95TH GENERAL ASSEMBLY
State of Illinois
2007 and 2008
HB3489

 

Introduced 2/28/2007, by Rep. Brent Hassert

 

SYNOPSIS AS INTRODUCED:
 
55 ILCS 85/3   from Ch. 34, par. 7003
55 ILCS 85/4   from Ch. 34, par. 7004

    Amends the County Economic Development Project Area Property Tax Allocation Act. Provides that any county may, by ordinance, propose the establishment of an economic development project area that shares a border with a county highway and does not extend more than 2 miles from the highway in any direction. Provides that, with respect to a county TIF district that borders a county highway, the term "economic development project costs" includes costs associated with reconstruction and expansion of a county highway. Provides that the project area may not extend into any municipal TIF district that exists on the date the ordinance is passed and may not extend outside of the boundaries of the county.


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FISCAL NOTE ACT MAY APPLY
HOUSING AFFORDABILITY IMPACT NOTE ACT MAY APPLY

 

 

A BILL FOR

 

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1     AN ACT concerning local government.
 
2     Be it enacted by the People of the State of Illinois,
3 represented in the General Assembly:
 
4     Section 5. The County Economic Development Project Area
5 Property Tax Allocation Act is amended by changing Sections 3
6 and 4 as follows:
 
7     (55 ILCS 85/3)  (from Ch. 34, par. 7003)
8     Sec. 3. Definitions. In this Act, words or terms shall have
9 the following meanings unless the context usage clearly
10 indicates that another meaning is intended.
11     (a) "Department" means the Department of Commerce and
12 Economic Opportunity.
13     (b) "Economic development plan" means the written plan of a
14 county which sets forth an economic development program for an
15 economic development project area. Each economic development
16 plan shall include but not be limited to (1) estimated economic
17 development project costs, (2) the sources of funds to pay such
18 costs, (3) the nature and term of any obligations to be issued
19 by the county to pay such costs, (4) the most recent equalized
20 assessed valuation of the economic development project area,
21 (5) an estimate of the equalized assessed valuation of the
22 economic development project area after completion of the
23 economic development plan, (6) the estimated date of completion

 

 

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1 of any economic development project proposed to be undertaken,
2 (7) a general description of any proposed developer, user, or
3 tenant of any property to be located or improved within the
4 economic development project area, (8) a description of the
5 type, structure and general character of the facilities to be
6 developed or improved in the economic development project area,
7 (9) a description of the general land uses to apply in the
8 economic development project area, (10) a description of the
9 type, class and number of employees to be employed in the
10 operation of the facilities to be developed or improved in the
11 economic development project area and (11) a commitment by the
12 county to fair employment practices and an affirmative action
13 plan with respect to any economic development program to be
14 undertaken by the county.
15     (c) "Economic development project" means any development
16 project in furtherance of the objectives of this Act.
17     (d) "Economic development project area" means any improved
18 or vacant area which is located within the corporate limits of
19 a county and which (1) is within the unincorporated area of
20 such county, or, with the consent of any affected municipality,
21 is located partially within the unincorporated area of such
22 county and partially within one or more municipalities, (2) is
23 contiguous, (3) is not less in the aggregate than 100 acres,
24 (4) is suitable for siting by any commercial, manufacturing,
25 industrial, research or transportation enterprise of
26 facilities to include but not be limited to commercial

 

 

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1 businesses, offices, factories, mills, processing plants,
2 assembly plants, packing plants, fabricating plants,
3 industrial or commercial distribution centers, warehouses,
4 repair overhaul or service facilities, freight terminals,
5 research facilities, test facilities or transportation
6 facilities, whether or not such area has been used at any time
7 for such facilities and whether or not the area has been used
8 or is suitable for such facilities and whether or not the area
9 has been used or is suitable for other uses, including
10 commercial agricultural purposes, and (5) which has been
11 certified by the Department pursuant to this Act.
12     (e) "Economic development project costs" means and
13 includes the sum total of all reasonable or necessary costs
14 incurred by a county incidental to an economic development
15 project, including, without limitation, the following:
16         (1) Costs of studies, surveys, development of plans and
17     specifications, implementation and administration of an
18     economic development plan, personnel and professional
19     service costs for architectural, engineering, legal,
20     marketing, financial, planning, sheriff, fire, public
21     works or other services, provided that no charges for
22     professional services may be based on a percentage of
23     incremental tax revenue. ;
24         (2) Property assembly costs within an economic
25     development project area, including but not limited to
26     acquisition of land and other real or personal property or

