
| 21 | | municipality
adopts an
ordinance designating the redevelopment |
| 22 | | project area and an ordinance adopting
tax
increment allocation |
| 23 | | financing for the redevelopment project area. |