Full Text of SB2929 94th General Assembly
SB2929 94TH GENERAL ASSEMBLY
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94TH GENERAL ASSEMBLY
State of Illinois
2005 and 2006 SB2929
Introduced 1/20/2006, by Sen. Dan Cronin SYNOPSIS AS INTRODUCED: |
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65 ILCS 5/11-74.4-5 |
from Ch. 24, par. 11-74.4-5 |
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Amends the Tax Increment Allocation Redevelopment Act in the Illinois Municipal Code. Makes a technical change in a Section concerning the adoption of a redevelopment plan or project.
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A BILL FOR
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SB2929 |
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LRB094 19148 BDD 54678 b |
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| AN ACT concerning municipalities.
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| Be it enacted by the People of the State of Illinois,
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| represented in the General Assembly:
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| Section 5. The Illinois Municipal Code is amended by | 5 |
| changing Section 11-74.4-5 as follows:
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| (65 ILCS 5/11-74.4-5) (from Ch. 24, par. 11-74.4-5)
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| Sec. 11-74.4-5. (a) The changes made by this amendatory Act | 8 |
| of the 91st
General Assembly do not apply to a municipality | 9 |
| that, (i) before the
the
effective date of this amendatory Act | 10 |
| of the 91st General Assembly,
has adopted an ordinance or | 11 |
| resolution fixing a time and place for a
public hearing under | 12 |
| this Section or (ii) before July 1, 1999, has adopted
an | 13 |
| ordinance or resolution providing for a feasibility study under | 14 |
| Section
11-74.4-4.1, but has not yet adopted an ordinance
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| approving redevelopment plans and redevelopment projects or | 16 |
| designating
redevelopment project areas under Section | 17 |
| 11-74.4-4, until after that
municipality adopts an ordinance
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| approving redevelopment plans and redevelopment projects or | 19 |
| designating
redevelopment project areas under Section | 20 |
| 11-74.4-4; thereafter the changes
made by this amendatory Act | 21 |
| of the 91st General Assembly apply to the same
extent that they | 22 |
| apply to
redevelopment plans and redevelopment projects that | 23 |
| were approved and
redevelopment projects that were designated | 24 |
| before the effective date of this
amendatory Act of the 91st | 25 |
| General Assembly.
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| Prior to the adoption of an ordinance proposing the
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| designation of a redevelopment project area, or approving a
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| redevelopment plan or redevelopment project, the municipality | 29 |
| by its
corporate authorities, or as it may determine by any | 30 |
| commission
designated under subsection (k) of Section | 31 |
| 11-74.4-4 shall adopt an
ordinance or resolution fixing
a time | 32 |
| and place for public hearing.
At least 10 days prior to the |
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| adoption of the ordinance or resolution
establishing the time
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| and place for the public hearing, the municipality shall make | 3 |
| available for
public inspection a redevelopment plan or a | 4 |
| separate report that provides in
reasonable detail the basis | 5 |
| for the eligibility of
the redevelopment project area. The | 6 |
| report along with the name of a
person to
contact for further | 7 |
| information shall be sent within a reasonable time
after the | 8 |
| adoption of such ordinance or resolution to the
affected taxing | 9 |
| districts
by certified mail.
On and after the effective date of | 10 |
| this amendatory Act of the 91st General
Assembly, the | 11 |
| municipality shall print in a newspaper of general circulation
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| within the municipality a notice that interested persons may | 13 |
| register with the
municipality in order to receive information | 14 |
| on the proposed designation of a
redevelopment project area or | 15 |
| the approval of a redevelopment plan. The notice
shall state | 16 |
| the place of registration and the operating hours of that | 17 |
| place.
The municipality shall have adopted reasonable rules to | 18 |
| implement this
registration process under Section 11-74.4-4.2.