 

 

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1     rights or interests therein, and specifically including
2     payments to developers or other non-governmental persons
3     as reimbursement for property assembly costs incurred by
4     such developer or other non-governmental person. ;
5         (3) Site preparation costs, including but not limited
6     to clearance of any area within an economic development
7     project area by demolition or removal of any existing
8     buildings, structures, fixtures, utilities and
9     improvements and clearing and grading; and including
10     installation, repair, construction, reconstruction, or
11     relocation of public streets, public utilities, and other
12     public site improvements within or without an economic
13     development project area which are essential to the
14     preparation of the economic development project area for
15     use in accordance with an economic development plan; and
16     specifically including payments to developers or other
17     non-governmental persons as reimbursement for site
18     preparation costs incurred by such developer or
19     non-governmental person. ;
20         (4) Costs of renovation, rehabilitation,
21     reconstruction, relocation, repair or remodeling of any
22     existing buildings, improvements, and fixtures within an
23     economic development project area, and specifically
24     including payments to developers or other non-governmental
25     persons as reimbursement for such costs incurred by such
26     developer or non-governmental person. ;

 

 

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1         (5) Costs of construction within an economic
2     development project area of public improvements, including
3     but not limited to, buildings, structures, works,
4     improvements, utilities or fixtures. ;
5         (6) Financing costs, including but not limited to all
6     necessary and incidental expenses related to the issuance
7     of obligations, payment of any interest on any obligations
8     issued hereunder which accrues during the estimated period
9     of construction of any economic development project for
10     which such obligations are issued and for not exceeding 36
11     months thereafter, and any reasonable reserves related to
12     the issuance of such obligations. ;
13         (7) All or a portion of a taxing district's capital
14     costs resulting from an economic development project
15     necessarily incurred or estimated to be incurred by a
16     taxing district in the furtherance of the objectives of an
17     economic development project, to the extent that the county
18     by written agreement accepts, approves and agrees to incur
19     or to reimburse such costs. ;
20         (8) Relocation costs to the extent that a county
21     determines that relocation costs shall be paid or is
22     required to make payment of relocation costs by federal or
23     State law. ;
24         (9) The estimated tax revenues from real property in an
25     economic development project area acquired by a county
26     which, according to the economic development plan, is to be

 

 

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1     used for a private use and which any taxing district would
2     have received had the county not adopted property tax
3     allocation financing for an economic development project
4     area and which would result from such taxing district's
5     levies made after the time of the adoption by the county of
6     property tax allocation financing to the time the current
7     equalized assessed value of real property in the economic
8     development project area exceeds the total initial
9     equalized value of real property in that area. ;
10         (10) Costs of rebating ad valorem taxes paid by any
11     developer or other nongovernmental person in whose name the
12     general taxes were paid for the last preceding year on any
13     lot, block, tract or parcel of land in the economic
14     development project area, provided that:
15             (i) such economic development project area is
16         located in an enterprise zone created pursuant to the
17         Illinois Enterprise Zone Act;
18             (ii) such ad valorem taxes shall be rebated only in
19         such amounts and for such tax year or years as the
20         county and any one or more affected taxing districts
21         shall have agreed by prior written agreement;
22             (iii) any amount of rebate of taxes shall not
23         exceed the portion, if any, of taxes levied by the
24         county or such taxing district or districts which is
25         attributable to the increase in the current equalized
26         assessed valuation of each taxable lot, block, tract or

