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Full Text of HB2963  102nd General Assembly

HB2963 102ND GENERAL ASSEMBLY

  
  

 


 
102ND GENERAL ASSEMBLY
State of Illinois
2021 and 2022
HB2963

 

Introduced 2/19/2021, by Rep. Blaine Wilhour

 

SYNOPSIS AS INTRODUCED:
 
65 ILCS 5/11-74.4-7  from Ch. 24, par. 11-74.4-7
65 ILCS 5/11-74.4-8  from Ch. 24, par. 11-74.4-8

    Amends the Tax Increment Allocation Redevelopment Act in the Illinois Municipal Code. Provides that moneys in the special tax allocation fund may be used to make distributions to certain taxing districts. Provides that moneys received from the additional distributions may be used by the affected taxing district to pay debt service on obligations incurred by the taxing district and to provide property tax relief. Effective immediately.


LRB102 15927 AWJ 21297 b

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

 

 

A BILL FOR

 

HB2963LRB102 15927 AWJ 21297 b

1    AN ACT concerning local government.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The Illinois Municipal Code is amended by
5changing Sections 11-74.4-7 and 11-74.4-8 as follows:
 
6    (65 ILCS 5/11-74.4-7)  (from Ch. 24, par. 11-74.4-7)
7    Sec. 11-74.4-7. Special tax allocation fund; obligations.
8    (a) Obligations secured by the special tax allocation fund
9set forth in Section 11-74.4-8 for the redevelopment project
10area may be issued to provide for redevelopment project costs.
11Such obligations, when so issued, shall be retired in the
12manner provided in the ordinance authorizing the issuance of
13such obligations by the receipts of taxes levied as specified
14in Section 11-74.4-9 against the taxable property included in
15the area, by revenues as specified by Section 11-74.4-8a and
16other revenue designated by the municipality. A municipality
17may in the ordinance pledge all or any part of the funds in and
18to be deposited in the special tax allocation fund created
19pursuant to Section 11-74.4-8 to the payment of the
20redevelopment project costs and obligations. Any pledge of
21funds in the special tax allocation fund shall provide for
22distribution to the taxing districts and to the Illinois
23Department of Revenue of moneys not required, pledged,

 

 

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1earmarked, distributed as provided in subsection (b), or
2otherwise designated for payment and securing of the
3obligations and anticipated redevelopment project costs and
4such excess funds shall be calculated annually and deemed to
5be "surplus" funds. In the event a municipality only applies
6or pledges a portion of the funds in the special tax allocation
7fund for the payment or securing of anticipated redevelopment
8project costs or of obligations, any such funds remaining in
9the special tax allocation fund after complying with the
10requirements of the application or pledge, shall also be
11calculated annually and deemed "surplus" funds. All surplus
12funds in the special tax allocation fund shall be distributed
13annually within 180 days after the close of the municipality's
14fiscal year by being paid by the municipal treasurer to the
15County Collector, to the Department of Revenue and to the
16municipality in direct proportion to the tax incremental
17revenue received as a result of an increase in the equalized
18assessed value of property in the redevelopment project area,
19tax incremental revenue received from the State and tax
20incremental revenue received from the municipality, but not to
21exceed as to each such source the total incremental revenue
22received from that source. The County Collector shall
23thereafter make distribution to the respective taxing
24districts in the same manner and proportion as the most recent
25distribution by the county collector to the affected districts
26of real property taxes from real property in the redevelopment

 

 

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1project area.
2    Without limiting the foregoing in this Section, the
3municipality may in addition to obligations secured by the
4special tax allocation fund pledge for a period not greater
5than the term of the obligations towards payment of such
6obligations any part or any combination of the following: (a)
7net revenues of all or part of any redevelopment project; (b)
8taxes levied and collected on any or all property in the
9municipality; (c) the full faith and credit of the
10municipality; (d) a mortgage on part or all of the
11redevelopment project; (d-5) repayment of bonds issued
12pursuant to subsection (p-130) of Section 19-1 of the School
13Code; or (e) any other taxes or anticipated receipts that the
14municipality may lawfully pledge.
15    Such obligations may be issued in one or more series
16bearing interest at such rate or rates as the corporate
17authorities of the municipality shall determine by ordinance.
18Such obligations shall bear such date or dates, mature at such
19time or times not exceeding 20 years from their respective
20dates, be in such denomination, carry such registration
21privileges, be executed in such manner, be payable in such
22medium of payment at such place or places, contain such
23covenants, terms and conditions, and be subject to redemption
24as such ordinance shall provide. Obligations issued pursuant
25to this Act may be sold at public or private sale at such price
26as shall be determined by the corporate authorities of the