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| The municipality shall provide notice of the availability of | 20 |
| the
redevelopment plan and eligibility report, including how to | 21 |
| obtain this
information, by mail within a reasonable time after | 22 |
| the adoption of the
ordinance or resolution, to all residential | 23 |
| addresses that, after a good faith
effort, the municipality | 24 |
| determines are located outside the proposed
redevelopment | 25 |
| project area and within 750 feet of the
boundaries of the | 26 |
| proposed redevelopment project area. This requirement is
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| subject to the limitation that in a municipality with a | 28 |
| population of over
100,000, if the total number of residential | 29 |
| addresses outside the proposed
redevelopment project area and | 30 |
| within 750 feet of the
boundaries of the proposed redevelopment | 31 |
| project area exceeds 750, the
municipality shall be required to | 32 |
| provide the notice to only the 750
residential addresses that, | 33 |
| after a good faith effort, the municipality
determines are | 34 |
| outside the proposed redevelopment project area and closest
to | 35 |
| the boundaries of the proposed redevelopment project
area.
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| Notwithstanding the foregoing, notice given after August 7, |
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| 2001 (the
effective date of Public Act 92-263) and before the | 2 |
| effective date of this
amendatory Act of the 92nd General | 3 |
| Assembly to residential addresses within 750
feet of the | 4 |
| boundaries of a proposed redevelopment project area shall be | 5 |
| deemed
to have been sufficiently given in compliance with this | 6 |
| Act if given only to
residents outside the boundaries of the | 7 |
| proposed redevelopment project area.
The notice shall also be | 8 |
| provided by the municipality, regardless of its
population, to | 9 |
| those organizations and residents that have registered with the
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| municipality for that information in accordance with the | 11 |
| registration
guidelines established by the municipality under | 12 |
| Section 11-74.4-4.2.
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| At the public hearing any
interested person or affected | 14 |
| taxing district may file with the
municipal clerk written | 15 |
| objections to and may be heard orally in respect
to any issues | 16 |
| embodied in the notice. The municipality shall hear all | 17 |
| protests
and objections at the hearing and the hearing may
be | 18 |
| adjourned to another date without further notice other than a | 19 |
| motion
to be entered upon the minutes fixing the time and place | 20 |
| of the
subsequent hearing.
At the public hearing or at any time | 21 |
| prior to the
adoption by the municipality of an ordinance | 22 |
| approving a redevelopment plan,
the municipality may make | 23 |
| changes in the redevelopment plan. Changes which (1)
add | 24 |
| additional parcels of property to the proposed redevelopment | 25 |
| project area,
(2) substantially affect the general land uses | 26 |
| proposed in the redevelopment
plan, (3) substantially change | 27 |
| the nature of or extend the life of the
redevelopment project,
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| or (4) increase the number of inhabited residential units to be | 29 |
| displaced from the redevelopment project area, as
measured from | 30 |
| the time of creation of the redevelopment project area, to a | 31 |
| total of more than
10,
shall be made only after the
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| municipality gives notice,
convenes a joint review board, and | 33 |
| conducts a public hearing pursuant to the
procedures set forth | 34 |
| in this Section and in Section 11-74.4-6 of this Act.
Changes | 35 |
| which do not (1) add additional parcels of property to the | 36 |
| proposed
redevelopment project area, (2) substantially affect |
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| the general land uses
proposed in the redevelopment plan, (3) | 2 |
| substantially change the nature of
or extend the life of the | 3 |
| redevelopment project,
or (4) increase the number of inhabited | 4 |
| residential units to be displaced from the redevelopment | 5 |
| project area, as
measured from the time of creation of the | 6 |
| redevelopment project area, to a total
of more than 10,
may be | 7 |
| made without further
hearing, provided that the municipality | 8 |
| shall give notice of any such changes
by mail to each affected | 9 |
| taxing district and registrant on the interested
parties | 10 |
| registry, provided for under Section 11-74.4-4.2, and by | 11 |
| publication in
a newspaper of
general circulation within the | 12 |
| affected taxing district. Such notice by mail
and by | 13 |
| publication shall each occur not later than 10 days following | 14 |
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adoption by ordinance of such changes. Hearings with regard | 15 |
| to a redevelopment
project area, project or plan may be held | 16 |
| simultaneously.
