(20 ILCS 655/5.4.1)
Sec. 5.4.1.
Adoption of Tax Increment Financing.
(a) If (i) a redevelopment project area is, will be, or has been created by
a
municipality under
Division 74.4 of the Illinois Municipal Code, (ii) the
redevelopment project
area contains property that is located in an enterprise zone,
(iii) the municipality adopts an amendment to the enterprise zone designating
ordinance pursuant to Section 5.4 of this Act specifically concerning the
abatement of taxes on property located within a redevelopment project area
created pursuant to Division 74.4 of the Illinois Municipal Code, and (iv) the
Department certifies the ordinance amendment, then the property that is located
in both the enterprise zone and the redevelopment project area shall not be
eligible for the abatement of taxes under Section 18-170 of the Property Tax
Code.
No business enterprise or expansion or individual, however, that has
constructed a new
improvement or renovated or rehabilitated an existing improvement and has
received an abatement on the improvement under Section 18-170 of the Property
Tax Code shall be denied any benefit previously extended within the zone
pursuant to this Act or pursuant to any other Illinois law providing benefits
specifically to or within enterprise zones.
Moreover, if the business enterprise or individual presents evidence to the
municipality within 30 days after the adoption by the municipality of an
amendment to the designating ordinance the sufficiency of which shall be
determined by findings of the corporate authorities made within 30 days of the
receipt of such evidence by the municipality, that before the date of the
notice of the public hearing provided by the municipality regarding the
amendment to the designating ordinance
(i) the business enterprise or expansion or
individual
was committed to
locate within the enterprise zone, (ii) substantial and
binding financial obligations were made towards the development of the
enterprise, and (iii) those
commitments were made in reasonable reliance on the
benefits and programs that were applicable to the enterprise or
individual by reason of the enterprise zone, then the enterprise or expansion
or individual shall not be denied any benefit previously extended within the
zone pursuant to this Act or pursuant to any other Illinois law providing
benefits specifically to or within enterprise zones.
(b) This Section applies to all property located within both a
redevelopment project area adopted under Division 74.4 of the
Illinois Municipal Code and an enterprise zone even if the redevelopment
project area or the enterprise zone was adopted before the effective
date of this amendatory Act of 1997.
(c) After July 1, 1997, if (i) a redevelopment project area is created by a
municipality under Division 74.4 of the Illinois Municipal Code and (ii) the
redevelopment project area contains property that is located in an
enterprise zone, the municipality must adopt an amendment to the
certified enterprise zone designating ordinance under Section 5.4 that
property that is located in both the enterprise zone and the
redevelopment project area shall not be eligible for any abatement of
taxes under Section 18-170 of the Property Tax Code for new
improvements or the renovation or rehabilitation of existing improvements.
(d) In declaratory judgment actions under this Section, the Department
and the designating municipality shall be necessary parties defendant.
(Source: P.A. 90-258, eff. 7-30-97.)
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