 

 

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1         parcel of real property in the economic development
2         project area over and above the initial equalized
3         assessed value of each property existing at the time
4         property tax allocation financing was adopted for said
5         economic development project area; and
6             (iv) costs of rebating ad valorem taxes shall be
7         paid by a county solely from the special tax allocation
8         fund established pursuant to this Act and shall be paid
9         from the proceeds of any obligations issued by a
10         county.
11         (11) Costs of job training, advanced vocational
12     education or career education programs, including but not
13     limited to courses in occupational, semi-technical or
14     technical fields leading directly to employment, incurred
15     by one or more taxing districts, provided that such costs
16     are related to the establishment and maintenance of
17     additional job training, advanced vocational education or
18     career education programs for persons employed or to be
19     employed by employers located in an economic development
20     project area, and further provided, that when such costs
21     are incurred by a taxing district or taxing districts other
22     than the county, they shall be set forth in a written
23     agreement by or among the county and the taxing district or
24     taxing districts, which agreement describes the program to
25     be undertaken, including, but not limited to, the number of
26     employees to be trained, a description of the training and

 

 

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1     services to be provided, the number and type of positions
2     available or to be available, itemized costs of the program
3     and sources of funds to pay the same, and the term of the
4     agreement. Such costs include, specifically, the payment
5     by community college districts of costs pursuant to Section
6     3-37, 3-38, 3-40 and 3-40.1 of the Public Community College
7     Act and by school districts of costs pursuant to Sections
8     10-22.20 and 10-23.3a of the School Code. ;
9         (12) Private financing costs incurred by developers or
10     other non-governmental persons in connection with an
11     economic development project, and specifically including
12     payments to developers or other non-governmental persons
13     as reimbursement for such costs incurred by such developer
14     or other non-governmental persons provided that:
15             (A) private financing costs shall be paid or
16         reimbursed by a county only pursuant to the prior
17         official action of the county evidencing an intent to
18         pay such private financing costs;
19             (B) except as provided in subparagraph (D) of this
20         Section, the aggregate amount of such costs paid or
21         reimbursed by a county in any one year shall not exceed
22         30% of such costs paid or incurred by such developer or
23         other non-governmental person in that year;
24             (C) private financing costs shall be paid or
25         reimbursed by a county solely from the special tax
26         allocation fund established pursuant to this Act and

 

 

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1         shall not be paid or reimbursed from the proceeds of
2         any obligations issued by a county;
3             (D) if there are not sufficient funds available in
4         the special tax allocation fund in any year to make
5         such payment or reimbursement in full, any amount of
6         such private financing costs remaining to be paid or
7         reimbursed by a county shall accrue and be payable when
8         funds are available in the special tax allocation fund
9         to make such payment; and
10             (E) in connection with its approval and
11         certification of an economic development project
12         pursuant to Section 5 of this Act, the Department shall
13         review any agreement authorizing the payment or
14         reimbursement by a county of private financing costs in
15         its consideration of the impact on the revenues of the
16         county and the affected taxing districts of the use of
17         property tax allocation financing.
18         (13) In the case of an economic development project
19     area established under subsection (a-15) of Section 4 of
20     this Act, costs associated with reconstruction and
21     expansion of a county highway.
22     (f) "Obligations" means any instrument evidencing the
23 obligation of a county to pay money, including without
24 limitation, bonds, notes, installment or financing contracts,
25 certificates, tax anticipation warrants or notes, vouchers,
26 and any other evidence of indebtedness.

 

 

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1     (g) "Taxing districts" means municipalities, townships,
2 counties, and school, road, park, sanitary, mosquito
3 abatement, forest preserve, public health, fire protection,
4 river conservancy, tuberculosis sanitarium and any other
5 county corporations or districts with the power to levy taxes
6 on real property.
7 (Source: P.A. 94-793, eff. 5-19-06.)
 