 

 

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1municipalities. No referendum approval of the electors shall
2be required as a condition to the issuance of obligations
3pursuant to this Division except as provided in this Section.
4    In the event the municipality authorizes issuance of
5obligations pursuant to the authority of this Division secured
6by the full faith and credit of the municipality, which
7obligations are other than obligations which may be issued
8under home rule powers provided by Article VII, Section 6 of
9the Illinois Constitution, or pledges taxes pursuant to (b) or
10(c) of the second paragraph of this section, the ordinance
11authorizing the issuance of such obligations or pledging such
12taxes shall be published within 10 days after such ordinance
13has been passed in one or more newspapers, with general
14circulation within such municipality. The publication of the
15ordinance shall be accompanied by a notice of (1) the specific
16number of voters required to sign a petition requesting the
17question of the issuance of such obligations or pledging taxes
18to be submitted to the electors; (2) the time in which such
19petition must be filed; and (3) the date of the prospective
20referendum. The municipal clerk shall provide a petition form
21to any individual requesting one.
22    If no petition is filed with the municipal clerk, as
23hereinafter provided in this Section, within 30 days after the
24publication of the ordinance, the ordinance shall be in
25effect. But, if within that 30 day period a petition is filed
26with the municipal clerk, signed by electors in the

 

 

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1municipality numbering 10% or more of the number of registered
2voters in the municipality, asking that the question of
3issuing obligations using full faith and credit of the
4municipality as security for the cost of paying for
5redevelopment project costs, or of pledging taxes for the
6payment of such obligations, or both, be submitted to the
7electors of the municipality, the corporate authorities of the
8municipality shall call a special election in the manner
9provided by law to vote upon that question, or, if a general,
10State or municipal election is to be held within a period of
11not less than 30 or more than 90 days from the date such
12petition is filed, shall submit the question at the next
13general, State or municipal election. If it appears upon the
14canvass of the election by the corporate authorities that a
15majority of electors voting upon the question voted in favor
16thereof, the ordinance shall be in effect, but if a majority of
17the electors voting upon the question are not in favor
18thereof, the ordinance shall not take effect.
19    The ordinance authorizing the obligations may provide that
20the obligations shall contain a recital that they are issued
21pursuant to this Division, which recital shall be conclusive
22evidence of their validity and of the regularity of their
23issuance.
24    In the event the municipality authorizes issuance of
25obligations pursuant to this Section secured by the full faith
26and credit of the municipality, the ordinance authorizing the

 

 

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1obligations may provide for the levy and collection of a
2direct annual tax upon all taxable property within the
3municipality sufficient to pay the principal thereof and
4interest thereon as it matures, which levy may be in addition
5to and exclusive of the maximum of all other taxes authorized
6to be levied by the municipality, which levy, however, shall
7be abated to the extent that monies from other sources are
8available for payment of the obligations and the municipality
9certifies the amount of said monies available to the county
10clerk.
11    A certified copy of such ordinance shall be filed with the
12county clerk of each county in which any portion of the
13municipality is situated, and shall constitute the authority
14for the extension and collection of the taxes to be deposited
15in the special tax allocation fund.
16    A municipality may also issue its obligations to refund in
17whole or in part, obligations theretofore issued by such
18municipality under the authority of this Act, whether at or
19prior to maturity, provided however, that the last maturity of
20the refunding obligations may not be later than the dates set
21forth under Section 11-74.4-3.5.
22    In the event a municipality issues obligations under home
23rule powers or other legislative authority the proceeds of
24which are pledged to pay for redevelopment project costs, the
25municipality may, if it has followed the procedures in
26conformance with this division, retire said obligations from

 

 