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| (b) Prior to holding a public hearing to approve or amend a | 18 |
| redevelopment
plan or to designate or add additional parcels of | 19 |
| property to a redevelopment
project area, the municipality
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| shall convene a joint review board. The board shall consist of | 21 |
| a representative
selected by each community college district, | 22 |
| local elementary school
district and high school district or | 23 |
| each local community unit school
district, park district, | 24 |
| library district, township, fire protection
district, and | 25 |
| county that will have the authority to
directly levy taxes on | 26 |
| the property within the proposed redevelopment
project area at | 27 |
| the time that the proposed redevelopment project area is
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| approved, a representative selected by the municipality and a | 29 |
| public
member. The public member shall first be selected and | 30 |
| then the board's
chairperson shall be selected by
a majority of | 31 |
| the board members present and voting.
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| For redevelopment project areas with redevelopment plans | 33 |
| or proposed
redevelopment plans that would
result in the | 34 |
| displacement of residents from 10 or more inhabited residential
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| units or that include 75 or more inhabited residential units, | 36 |
| the public member
shall be a person who resides in the |
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| redevelopment project area. If, as
determined by the housing | 2 |
| impact study provided for in paragraph (5) of
subsection (n) of | 3 |
| Section 11-74.4-3, or if no housing impact study is required
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| then based on other reasonable data, the majority of | 5 |
| residential units are
occupied by very low, low, or moderate | 6 |
| income households, as defined in Section
3 of the Illinois | 7 |
| Affordable Housing Act, the public member shall be a person
who | 8 |
| resides in very low, low, or moderate income housing within the
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| redevelopment project area. Municipalities with fewer than | 10 |
| 15,000 residents
shall not be required to select a person who | 11 |
| lives in very low, low, or
moderate income housing within the | 12 |
| redevelopment project area, provided that
the redevelopment | 13 |
| plan or project will not result in displacement of residents
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| from 10 or more inhabited units, and the municipality so | 15 |
| certifies
in the plan. If no person satisfying these | 16 |
| requirements is available or if no
qualified person will serve | 17 |
| as the public member, then the joint review board
is relieved | 18 |
| of this paragraph's selection requirements for the public
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| member.
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| Within 90 days of the effective date of this amendatory Act | 21 |
| of the 91st
General Assembly, each municipality that designated | 22 |
| a redevelopment project
area for which it was not required to | 23 |
| convene a joint review board under this
Section shall convene a | 24 |
| joint review board to perform the
duties specified under | 25 |
| paragraph (e) of this Section.
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| All board members shall be appointed and the first board | 27 |
| meeting shall be
held at least 14 days but not more than 28 | 28 |
| days after the
mailing of notice by the
municipality to the | 29 |
| taxing
districts as required by Section 11-74.4-6(c).
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| Notwithstanding the preceding sentence, a municipality that | 31 |
| adopted either a
public hearing resolution or a feasibility | 32 |
| resolution between July 1, 1999 and
July 1, 2000 that called | 33 |
| for the meeting of the joint review board within 14
days of | 34 |
| notice of public hearing to affected taxing districts is deemed | 35 |
| to be
in compliance with the notice, meeting, and public | 36 |
| hearing provisions of the
Act.
Such notice
shall also advise
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| the taxing bodies represented on the joint review board of the | 2 |
| time and place
of the first meeting of the board. Additional | 3 |
| meetings of the
board shall be held upon the call of any | 4 |
| member. The municipality
seeking designation of the | 5 |
| redevelopment project area shall provide
administrative | 6 |
| support to the board.