8     (55 ILCS 85/4)  (from Ch. 34, par. 7004)
9     Sec. 4. Establishment of economic development project
10 area; ordinance; joint review board; notice; hearing; changes
11 in economic development plan; annual reporting requirements.
12 Economic development project areas shall be established as
13 follows:
14     (a) The corporate authorities of Whiteside County may by
15 ordinance propose the establishment of an economic development
16 project area and fix a time and place for a public hearing, and
17 shall submit a certified copy of the ordinance as adopted to
18 the Department.
19     (a-5) After the effective date of this amendatory Act of
20 the 93rd General Assembly, the corporate authorities of
21 Stephenson County may by ordinance propose the establishment of
22 an economic development project area and fix a time and place
23 for a public hearing, and shall submit a certified copy of the
24 ordinance as adopted to the Department.
25     (a-10) The corporate authorities of Grundy County may, by

 

 

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1 ordinance, propose the establishment of an economic
2 development project and fix a time and place for a public
3 hearing. Upon passage of the ordinance, the corporate
4 authorities of Grundy County shall submit a certified copy of
5 the ordinance, as adopted, to the Department.
6     (a-15) The corporate authorities of any county may, by
7 ordinance, propose the establishment of an economic
8 development project area and fix a time and place for a public
9 hearing. An economic development project area established
10 under this subsection shall share a border with a county
11 highway, and shall not extend more than 2 miles from the county
12 highway in any direction. The economic development project area
13 may not extend into any municipal tax increment financing
14 district that exists on the date the ordinance is passed. The
15 proposed economic development project area shall not extend
16 outside of the boundaries of the county.
17     (b) Any county which adopts an ordinance which fixes a
18 date, time and place for a public hearing shall convene a joint
19 review board as hereinafter provided. Not less than 45 days
20 prior to the date fixed for the public hearing, the county
21 shall give notice by mailing to the chief executive officer of
22 each affected taxing district having taxable property included
23 in the proposed economic development project area and, if the
24 ordinance is adopted by Stephenson County, the chief executive
25 officer of any municipality within Stephenson County having a
26 population of more than 20,000 that such chief executive

 

 

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1 officer or his designee is invited to participate in a joint
2 review board. The designee shall serve at the discretion of the
3 chief executive officer of the taxing district for a term not
4 to exceed 2 years. Such notice shall advise each chief
5 executive officer of the date, time and place of the first
6 meeting of such joint review board, which shall occur not less
7 than 30 days prior to the date of the public hearing. Such
8 notice by mail shall be given by depositing such notice in the
9 United States Postal Service by certified mail.
10     At or prior to the first meeting of such joint review board
11 the county shall furnish to any member of such joint review
12 board copies of the proposed economic development plan and any
13 related documents which such member shall reasonably request. A
14 majority of the members of such joint review board present at
15 any meeting shall constitute a quorum. Additional meetings may
16 be called by any member of a joint review board upon the giving
17 of notice not less than 72 hours prior to the date of any
18 additional meeting to all members of the joint review board.
19 The joint review board shall review such information and
20 material as its members reasonably deem relevant to the
21 county's proposals to approve economic development plans and
22 economic development projects and to designate economic
23 development project areas. The county shall provide such
24 information and material promptly upon the request of the joint
25 review board and may also provide administrative support and
26 facilities as the joint review board may reasonably require.

 

 

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1     Within 30 days of its first meeting, a joint review board
2 shall provide the county with a written report of its review of
3 any proposal to approve an economic development plan and
4 economic development project and to designate an economic
5 development project area. Such written report shall include
6 such information and advisory, nonbinding recommendations as a
7 majority of the members of the joint review board shall deem
8 relevant. Written reports of joint review boards may include
9 information and advisory, nonbinding recommendations provided
10 by a minority of the members thereof. Any joint review board
11 which does not provide such written report within such 30-day
12 period shall be deemed to have recommended that the county
13 proceed with a proposal to approve an economic development plan
14 and economic development project and to designate an economic
15 development project area.
16     (c) Notice of the public hearing shall be given by
17 publication and mailing.
18         (1) Notice by publication shall be given by publication
19     at least twice, the first publication to be not more than
20     30 nor less than 10 days prior to the hearing in a
21     newspaper of general circulation within the taxing
22     districts having property in the proposed economic
23     development project area. Notice by mailing shall be given
24     by depositing such notice together with a copy of the
25     proposed economic development plan in the United States
26     Postal Service by certified mail addressed to the person or

