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Public Act 91-0900
SB1451 Enrolled LRB9110178MWgc
AN ACT to amend the Illinois Municipal Code by changing
Sections 8-8-3.5, 11-74.4-5, and 11-74.6-22.
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
changing Sections 8-8-3.5, 11-74.4-5, and 11-74.6-22 as
follows:
(65 ILCS 5/8-8-3.5)
Sec. 8-8-3.5. Tax Increment Financing Report. The
reports filed under subsection (d) of Section 11-74.4-5 of
the Tax Increment Allocation Redevelopment Act and the
reports filed under subsection (d) of Section 11-74.6-22 of
the Industrial Jobs Recovery Law in the Illinois Municipal
Code must be separate from any other annual report filed with
the Comptroller. The Comptroller must, in cooperation with
reporting municipalities, create a format for the reporting
of information described in paragraphs (1.5) and (5) and in
subparagraph (G) of paragraph (7) of subsection (d) of
Section 11-74.4-5 of the Tax Increment Allocation
Redevelopment Act and the information described in paragraphs
(1.5) and (5) and in subparagraph (G) of paragraph (7) of
subsection (d) of Section 11-74.6-22 of the Industrial Jobs
Recovery Law that facilitates consistent reporting among the
reporting municipalities. The Comptroller may allow these
reports to be filed electronically and may display the
report, or portions of the report, electronically via the
Internet. All reports filed under this Section must be made
available for examination and copying by the public at all
reasonable times.
(Source: P.A. 91-478, eff. 11-1-99.)
(65 ILCS 5/11-74.4-5) (from Ch. 24, par. 11-74.4-5)
Sec. 11-74.4-5. (a) The changes made by this amendatory
Act of the 91st General Assembly do not apply to a
municipality that, (i) before the effective date of this
amendatory Act of the 91st General Assembly, has adopted an
ordinance or resolution fixing a time and place for a public
hearing under this Section or (ii) before July 1, 1999, has
adopted an ordinance or resolution providing for a
feasibility study under Section 11-74.4-4.1, but has not yet
adopted an ordinance approving redevelopment plans and
redevelopment projects or designating redevelopment project
areas under Section 11-74.4-4, until after that municipality
adopts an ordinance approving redevelopment plans and
redevelopment projects or designating redevelopment project
areas under Section 11-74.4-4; thereafter the changes made by
this amendatory Act of the 91st General Assembly apply to the
same extent that they apply to redevelopment plans and
redevelopment projects that were approved and redevelopment
projects that were designated before the effective date of
this amendatory Act of the 91st General Assembly.
Prior to the adoption of an ordinance proposing the
designation of a redevelopment project area, or approving a
redevelopment plan or redevelopment project, the municipality
by its corporate authorities, or as it may determine by any
commission designated under subsection (k) of Section
11-74.4-4 shall adopt an ordinance or resolution fixing a
time and place for public hearing. Prior to the adoption of
the ordinance or resolution establishing the time and place
for the public hearing, the municipality shall make available
for public inspection a redevelopment plan or a separate
report that provides in reasonable detail the basis for the
eligibility of the redevelopment project area. The report
along with the name of a person to contact for further
information shall be sent within a reasonable time after the
adoption of such ordinance or resolution to the affected
taxing districts by certified mail. On and after the
effective date of this amendatory Act of the 91st General
Assembly, the municipality shall print in a newspaper of
general circulation within the municipality a notice that
interested persons may register with the municipality in
order to receive information on the proposed designation of a
redevelopment project area or the approval of a redevelopment
plan. The notice shall state the place of registration and
the operating hours of that place. The municipality shall
have adopted reasonable rules to implement this registration
process under Section 11-74.4-4.2. Notice of the
availability of the redevelopment plan and eligibility
report, including how to obtain this information, shall also
be sent by mail within a reasonable time after the adoption
of the ordinance or resolution to all residents within the
postal zip code area or areas contained in whole or in part
within the proposed redevelopment project area or
organizations that operate in the municipality that have
registered with the municipality for that information in
accordance with the registration guidelines established by
the municipality under Section 11-74.4-4.2.
At the public hearing any interested person or affected
taxing district may file with the municipal clerk written
objections to and may be heard orally in respect to any
issues embodied in the notice. The municipality shall hear
and determine all protests and objections at the hearing and
the hearing may be adjourned to another date without further
notice other than a motion to be entered upon the minutes
fixing the time and place of the subsequent hearing. At the
public hearing or at any time prior to the adoption by the
municipality of an ordinance approving a redevelopment plan,
the municipality may make changes in the redevelopment plan.