HB2963- 7 -LRB102 15927 AWJ 21297 b

1funds in the special tax allocation fund in amounts and in such
2manner as if such obligations had been issued pursuant to the
3provisions of this division.
4    All obligations heretofore or hereafter issued pursuant to
5this Act shall not be regarded as indebtedness of the
6municipality issuing such obligations or any other taxing
7district for the purpose of any limitation imposed by law.
8    (b) Prior to the distribution of any surplus funds under
9subsection (a), a municipality may make additional
10distributions from the special tax allocation fund to any
11affected taxing district, provided that the total amount of
12such additional distributions may not cause the balance in the
13special tax allocation fund to be less than the amount pledged
14to pay obligations secured by the special tax allocation fund.
15If an additional distribution is made under this subsection,
16the moneys may be used by the affected taxing district to pay
17debt service on obligations incurred by the taxing district
18and to provide property tax relief as provided in this
19subsection. Prior to receiving additional distributions under
20this Section, the affected taxing district may enter into an
21intergovernmental agreement with the municipality and may
22agree to reduce the amount of its property tax levy for the
23levy year in which the distributions are received by an amount
24that is not less than the total amount of additional
25distributions received during the taxable year.
26    As used in this subsection, "affected taxing district"

 

 

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1means a community college district, school district, park
2district, library district, township, fire protection
3district, or county that has the authority to directly levy
4taxes on the property within the redevelopment project area.
5(Source: P.A. 100-531, eff. 9-22-17.)
 
6    (65 ILCS 5/11-74.4-8)   (from Ch. 24, par. 11-74.4-8)
7    Sec. 11-74.4-8. Tax increment allocation financing. A
8municipality may not adopt tax increment financing in a
9redevelopment project area after July 30, 1997 (the effective
10date of Public Act 90-258) this amendatory Act of 1997 that
11will encompass an area that is currently included in an
12enterprise zone created under the Illinois Enterprise Zone Act
13unless that municipality, pursuant to Section 5.4 of the
14Illinois Enterprise Zone Act, amends the enterprise zone
15designating ordinance to limit the eligibility for tax
16abatements as provided in Section 5.4.1 of the Illinois
17Enterprise Zone Act. A municipality, at the time a
18redevelopment project area is designated, may adopt tax
19increment allocation financing by passing an ordinance
20providing that the ad valorem taxes, if any, arising from the
21levies upon taxable real property in such redevelopment
22project area by taxing districts and tax rates determined in
23the manner provided in paragraph (c) of Section 11-74.4-9 each
24year after the effective date of the ordinance until
25redevelopment project costs and all municipal obligations

 

 

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1financing redevelopment project costs incurred under this
2Division have been paid shall be divided as follows, provided,
3however, that with respect to any redevelopment project area
4located within a transit facility improvement area established
5pursuant to Section 11-74.4-3.3 in a municipality with a
6population of 1,000,000 or more, ad valorem taxes, if any,
7arising from the levies upon taxable real property in such
8redevelopment project area shall be allocated as specifically
9provided in this Section:
10        (a) That portion of taxes levied upon each taxable
11    lot, block, tract, or parcel of real property which is
12    attributable to the lower of the current equalized
13    assessed value or the initial equalized assessed value of
14    each such taxable lot, block, tract, or parcel of real
15    property in the redevelopment project area shall be
16    allocated to and when collected shall be paid by the
17    county collector to the respective affected taxing
18    districts in the manner required by law in the absence of
19    the adoption of tax increment allocation financing.
20        (b) Except from a tax levied by a township to retire
21    bonds issued to satisfy court-ordered damages, that
22    portion, if any, of such taxes which is attributable to
23    the increase in the current equalized assessed valuation
24    of each taxable lot, block, tract, or parcel of real
25    property in the redevelopment project area over and above
26    the initial equalized assessed value of each property in

 

 

HB2963- 10 -LRB102 15927 AWJ 21297 b

1    the project area shall be allocated to and when collected
2    shall be paid to the municipal treasurer who shall deposit
3    said taxes into a special fund called the special tax
4    allocation fund of the municipality for the purpose of
5    paying redevelopment project costs and obligations
6    incurred in the payment thereof. In any county with a
7    population of 3,000,000 or more that has adopted a
8    procedure for collecting taxes that provides for one or
9    more of the installments of the taxes to be billed and
10    collected on an estimated basis, the municipal treasurer
11    shall be paid for deposit in the special tax allocation
12    fund of the municipality, from the taxes collected from
13    estimated bills issued for property in the redevelopment
14    project area, the difference between the amount actually
15    collected from each taxable lot, block, tract, or parcel
16    of real property within the redevelopment project area and
17    an amount determined by multiplying the rate at which
18    taxes were last extended against the taxable lot, block,
19    tract track, or parcel of real property in the manner
20    provided in subsection (c) of Section 11-74.4-9 by the
21    initial equalized assessed value of the property divided
22    by the number of installments in which real estate taxes
23    are billed and collected within the county; provided that
24    the payments on or before December 31, 1999 to a municipal
25    treasurer shall be made only if each of the following
26    conditions are met:

 

 

HB2963- 11 -LRB102 15927 AWJ 21297 b

1            (1) The total equalized assessed value of the
2        redevelopment project area as last determined was not
3        less than 175% of the total initial equalized assessed
4        value.
5            (2) Not more than 50% of the total equalized
6        assessed value of the redevelopment project area as
7        last determined is attributable to a piece of property
8        assigned a single real estate index number.
9            (3) The municipal clerk has certified to the
10        county clerk that the municipality has issued its
11        obligations to which there has been pledged the
12        incremental property taxes of the redevelopment
13        project area or taxes levied and collected on any or
14        all property in the municipality or the full faith and
15        credit of the municipality to pay or secure payment
16        for all or a portion of the redevelopment project
17        costs. The certification shall be filed annually no
18        later than September 1 for the estimated taxes to be
19        distributed in the following year; however, for the
20        year 1992 the certification shall be made at any time
21        on or before March 31, 1992.
22            (4) The municipality has not requested that the
23        total initial equalized assessed value of real
24        property be adjusted as provided in subsection (b) of
25        Section 11-74.4-9.
26        The conditions of paragraphs (1) through (4) do not

 

 

HB2963- 12 -LRB102 15927 AWJ 21297 b

1    apply after December 31, 1999 to payments to a municipal
2    treasurer made by a county with 3,000,000 or more
3    inhabitants that has adopted an estimated billing
4    procedure for collecting taxes. If a county that has
5    adopted the estimated billing procedure makes an erroneous
6    overpayment of tax revenue to the municipal treasurer,
7    then the county may seek a refund of that overpayment. The
8    county shall send the municipal treasurer a notice of
9    liability for the overpayment on or before the mailing
10    date of the next real estate tax bill within the county.
11    The refund shall be limited to the amount of the
12    overpayment.
13        It is the intent of this Division that after July 29,
14    1988 (the effective date of Public Act 85-1142) this
15    amendatory Act of 1988 a municipality's own ad valorem tax
16    arising from levies on taxable real property be included
17    in the determination of incremental revenue in the manner
18    provided in paragraph (c) of Section 11-74.4-9. If the
19    municipality does not extend such a tax, it shall annually
20    deposit in the municipality's Special Tax Increment Fund
21    an amount equal to 10% of the total contributions to the
22    fund from all other taxing districts in that year. The
23    annual 10% deposit required by this paragraph shall be
24    limited to the actual amount of municipally produced
25    incremental tax revenues available to the municipality
26    from taxpayers located in the redevelopment project area

 

 

HB2963- 13 -LRB102 15927 AWJ 21297 b

1    in that year if: (a) the plan for the area restricts the
2    use of the property primarily to industrial purposes, (b)
3    the municipality establishing the redevelopment project
4    area is a home rule home-rule community with a 1990
5    population of between 25,000 and 50,000, (c) the
6    municipality is wholly located within a county with a 1990
7    population of over 750,000 and (d) the redevelopment
8    project area was established by the municipality prior to
9    June 1, 1990. This payment shall be in lieu of a
10    contribution of ad valorem taxes on real property. If no
11    such payment is made, any redevelopment project area of
12    the municipality shall be dissolved.
13        If a municipality has adopted tax increment allocation
14    financing by ordinance and the County Clerk thereafter
15    certifies the "total initial equalized assessed value as
16    adjusted" of the taxable real property within such
17    redevelopment project area in the manner provided in
18    paragraph (b) of Section 11-74.4-9, each year after the
19    date of the certification of the total initial equalized
20    assessed value as adjusted until redevelopment project
21    costs and all municipal obligations financing
22    redevelopment project costs have been paid the ad valorem
23    taxes, if any, arising from the levies upon the taxable
24    real property in such redevelopment project area by taxing
25    districts and tax rates determined in the manner provided
26    in paragraph (c) of Section 11-74.4-9 shall be divided as

 

 