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| The board shall review (i) the public record, planning | 8 |
| documents and
proposed ordinances approving the redevelopment | 9 |
| plan and
project and (ii) proposed amendments to the | 10 |
| redevelopment plan or additions
of parcels of property to the | 11 |
| redevelopment project area to be
adopted by the municipality. | 12 |
| As part of its deliberations, the board may
hold additional | 13 |
| hearings on the proposal. A
board's recommendation shall be
an | 14 |
| advisory, non-binding recommendation. The recommendation shall | 15 |
| be adopted
by a majority of those members present and voting. | 16 |
| The recommendations shall
be submitted to the municipality
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| within 30 days after convening of the board.
Failure of the | 18 |
| board to
submit
its report on a timely basis shall not be cause | 19 |
| to delay the public hearing
or any other step in the process of | 20 |
| designating or
amending the
redevelopment project area but | 21 |
| shall be deemed to constitute approval by the
joint review | 22 |
| board of the matters before it.
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| The board shall base its recommendation to approve or | 24 |
| disapprove the
redevelopment plan and the designation of the | 25 |
| redevelopment project area or the
amendment of the | 26 |
| redevelopment plan or addition of parcels of property to the
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| redevelopment project area on the basis of the redevelopment | 28 |
| project area and
redevelopment plan satisfying the
plan | 29 |
| requirements, the eligibility criteria
defined in Section | 30 |
| 11-74.4-3, and the objectives of this Act.
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| The board shall issue a written report describing why the
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| redevelopment plan and project area or the amendment thereof | 33 |
| meets or
fails to meet one or more of the objectives of this | 34 |
| Act and both the plan
requirements and the eligibility criteria | 35 |
| defined in Section 11-74.4-3.
In the event the Board does not | 36 |
| file a report it shall be presumed
that these taxing bodies |
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| find the redevelopment project area and
redevelopment plan | 2 |
| satisfy the
objectives of this Act and the plan requirements | 3 |
| and eligibility criteria.
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| If the board recommends rejection of the matters before it, | 5 |
| the
municipality will have 30 days within which to resubmit the | 6 |
| plan or amendment.
During this period, the municipality will | 7 |
| meet and confer with the board and
attempt to resolve those | 8 |
| issues set forth in the board's written report that
led to the | 9 |
| rejection of the plan or amendment.
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| Notwithstanding the resubmission set forth above, the | 11 |
| municipality may
commence the scheduled public hearing and | 12 |
| either adjourn the public hearing or
continue the public | 13 |
| hearing until a date certain. Prior to continuing any
public | 14 |
| hearing to a date certain, the municipality shall announce | 15 |
| during the
public hearing the time, date, and location for the | 16 |
| reconvening of the public
hearing. Any changes to the | 17 |
| redevelopment plan necessary to satisfy the issues
set forth in | 18 |
| the joint review board report shall be the subject of a public
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| hearing before the hearing is adjourned if the changes would | 20 |
| (1) substantially
affect the general land uses proposed in the | 21 |
| redevelopment plan, (2)
substantially change the nature of or | 22 |
| extend the life of the redevelopment
project, or (3) increase | 23 |
| the number of inhabited residential units to be
displaced from | 24 |
| the redevelopment project area, as
measured from the
time of | 25 |
| creation of the redevelopment project area, to a total of
more | 26 |
| than 10. Changes to the redevelopment plan necessary
to
satisfy | 27 |
| the issues set forth in the joint review board report shall not | 28 |
| require
any further notice or convening of a joint review board | 29 |
| meeting, except that
any changes to the redevelopment plan that | 30 |
| would add additional parcels of
property to the proposed | 31 |
| redevelopment project area shall be subject to the
notice, | 32 |
| public hearing, and joint review board meeting requirements | 33 |
| established
for such changes by subsection (a) of Section | 34 |
| 11-74.4-5.