 

 

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1     persons in whose name the general taxes for the last
2     preceding year were paid on each lot, block, tract, or
3     parcel of land lying within the proposed economic
4     development project area. The notice shall be mailed not
5     less than 10 days prior to the dates set for the public
6     hearing. In the event taxes for the last preceding year
7     were not paid, the notice shall also be sent to the persons
8     last listed on the tax rolls within the preceding 3 years
9     as the owners of the property.
10         (2) The notices issued pursuant to this Section shall
11     include the following:
12             (A) The time and place of public hearing;
13             (B) The boundaries of the proposed economic
14         development project area by legal description and by
15         street location where possible;
16             (C) A notification that all interested persons
17         will be given an opportunity to be heard at the public
18         hearing;
19             (D) An invitation for any person to submit
20         alternative proposals or bids for any proposed
21         conveyance, lease, mortgage or other disposition of
22         land within the proposed economic development project
23         area;
24             (E) A description of the economic development plan
25         or economic development project if a plan or project is
26         a subject matter of the hearing; and

 

 

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1             (F) Such other matters as the county may deem
2         appropriate.
3         (3) Not less than 45 days prior to the date set for
4     hearing, the county shall give notice by mail as provided
5     in this subsection (c) to all taxing districts of which
6     taxable property is included in the economic development
7     project area, and to the Department. In addition to the
8     other requirements under this subsection (c), the notice
9     shall include an invitation to the Department and each
10     taxing district to submit comments to the county concerning
11     the subject matter of the hearing prior to the date of the
12     hearing.
13     (d) At the public hearing any interested person, the
14 Department or any affected taxing district may file written
15 objections with the county clerk and may be heard orally with
16 respect to any issues embodied in the notice. The county shall
17 hear and determine all alternate proposals or bids for any
18 proposed conveyance, lease, mortgage or other disposition of
19 land and all protests and objections at the hearing, and the
20 hearing may be adjourned to another date without further notice
21 other than a motion to be entered upon the minutes fixing the
22 time and place of the adjourned hearing. Public hearings with
23 regard to an economic development plan, economic development
24 project area, or economic development project may be held
25 simultaneously.
26     (e) At the public hearing, or at any time prior to the

 

 

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1 adoption by the county of an ordinance approving an economic
2 development plan, the county may make changes in the economic
3 development plan. Changes which (1) alter the exterior
4 boundaries of the proposed economic development project area,
5 (2) substantially affect the general land uses established in
6 the proposed economic development plan, (3) substantially
7 change the nature of the proposed economic development plan,
8 (4) change the general description of any proposed developer,
9 user or tenant of any property to be located or improved within
10 the economic development project area, or (5) change the
11 description of the type, class and number of employees to be
12 employed in the operation of the facilities to be developed or
13 improved within the economic development project area shall be
14 made only after review by joint review board, notice and
15 hearing pursuant to the procedures set forth in this Section.
16 Changes which do not (1) alter the exterior boundaries of a
17 proposed economic development project area, (2) substantially
18 affect the general land uses established in the proposed plan,
19 (3) substantially change the nature of the proposed economic
20 development plan, (4) change the general description of any
21 proposed developer, user or tenant of any property to be
22 located or improved within the economic development project
23 area, or (5) change the description of the type, class and
24 number of employees to be employed in the operation of the
25 facilities to be developed or improved within the economic
26 development project area may be made without further notice or

 

 

