SB2946 100TH GENERAL ASSEMBLY

LRB100 19662 AWJ 34935 b

100TH GENERAL ASSEMBLY
State of Illinois
2017 and 2018
SB2946

Introduced 2/14/2018, by Sen. Terry Link

SYNOPSIS AS INTRODUCED:

65 ILCS 5/11-74.4-3.7 new

Amends the Tax Increment Allocation Redevelopment Act of the Illinois Municipal Code. Provides that when a redevelopment project area has been dissolved, completed, or terminated under the Act, property within that redevelopment project area may not become part of another redevelopment project area for 15 years after the date the former redevelopment project area dissolved, completed, or terminated.

FISCAL NOTE ACT MAY APPLY

A BILL FOR

AN ACT concerning local government.

Be it enacted by the People of the State of Illinois, represented in the General Assembly:

Section 5. The Illinois Municipal Code is amended by adding Section 11-74.4-3.7 as follows:

(65 ILCS 5/11-74.4-3.7 new)

Sec. 11-74.4-3.7. Property formerly within a redevelopment project area. Notwithstanding any other provision of this Act, when a redevelopment project area has been dissolved, completed, or terminated under this Act, property within that redevelopment project area may not become part of another redevelopment project area for 15 years after the date the former redevelopment project area dissolved, completed, or terminated.