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| In the event that the
municipality and the board are unable | 36 |
| to resolve these differences, or in the
event that the |
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| resubmitted plan or amendment is rejected by the board, the
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| municipality may proceed with the plan or amendment, but only | 3 |
| upon a
three-fifths vote of the corporate authority responsible | 4 |
| for approval of the
plan or amendment, excluding positions of | 5 |
| members that are vacant and those
members that are ineligible | 6 |
| to vote because of conflicts of interest.
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| (c) After a municipality has by ordinance approved a | 8 |
| redevelopment plan
and designated a redevelopment project | 9 |
| area, the plan may be amended and
additional properties may be | 10 |
| added to the redevelopment project area only as
herein | 11 |
| provided. Amendments which (1) add additional parcels of | 12 |
| property to
the proposed redevelopment project area, (2) | 13 |
| substantially affect the general
land uses proposed in the | 14 |
| redevelopment plan, (3) substantially change the
nature of the | 15 |
| redevelopment project, (4) increase the total estimated
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| redevelopment
project costs set out in the redevelopment plan | 17 |
| by more than 5% after
adjustment for inflation from the date | 18 |
| the plan was adopted, (5) add
additional redevelopment project | 19 |
| costs to the itemized list of redevelopment
project costs set | 20 |
| out in the redevelopment plan, or (6) increase the number of
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| inhabited residential units to be
displaced from the | 22 |
| redevelopment
project area, as measured from the time of | 23 |
| creation of
the
redevelopment project area, to a total of more | 24 |
| than
10, shall be made only after
the
municipality gives | 25 |
| notice, convenes a joint review board, and conducts a public
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| hearing pursuant to the procedures set forth in this Section | 27 |
| and in Section
11-74.4-6 of this Act. Changes which do not (1) | 28 |
| add additional parcels of
property to the proposed | 29 |
| redevelopment project area, (2) substantially affect
the | 30 |
| general land uses proposed in the redevelopment plan, (3) | 31 |
| substantially
change the nature of the redevelopment project, | 32 |
| (4) increase the total
estimated redevelopment project cost set | 33 |
| out in the redevelopment plan by more
than 5% after adjustment | 34 |
| for inflation from the date the plan was adopted,
(5) add | 35 |
| additional redevelopment project costs to the itemized list of
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| redevelopment project costs set out in the redevelopment plan, |
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| or (6) increase
the number of inhabited residential units to be | 2 |
| displaced from the
redevelopment project area, as measured from | 3 |
| the time of
creation of
the redevelopment project area, to a | 4 |
| total of more than 10, may be made
without further public | 5 |
| hearing
and related notices and procedures including the | 6 |
| convening of a joint review
board as set forth in Section | 7 |
| 11-74.4-6 of this Act, provided that the
municipality shall | 8 |
| give notice of
any such changes by mail to each affected taxing | 9 |
| district and registrant on the
interested parties registry, | 10 |
| provided for under Section 11-74.4-4.2, and by
publication in
a | 11 |
| newspaper of general circulation within the affected taxing | 12 |
| district. Such
notice by mail and by publication shall each | 13 |
| occur not later than 10 days
following the adoption by | 14 |
| ordinance of such changes.
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| (d) After the effective date of this amendatory Act of the | 16 |
| 91st General
Assembly, a
municipality shall submit the
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| following information for each redevelopment project area (i) | 18 |
| to the State
Comptroller under Section 8-8-3.5 of the Illinois | 19 |
| Municipal Code
and (ii) to all taxing districts overlapping the
| 20 |
| redevelopment project area no later than 180
days after the | 21 |
| close of each municipal fiscal year or as soon thereafter as
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| the audited financial
statements become available and, in any | 23 |
| case, shall be submitted before the
annual meeting of the Joint | 24 |
| Review Board to each of the taxing districts that
overlap the | 25 |
| redevelopment project area:
| 26 |
| (1) Any amendments to the redevelopment plan, the | 27 |
| redevelopment
project area, or the State Sales Tax | 28 |
| Boundary.
| 29 |
| (1.5) A list of the redevelopment project areas | 30 |
| administered by the
municipality and, if applicable, the | 31 |
| date each redevelopment project area was
designated or | 32 |
| terminated by the municipality.