HB2963- 14 -LRB102 15927 AWJ 21297 b

1    follows, provided, however, that with respect to any
2    redevelopment project area located within a transit
3    facility improvement area established pursuant to Section
4    11-74.4-3.3 in a municipality with a population of
5    1,000,000 or more, ad valorem taxes, if any, arising from
6    the levies upon the taxable real property in such
7    redevelopment project area shall be allocated as
8    specifically provided in this Section:
9            (1) That portion of the taxes levied upon each
10        taxable lot, block, tract, or parcel of real property
11        which is attributable to the lower of the current
12        equalized assessed value or "current equalized
13        assessed value as adjusted" or the initial equalized
14        assessed value of each such taxable lot, block, tract,
15        or parcel of real property existing at the time tax
16        increment financing was adopted, minus the total
17        current homestead exemptions under Article 15 of the
18        Property Tax Code in the redevelopment project area
19        shall be allocated to and when collected shall be paid
20        by the county collector to the respective affected
21        taxing districts in the manner required by law in the
22        absence of the adoption of tax increment allocation
23        financing.
24            (2) That portion, if any, of such taxes which is
25        attributable to the increase in the current equalized
26        assessed valuation of each taxable lot, block, tract,

 

 

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1        or parcel of real property in the redevelopment
2        project area, over and above the initial equalized
3        assessed value of each property existing at the time
4        tax increment financing was adopted, minus the total
5        current homestead exemptions pertaining to each piece
6        of property provided by Article 15 of the Property Tax
7        Code in the redevelopment project area, shall be
8        allocated to and when collected shall be paid to the
9        municipal Treasurer, who shall deposit said taxes into
10        a special fund called the special tax allocation fund
11        of the municipality for the purpose of paying
12        redevelopment project costs and obligations incurred
13        in the payment thereof.
14        The municipality may pledge in the ordinance the funds
15    in and to be deposited in the special tax allocation fund
16    for the payment of such costs and obligations. No part of
17    the current equalized assessed valuation of each property
18    in the redevelopment project area attributable to any
19    increase above the total initial equalized assessed value,
20    or the total initial equalized assessed value as adjusted,
21    of such properties shall be used in calculating the
22    general State aid formula, provided for in Section 18-8 of
23    the School Code, or the evidence-based funding formula,
24    provided for in Section 18-8.15 of the School Code, until
25    such time as all redevelopment project costs have been
26    paid as provided for in this Section.

 

 

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1        Whenever a municipality issues bonds for the purpose
2    of financing redevelopment project costs, such
3    municipality may provide by ordinance for the appointment
4    of a trustee, which may be any trust company within the
5    State, and for the establishment of such funds or accounts
6    to be maintained by such trustee as the municipality shall
7    deem necessary to provide for the security and payment of
8    the bonds. If such municipality provides for the
9    appointment of a trustee, such trustee shall be considered
10    the assignee of any payments assigned by the municipality
11    pursuant to such ordinance and this Section. Any amounts
12    paid to such trustee as assignee shall be deposited in the
13    funds or accounts established pursuant to such trust
14    agreement, and shall be held by such trustee in trust for
15    the benefit of the holders of the bonds, and such holders
16    shall have a lien on and a security interest in such funds
17    or accounts so long as the bonds remain outstanding and
18    unpaid. Upon retirement of the bonds, the trustee shall
19    pay over any excess amounts held to the municipality for
20    deposit in the special tax allocation fund.
21        When such redevelopment projects costs, including,
22    without limitation, all municipal obligations financing
23    redevelopment project costs incurred under this Division,
24    have been paid, and all distributions under subsection (b)
25    of Section 11-74.4-7 have been made, all surplus funds
26    then remaining in the special tax allocation fund shall be

 

 

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1    distributed by being paid by the municipal treasurer to
2    the Department of Revenue, the municipality and the county
3    collector; first to the Department of Revenue and the
4    municipality in direct proportion to the tax incremental
5    revenue received from the State and the municipality, but
6    not to exceed the total incremental revenue received from
7    the State or the municipality less any annual surplus
8    distribution of incremental revenue previously made; with
9    any remaining funds to be paid to the County Collector who
10    shall immediately thereafter pay said funds to the taxing
11    districts in the redevelopment project area in the same
12    manner and proportion as the most recent distribution by
13    the county collector to the affected districts of real
14    property taxes from real property in the redevelopment
15    project area.
16        Upon the payment of all redevelopment project costs,
17    the retirement of obligations, the distribution of any
18    excess monies pursuant to this Section, and final closing
19    of the books and records of the redevelopment project
20    area, the municipality shall adopt an ordinance dissolving
21    the special tax allocation fund for the redevelopment
22    project area and terminating the designation of the
23    redevelopment project area as a redevelopment project
24    area. Title to real or personal property and public
25    improvements acquired by or for the municipality as a
26    result of the redevelopment project and plan shall vest in

