Illinois General Assembly - Bill Status for SB0417

Deletes everything after the enacting clause. Reinserts the provisions of the bill as introduced and further amends the Tax Increment Allocation Redevelopment Act in the Illinois Municipal Code. Provides that the redevelopment project in the TIF District created by an ordinance adopted on (i) September 14, 1994 by the City of Alton, (ii) November 11, 1996 by the City of Lexington and (ii) November 5, 1984 by the City of LeRoy must be completed by December 31 of the 35th year (now the 23rd year) after the year in which the ordinance was adopted. Requires contracts entered into on or after the effective date of this amendatory Act to terminate no later than the estimated dates of completion of the redevelopment project and retirement of the obligations issued to finance redevelopment project costs, with some exceptions. Provides that the proceeds of contracts entered into prior to the effective date of this amendatory Act that are received by the municipality after the redevelopment project area has been terminated shall be deposited into a special fund of the municipality to be used for other community redevelopment needs within the redevelopment project area. With respect to a municipality adopting an ordinance or resolution providing for a feasibility study on the designation of an area as a redevelopment project area, provides that "feasibility study" means a preliminary report to assist a municipality to determine whether or not tax increment allocation financing is appropriate for effective redevelopment of a proposed redevelopment project area. Provides that prior to terminating a redevelopment project area a municipality must close the books and records of the redevelopment project area. Provides that all real or personal property and public improvements acquired by or for the municipality as a result of the redevelopment project and plan shall vest in the municipality when acquired and shall continue to be held by the municipality after the redevelopment project area has been terminated. Provides that revenues received by the municipality from repayments of loans may be used to pay redevelopment project costs. Makes other changes. Effective immediately.

Defines "blighted area" to also mean any area within the boundaries of a redevelopment project area located within the territorial limits of the municipality where, if vacant, the sound growth of the redevelopment project area is impaired by the fact that the area, prior to its designation as a redevelopment project area, is subject to surface water that discharges from all or a part of the area and contributes to flooding within the same watershed, but only if the redevelopment project provides for facilities or improvements to contribute to the alleviation of all or part of the flooding.

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