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| (2) Audited financial statements of the special tax | 34 |
| allocation fund once a
cumulative total of $100,000 has | 35 |
| been deposited in the fund.
| 36 |
| (3) Certification of the Chief Executive Officer of the |
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| municipality
that the municipality has complied with all of | 2 |
| the requirements of this Act
during the preceding fiscal | 3 |
| year.
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| (4) An opinion of legal counsel that the municipality | 5 |
| is in compliance
with this Act.
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| (5) An analysis of the special tax allocation fund | 7 |
| which sets forth:
| 8 |
| (A) the balance in the special tax allocation fund | 9 |
| at the beginning of
the fiscal year;
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| (B) all amounts deposited in the special tax | 11 |
| allocation fund by source;
| 12 |
| (C) an itemized list of all expenditures from the | 13 |
| special tax
allocation fund by category of
permissible | 14 |
| redevelopment project cost; and
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| (D) the balance in the special tax allocation fund | 16 |
| at the end of the
fiscal year including a breakdown of | 17 |
| that balance by source and a breakdown
of that balance | 18 |
| identifying any portion of the balance that is | 19 |
| required,
pledged, earmarked, or otherwise designated | 20 |
| for payment of or securing of
obligations and | 21 |
| anticipated redevelopment project costs. Any portion | 22 |
| of
such ending balance that has not been identified or | 23 |
| is not identified as
being
required, pledged, | 24 |
| earmarked, or otherwise designated for payment of or
| 25 |
| securing of obligations or anticipated redevelopment | 26 |
| projects costs
shall be designated as surplus as set | 27 |
| forth in Section
11-74.4-7 hereof.
| 28 |
| (6) A description of all property purchased by the | 29 |
| municipality within
the redevelopment project area | 30 |
| including:
| 31 |
| (A) Street address.
| 32 |
| (B) Approximate size or description of property.
| 33 |
| (C) Purchase price.
| 34 |
| (D) Seller of property.
| 35 |
| (7) A statement setting forth all activities | 36 |
| undertaken in furtherance
of the objectives of the |
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| redevelopment plan, including:
| 2 |
| (A) Any project implemented in the preceding | 3 |
| fiscal year.
| 4 |
| (B) A description of the redevelopment activities | 5 |
| undertaken.
| 6 |
| (C) A description of any agreements entered into by | 7 |
| the municipality
with
regard to the disposition or | 8 |
| redevelopment of any property within the
redevelopment | 9 |
| project area or the area within the State Sales Tax | 10 |
| Boundary.
| 11 |
| (D) Additional information on the use of all funds | 12 |
| received under this
Division and steps taken by the
| 13 |
| municipality to achieve the objectives of the | 14 |
| redevelopment plan.
| 15 |
| (E) Information regarding contracts that the | 16 |
| municipality's tax
increment advisors or consultants | 17 |
| have entered into with entities or persons
that have | 18 |
| received, or are receiving, payments financed by tax | 19 |
| increment
revenues produced by the same redevelopment | 20 |
| project area.
| 21 |
| (F) Any reports submitted to the municipality by | 22 |
| the joint review board.
| 23 |
| (G) A review of public and, to the extent possible, | 24 |
| private investment
actually undertaken to date after | 25 |
| the effective date of this amendatory Act of
the 91st | 26 |
| General Assembly and estimated to be undertaken during | 27 |
| the following
year. This review shall, on a | 28 |
| project-by-project basis, set forth the
estimated | 29 |
| amounts of public and private investment incurred | 30 |
| after the effective
date of this amendatory Act of the | 31 |
| 91st General Assembly and provide the ratio
of private | 32 |
| investment to public investment to the date of the | 33 |
| report and as
estimated to the completion of the | 34 |
| redevelopment project.