Changes which (1) add additional parcels of property to the
proposed redevelopment project area, (2) substantially affect
the general land uses proposed in the redevelopment plan, (3)
substantially change the nature of or extend the life of the
redevelopment project, or (4) increase the number of low or
very low income households to be displaced from the
redevelopment project area, provided that measured from the
time of creation of the redevelopment project area the total
displacement of the households will exceed 10, shall be made
only after the municipality gives notice, convenes a joint
review board, and conducts a public hearing pursuant to the
procedures set forth in this Section and in Section 11-74.4-6
of this Act. Changes which do not (1) add additional parcels
of property to the proposed redevelopment project area, (2)
substantially affect the general land uses proposed in the
redevelopment plan, (3) substantially change the nature of or
extend the life of the redevelopment project, or (4) increase
the number of low or very low income households to be
displaced from the redevelopment project area, provided that
measured from the time of creation of the redevelopment
project area the total displacement of the households will
exceed 10, may be made without further hearing, provided that
the municipality shall give notice of any such changes by
mail to each affected taxing district and registrant on the
interested parties registry, provided for under Section
11-74.4-4.2, and by publication in a newspaper of general
circulation within the affected taxing district. Such notice
by mail and by publication shall each occur not later than 10
days following the adoption by ordinance of such changes.
Hearings with regard to a redevelopment project area, project
or plan may be held simultaneously.
(b) Prior to holding a public hearing to approve or
amend a redevelopment plan or to designate or add additional
parcels of property to a redevelopment project area, the
municipality shall convene a joint review board. The board
shall consist of a representative selected by each community
college district, local elementary school district and high
school district or each local community unit school district,
park district, library district, township, fire protection
district, and county that will have the authority to directly
levy taxes on the property within the proposed redevelopment
project area at the time that the proposed redevelopment
project area is approved, a representative selected by the
municipality and a public member. The public member shall
first be selected and then the board's chairperson shall be
selected by a majority of the board members present and
voting.
For redevelopment project areas with redevelopment plans
or proposed redevelopment plans that would result in the
displacement of residents from 10 or more inhabited
residential units or that include 75 or more inhabited
residential units, the public member shall be a person who
resides in the redevelopment project area. If, as determined
by the housing impact study provided for in paragraph (5) of
subsection (n) of Section 11-74.4-3, or if no housing impact
study is required then based on other reasonable data, the
majority of residential units are occupied by very low, low,
or moderate income households, as defined in Section 3 of the
Illinois Affordable Housing Act, the public member shall be a
person who resides in very low, low, or moderate income
housing within the redevelopment project area.
Municipalities with fewer than 15,000 residents shall not be
required to select a person who lives in very low, low, or
moderate income housing within the redevelopment project
area, provided that the redevelopment plan or project will
not result in displacement of residents from 10 or more
inhabited units, and the municipality so certifies in the
plan. If no person satisfying these requirements is
available or if no qualified person will serve as the public
member, then the joint review board is relieved of this
paragraph's selection requirements for the public member.
Within 90 days of the effective date of this amendatory
Act of the 91st General Assembly, each municipality that
designated a redevelopment project area for which it was not
required to convene a joint review board under this Section
shall convene a joint review board to perform the duties
specified under paragraph (e) of this Section.
All board members shall be appointed and the first board
meeting held following at least 14 days after notice by the
municipality to all the taxing districts as required by
Section 11-74.4-6(c). Such notice shall also advise the
taxing bodies represented on the joint review board of the
time and place of the first meeting of the board. Additional
meetings of the board shall be held upon the call of any
member. The municipality seeking designation of the
redevelopment project area shall provide administrative
support to the board.
The board shall review (i) the public record, planning
documents and proposed ordinances approving the redevelopment
plan and project and (ii) proposed amendments to the
redevelopment plan or additions of parcels of property to the
redevelopment project area to be adopted by the municipality.
As part of its deliberations, the board may hold additional
hearings on the proposal. A board's recommendation shall be
an advisory, non-binding recommendation. The recommendation
shall be adopted by a majority of those members present and
voting. The recommendations shall be submitted to the
municipality within 30 days after convening of the board.
Failure of the board to submit its report on a timely basis
shall not be cause to delay the public hearing or any other
step in the process of designating or amending the
redevelopment project area but shall be deemed to constitute
approval by the joint review board of the matters before it.
The board shall base its recommendation to approve or
disapprove the redevelopment plan and the designation of the
redevelopment project area or the amendment of the
redevelopment plan or addition of parcels of property to the
redevelopment project area on the basis of the redevelopment
project area and redevelopment plan satisfying the plan
requirements, the eligibility criteria defined in Section
11-74.4-3, and the objectives of this Act.
The board shall issue a written report describing why the
redevelopment plan and project area or the amendment thereof
meets or fails to meet one or more of the objectives of this
Act and both the plan requirements and the eligibility
criteria defined in Section 11-74.4-3. In the event the Board
does not file a report it shall be presumed that these taxing
bodies find the redevelopment project area and redevelopment
plan satisfy the objectives of this Act and the plan
requirements and eligibility criteria.