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1 hearing, provided that the county shall give notice of its
2 changes by mail to the Department and to each affected taxing
3 district and by publication in a newspaper or newspapers of
4 general circulation with the affected taxing districts. Such
5 notice by mail and by publication shall each occur not later
6 than 10 days following the adoption by ordinance of such
7 changes.
8     (f) At any time within 90 days of the final adjournment of
9 the public hearing, a county may, by ordinance, approve the
10 economic development plan, establish the economic development
11 project area, and authorize property tax allocation financing
12 for such economic development project area.
13     Any ordinance adopted by Whiteside County which approves
14 the economic development plan shall contain findings that the
15 economic development project is reasonably expected to create
16 or retain not less than 500 full-time equivalent jobs, that
17 private investment in an amount not less than $25,000,000 is
18 reasonably expected to occur in the economic development
19 project area, that the economic development project will
20 encourage the increase of commerce and industry within the
21 State, thereby reducing the evils attendant upon unemployment
22 and increasing opportunities for personal income, and that the
23 economic development project will increase or maintain the
24 property, sales and income tax bases of the county and of the
25 State.
26     Any ordinance adopted by Grundy County that approves the

 

 

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1 economic development plan shall contain findings that the
2 economic development project is reasonably expected to create
3 or retain not less than 250 full-time equivalent jobs, that
4 private investment in an amount not less than $50,000,000 is
5 reasonably expected to occur in the economic development
6 project area, that the economic development project will
7 encourage the increase of commerce and industry within the
8 State, thereby reducing the evils attendant upon unemployment
9 and increasing opportunities for personal income, and that the
10 economic development project will increase or maintain the
11 property, sales, and income tax bases of the county and of the
12 State.
13     Any ordinance adopted by Stephenson County that approves an
14 economic development plan shall contain findings that (i) the
15 economic development project is reasonably expected to create
16 or retain not less than 500 full-time equivalent jobs; (ii)
17 private investment in an amount not less than $10,000,000 is
18 reasonably expected to occur in the economic development area;
19 (iii) the economic development project will encourage the
20 increase of commerce and industry within the State, thereby
21 reducing the evils attendant upon unemployment and increasing
22 opportunities for personal income; and (iv) the economic
23 development project will increase or maintain the property,
24 sales, and income tax bases of the county and of the State.
25 Before the economic development project area is established by
26 Stephenson County, the following additional conditions must be

 

 

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1 included in an intergovernmental agreement approved by both the
2 Stephenson County Board and the corporate authorities of the
3 City of Freeport: (i) the corporate authorities of the City of
4 Freeport must concur by resolution with the findings of
5 Stephenson County; (ii) both the corporate authorities of the
6 City of Freeport and the Stephenson County Board shall approve
7 any and all economic or redevelopment agreements and incentives
8 for any economic development project within the economic
9 development area; (iii) any economic development project that
10 receives funds under this Act, except for any economic
11 development project specifically excluded from annexation in
12 the provisions of the intergovernmental agreement, shall agree
13 to and must enter into an annexation agreement with the City of
14 Freeport to annex property included in the economic development
15 project area to the City of Freeport at the first point in time
16 that the property becomes contiguous to the City of Freeport;
17 (iv) the local share of all State occupation and use taxes
18 allocable to the City of Freeport and Stephenson County and
19 derived from commercial projects within the economic
20 development project area shall be equally shared by and between
21 the City of Freeport and Stephenson County for the duration of
22 the economic development project; and (v) any development in
23 the economic development project area shall be built in
24 accordance with the building and related codes of both the City
25 of Freeport and Stephenson County and the City of Freeport
26 shall approve all provisions for water and sewer service.