| 35 |
| (8) With regard to any obligations issued by the | 36 |
| municipality:
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| (A) copies of any official statements; and
| 2 |
| (B) an analysis prepared by financial advisor or | 3 |
| underwriter setting
forth: (i) nature and term of | 4 |
| obligation; and (ii) projected debt service
including | 5 |
| required reserves and debt coverage.
| 6 |
| (9) For special tax allocation funds that have | 7 |
| experienced cumulative
deposits of incremental tax | 8 |
| revenues of $100,000 or more, a certified audit
report | 9 |
| reviewing compliance
with this Act
performed by an | 10 |
| independent public accountant certified and licensed by | 11 |
| the
authority of the State of Illinois. The financial | 12 |
| portion of the audit
must be conducted in accordance with | 13 |
| Standards for Audits of Governmental
Organizations, | 14 |
| Programs, Activities, and Functions adopted by the
| 15 |
| Comptroller General of the United States (1981), as | 16 |
| amended, or the standards
specified by Section 8-8-5 of the | 17 |
| Illinois Municipal Auditing Law of the
Illinois Municipal | 18 |
| Code. The audit
report shall contain a letter from the | 19 |
| independent certified public accountant
indicating | 20 |
| compliance or noncompliance with the requirements
of | 21 |
| subsection (q) of Section 11-74.4-3. For redevelopment | 22 |
| plans or
projects that would result in the displacement of | 23 |
| residents from 10 or more
inhabited residential units or | 24 |
| that contain 75 or more inhabited residential
units, notice | 25 |
| of the availability of the information, including how to | 26 |
| obtain
the report, required in this subsection shall also | 27 |
| be sent by mail to all
residents or organizations that | 28 |
| operate in the municipality that register with
the | 29 |
| municipality for that information according to | 30 |
| registration procedures
adopted under Section 11-74.4-4.2. | 31 |
| All municipalities are subject to this
provision.
| 32 |
| (d-1) Prior to the effective date of this amendatory Act of | 33 |
| the 91st
General Assembly, municipalities with populations of | 34 |
| over 1,000,000 shall,
after
adoption of a redevelopment plan or | 35 |
| project, make available upon request to any
taxing district in | 36 |
| which the redevelopment project area is located the
following |
|
|
|
SB2929 |
- 13 - |
LRB094 19148 BDD 54678 b |
|
| 1 |
| information:
| 2 |
| (1) Any amendments to the redevelopment plan, the | 3 |
| redevelopment project
area, or the State Sales Tax | 4 |
| Boundary; and
| 5 |
| (2) In connection with any redevelopment project area | 6 |
| for which the
municipality has outstanding obligations | 7 |
| issued to provide for redevelopment
project costs pursuant | 8 |
| to Section 11-74.4-7, audited financial statements of
the | 9 |
| special tax allocation fund.
| 10 |
| (e) The joint review board shall meet annually 180 days
| 11 |
| after the close of the municipal fiscal year or as soon as the | 12 |
| redevelopment
project audit for that fiscal year becomes | 13 |
| available to review the
effectiveness and status of the | 14 |
| redevelopment project area up to that date.
| 15 |
| (f) (Blank).
| 16 |
| (g) In the event that a municipality has held a public | 17 |
| hearing under this
Section prior to March 14, 1994 (the | 18 |
| effective date of Public Act 88-537), the
requirements imposed | 19 |
| by Public Act 88-537 relating to the method of fixing the
time | 20 |
| and place for public hearing, the materials and information | 21 |
| required to be
made available for public inspection, and the | 22 |
| information required to be sent
after adoption of an ordinance | 23 |
| or resolution fixing a time and place for public
hearing shall | 24 |
| not be applicable.
| 25 |
| (Source: P.A. 91-357, eff. 7-29-99; 91-478, eff. 11-1-99; | 26 |
| 91-900, eff.
7-6-00; 92-263, eff. 8-7-01; 92-624, eff. | 27 |
| 7-11-02.)
|
|