If the board recommends rejection of the matters before
it, the municipality will have 30 days within which to
resubmit the plan or amendment. During this period, the
municipality will meet and confer with the board and attempt
to resolve those issues set forth in the board's written
report that lead to the rejection of the plan or amendment.
In the event that the municipality and the board are unable
to resolve these differences, or in the event that the
resubmitted plan or amendment is rejected by the board, the
municipality may proceed with the plan or amendment, but only
upon a three-fifths vote of the corporate authority
responsible for approval of the plan or amendment, excluding
positions of members that are vacant and those members that
are ineligible to vote because of conflicts of interest.
(c) After a municipality has by ordinance approved a
redevelopment plan and designated a redevelopment project
area, the plan may be amended and additional properties may
be added to the redevelopment project area only as herein
provided. Amendments which (1) add additional parcels of
property to the proposed redevelopment project area, (2)
substantially affect the general land uses proposed in the
redevelopment plan, (3) substantially change the nature of
the redevelopment project, (4) increase the total estimated
redevelopment project costs set out in the redevelopment plan
by more than 5% after adjustment for inflation from the date
the plan was adopted, (5) add additional redevelopment
project costs to the itemized list of redevelopment project
costs set out in the redevelopment plan, or (6) increase the
number of low or very low income households to be displaced
from the redevelopment project area, provided that measured
from the time of creation of the redevelopment project area
the total displacement of the households will exceed 10,
shall be made only after the municipality gives notice,
convenes a joint review board, and conducts a public hearing
pursuant to the procedures set forth in this Section and in
Section 11-74.4-6 of this Act. Changes which do not (1) add
additional parcels of property to the proposed redevelopment
project area, (2) substantially affect the general land uses
proposed in the redevelopment plan, (3) substantially change
the nature of the redevelopment project, (4) increase the
total estimated redevelopment project cost set out in the
redevelopment plan by more than 5% after adjustment for
inflation from the date the plan was adopted, (5) add
additional redevelopment project costs to the itemized list
of redevelopment project costs set out in the redevelopment
plan, or (6) increase the number of low or very low income
households to be displaced from the redevelopment project
area, provided that measured from the time of creation of the
redevelopment project area the total displacement of the
households will exceed 10, may be made without further
hearing, provided that the municipality shall give notice of
any such changes by mail to each affected taxing district and
registrant on the interested parties registry, provided for
under Section 11-74.4-4.2, and by publication in a newspaper
of general circulation within the affected taxing district.
Such notice by mail and by publication shall each occur not
later than 10 days following the adoption by ordinance of
such changes.
(d) After the effective date of this amendatory Act of
the 91st General Assembly, a municipality shall submit the
following information for each redevelopment project area (i)
to the State Comptroller under Section 8-8-3.5 of the
Illinois Municipal Code and (ii) to all taxing districts
overlapping the redevelopment project area no later than 180
days after the close of each municipal fiscal year or as soon
thereafter as the audited financial statements become
available and, in any case, shall be submitted before the
annual meeting of the Joint Review Board to each of the
taxing districts that overlap the redevelopment project area:
(1) Any amendments to the redevelopment plan, the
redevelopment project area, or the State Sales Tax
Boundary.
(1.5) A list of the redevelopment project areas
administered by the municipality and, if applicable, the
date each redevelopment project area was designated or
terminated by the municipality.
(2) Audited financial statements of the special tax
allocation fund once a cumulative total of $100,000 has
been deposited in the fund.
(3) Certification of the Chief Executive Officer of
the municipality that the municipality has complied with
all of the requirements of this Act during the preceding
fiscal year.
(4) An opinion of legal counsel that the
municipality is in compliance with this Act.
(5) An analysis of the special tax allocation fund
which sets forth:
(A) the balance in the special tax allocation
fund at the beginning of the fiscal year;
(B) all amounts deposited in the special tax
allocation fund by source;
(C) an itemized list of all expenditures from
the special tax allocation fund by category of
permissible redevelopment project cost; and
(D) the balance in the special tax allocation
fund at the end of the fiscal year including a
breakdown of that balance by source and a breakdown
of that balance identifying any portion of the
balance that is required, pledged, earmarked, or
otherwise designated for payment of or securing of
obligations and anticipated redevelopment project
costs. Any portion of such ending balance that has
not been identified or is not identified as being
required, pledged, earmarked, or otherwise
designated for payment of or securing of obligations
or anticipated redevelopment projects costs shall be
designated as surplus as set forth in Section
11-74.4-7 hereof.
(6) A description of all property purchased by the
municipality within the redevelopment project area
including:
(A) Street address.