 

 

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1     The ordinance shall also state that the economic
2 development project area shall not include parcels to be used
3 for purposes of residential development. Any ordinance adopted
4 which establishes an economic development project area shall
5 contain the boundaries of such area by legal description and,
6 where possible, by street location. Any ordinance adopted which
7 authorizes property tax allocation financing shall provide
8 that the ad valorem taxes, if any, arising from the levies upon
9 taxable real property in such economic development project area
10 by taxing districts and tax rates determined in the manner
11 provided in subsection (b) of Section 6 of this Act each year
12 after the effective date of the ordinance until economic
13 development project costs and all county obligations financing
14 economic development project costs incurred under this Act have
15 been paid shall be divided as follows:
16         (1) That portion of taxes levied upon each taxable lot,
17     block, tract or parcel of real property which is
18     attributable to the lower of the current equalized assessed
19     value or the initial equalized assessed value of each such
20     taxable lot, block, tract or parcel of real property in the
21     economic development project area shall be allocated to,
22     and when collected, shall be paid by the county collector
23     to the respective affected taxing districts in the manner
24     required by law in the absence of the adoption of property
25     tax allocation financing.
26         (2) That portion, if any, of such taxes which 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 economic development project
4     area over and above the initial equalized assessed value of
5     each property in the economic development project area
6     shall be allocated to and when collected shall be paid to
7     the county treasurer who shall deposit those taxes into a
8     special fund called the special tax allocation fund of the
9     county for the purpose of paying economic development
10     project costs and obligations incurred in the payment
11     thereof.
12     (g) After a county has by ordinance approved an economic
13 development plan and established an economic development
14 project area, the plan may be amended and the boundaries of the
15 area may be altered only as herein provided. Amendments which
16 (1) alter the exterior boundaries of an economic development
17 project area, (2) substantially affect the general land uses
18 established pursuant to the economic development plan, (3)
19 substantially change the nature of the economic development
20 plan, (4) change the general description of any proposed
21 developer, user, or tenant of any property to be located or
22 improved within the economic development project area, or (5)
23 change the description of the type, class and number of
24 employees to be employed in the operation of the facilities to
25 be developed or improved shall be made only after review by a
26 joint review board, notice and hearing pursuant to the

 

 

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1 procedures set forth in this Section. Amendments which do not
2 (1) alter the exterior boundaries of an economic development
3 project area, (2) substantially affect the general land uses
4 established in the economic development plan, (3)
5 substantially change the nature of the economic development
6 plan, (4) change the description of any proposed developer,
7 user, or tenant of any property to be located or improved
8 within the economic development project area, or (5) change the
9 description of the type, class and number of employees to be
10 employed in the operation of the facilities to be developed or
11 improved within the economic development project area may be
12 made without further hearing or notice, provided that the
13 county shall give notice of any amendment by mail to the
14 Department and to each taxing district and by publication in a
15 newspaper or newspapers of general circulation within the
16 affected taxing districts. Such notices by mail and by
17 publication shall each occur not later than 10 days following
18 the adoption by ordinance of such amendments.
19     (h) After the adoption of an ordinance adopting property
20 tax allocation financing for an economic development project
21 area, the county shall annually report to each taxing district
22 having taxable property within such economic development
23 project area (i) any increase or decrease in the equalized
24 assessed value of the real property located within such
25 economic development project area above or below the initial
26 equalized assessed value of such real property, (ii) that

 

 

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1 portion, if any, of the ad valorem taxes arising from the
2 levies upon taxable real property in such economic development
3 project area by the taxing districts which is attributable to
4 the increase in the current equalized assessed valuation of
5 each lot, block, tract or parcel of real property in the
6 economic development project area over and above the initial
7 equalized value of each property and which has been allocated
8 to the county in the current year, and (iii) such other
9 information as the county may deem relevant.
10     (i) The county shall give notice by mail as provided in
11 this Section and shall reconvene the joint review board not
12 less than annually for each of the 2 years following its
13 adoption of an ordinance adopting property tax allocation
14 financing for an economic development project area and not less
15 than once in each 3-year period thereafter. The county shall
16 provide such information, and may provide administrative
17 support and facilities as the joint review board may reasonably
18 require for each of such meetings.
19 (Source: P.A. 93-959, eff. 8-20-04; 94-259, eff. 1-1-06.)