 

 

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1    the municipality when acquired and shall continue to be
2    held by the municipality after the redevelopment project
3    area has been terminated. Municipalities shall notify
4    affected taxing districts prior to November 1 if the
5    redevelopment project area is to be terminated by December
6    31 of that same year. If a municipality extends estimated
7    dates of completion of a redevelopment project and
8    retirement of obligations to finance a redevelopment
9    project, as allowed by Public Act 87-1272 this amendatory
10    Act of 1993, that extension shall not extend the property
11    tax increment allocation financing authorized by this
12    Section. Thereafter the rates of the taxing districts
13    shall be extended and taxes levied, collected and
14    distributed in the manner applicable in the absence of the
15    adoption of tax increment allocation financing.
16        If a municipality with a population of 1,000,000 or
17    more has adopted by ordinance tax increment allocation
18    financing for a redevelopment project area located in a
19    transit facility improvement area established pursuant to
20    Section 11-74.4-3.3, for each year after the effective
21    date of the ordinance until redevelopment project costs
22    and all municipal obligations financing redevelopment
23    project costs have been paid, the ad valorem taxes, if
24    any, arising from the levies upon the taxable real
25    property in that redevelopment project area by taxing
26    districts and tax rates determined in the manner provided

 

 

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1    in paragraph (c) of Section 11-74.4-9 shall be divided as
2    follows:
3            (1) That portion of the taxes levied upon each
4        taxable lot, block, tract, or parcel of real property
5        which is attributable to the lower of (i) the current
6        equalized assessed value or "current equalized
7        assessed value as adjusted" or (ii) the initial
8        equalized assessed value of each such taxable lot,
9        block, tract, or parcel of real property existing at
10        the time tax increment financing was adopted, minus
11        the total current homestead exemptions under Article
12        15 of the Property Tax Code in the redevelopment
13        project area shall be allocated to and when collected
14        shall be paid by the county collector to the
15        respective affected taxing districts in the manner
16        required by law in the absence of the adoption of tax
17        increment allocation financing.
18            (2) That portion, if any, of such taxes which is
19        attributable to the increase in the current equalized
20        assessed valuation of each taxable lot, block, tract,
21        or parcel of real property in the redevelopment
22        project area, over and above the initial equalized
23        assessed value of each property existing at the time
24        tax increment financing was adopted, minus the total
25        current homestead exemptions pertaining to each piece
26        of property provided by Article 15 of the Property Tax

 

 

HB2963- 20 -LRB102 15927 AWJ 21297 b

1        Code in the redevelopment project area, shall be
2        allocated to and when collected shall be paid by the
3        county collector as follows:
4                (A) First, that portion which would be payable
5            to a school district whose boundaries are
6            coterminous with such municipality in the absence
7            of the adoption of tax increment allocation
8            financing, shall be paid to such school district
9            in the manner required by law in the absence of the
10            adoption of tax increment allocation financing;
11            then
12                (B) 80% of the remaining portion shall be paid
13            to the municipal Treasurer, who shall deposit said
14            taxes into a special fund called the special tax
15            allocation fund of the municipality for the
16            purpose of paying redevelopment project costs and
17            obligations incurred in the payment thereof; and
18            then
19                (C) 20% of the remaining portion shall be paid
20            to the respective affected taxing districts, other
21            than the school district described in clause (a)
22            above, in the manner required by law in the
23            absence of the adoption of tax increment
24            allocation financing.
25    Nothing in this Section shall be construed as relieving
26property in such redevelopment project areas from being

 

 

HB2963- 21 -LRB102 15927 AWJ 21297 b

1assessed as provided in the Property Tax Code or as relieving
2owners of such property from paying a uniform rate of taxes, as
3required by Section 4 of Article IX of the Illinois
4Constitution.
5(Source: P.A. 99-792, eff. 8-12-16; 100-465, eff. 8-31-17;
6revised 8-8-19.)
 
7    Section 99. Effective date. This Act takes effect upon
8becoming law.