(B) Approximate size or description of
property.
(C) Purchase price.
(D) Seller of property.
(7) A statement setting forth all activities
undertaken in furtherance of the objectives of the
redevelopment plan, including:
(A) Any project implemented in the preceding
fiscal year.
(B) A description of the redevelopment
activities undertaken.
(C) A description of any agreements entered
into by the municipality with regard to the
disposition or redevelopment of any property within
the redevelopment project area or the area within
the State Sales Tax Boundary.
(D) Additional information on the use of all
funds received under this Division and steps taken
by the municipality to achieve the objectives of the
redevelopment plan.
(E) Information regarding contracts that the
municipality's tax increment advisors or consultants
have entered into with entities or persons that have
received, or are receiving, payments financed by tax
increment revenues produced by the same
redevelopment project area.
(F) Any reports submitted to the municipality
by the joint review board.
(G) A review of public and, to the extent
possible, private investment actually undertaken to
date after the effective date of this amendatory Act
of the 91st General Assembly and estimated to be
undertaken during the following year. This review
shall, on a project-by-project basis, set forth the
estimated amounts of public and private investment
incurred after the effective date of this amendatory
Act of the 91st General Assembly and provide the
ratio of private investment to public investment to
the date of the report and as estimated to the
completion of the redevelopment project.
(8) With regard to any obligations issued by the
municipality:
(A) copies of any official statements; and
(B) an analysis prepared by financial advisor
or underwriter setting forth: (i) nature and term of
obligation; and (ii) projected debt service
including required reserves and debt coverage.
(9) For special tax allocation funds that have
experienced cumulative deposits of incremental tax
revenues of $100,000 or more, a certified audit report
reviewing compliance with this Act performed by an
independent public accountant certified and licensed by
the authority of the State of Illinois. The financial
portion of the audit must be conducted in accordance with
Standards for Audits of Governmental Organizations,
Programs, Activities, and Functions adopted by the
Comptroller General of the United States (1981), as
amended, or the standards specified by Section 8-8-5 of
the Illinois Municipal Auditing Law of the Illinois
Municipal Code. The audit report shall contain a letter
from the independent certified public accountant
indicating compliance or noncompliance with the
requirements of subsection (q) of Section 11-74.4-3. For
redevelopment plans or projects that would result in the
displacement of residents from 10 or more inhabited
residential units or that contain 75 or more inhabited
residential units, notice of the availability of the
information, including how to obtain the report, required
in this subsection shall also be sent by mail to all
residents or organizations that operate in the
municipality that register with the municipality for that
information according to registration procedures adopted
under Section 11-74.4-4.2. All municipalities are
subject to this provision.
(d-1) Prior to the effective date of this amendatory Act
of the 91st General Assembly, municipalities with populations
of over 1,000,000 shall, after adoption of a redevelopment
plan or project, make available upon request to any taxing
district in which the redevelopment project area is located
the following information:
(1) Any amendments to the redevelopment plan, the
redevelopment project area, or the State Sales Tax
Boundary; and
(2) In connection with any redevelopment project
area for which the municipality has outstanding
obligations issued to provide for redevelopment project
costs pursuant to Section 11-74.4-7, audited financial
statements of the special tax allocation fund.
(e) The joint review board shall meet annually 180 days
after the close of the municipal fiscal year or as soon as
the redevelopment project audit for that fiscal year becomes
available to review the effectiveness and status of the
redevelopment project area up to that date.
(f) (Blank).
(g) In the event that a municipality has held a public
hearing under this Section prior to March 14, 1994 (the
effective date of Public Act 88-537), the requirements
imposed by Public Act 88-537 relating to the method of fixing
the time and place for public hearing, the materials and
information required to be made available for public
inspection, and the information required to be sent after
adoption of an ordinance or resolution fixing a time and
place for public hearing shall not be applicable.
(Source: P.A. 91-357, eff. 7-29-99; 91-478, eff. 11-1-99.)
(65 ILCS 5/11-74.6-22)
Sec. 11-74.6-22. Adoption of ordinance; requirements;
changes.
(a) Before adoption of an ordinance proposing the
designation of a redevelopment planning area or a
redevelopment project area, or both, or approving a
redevelopment plan or redevelopment project, the municipality
or commission designated pursuant to subsection (l) of
Section 11-74.6-15 shall fix by ordinance or resolution a
time and place for public hearing. Prior to the adoption of
the ordinance or resolution establishing the time and place
for the public hearing, the municipality shall make available
for public inspection a redevelopment plan or a report that
provides in sufficient detail, the basis for the eligibility
of the redevelopment project area. The report along with the
name of a person to contact for further information shall be
sent to the affected taxing district by certified mail within
a reasonable time following the adoption of the ordinance or
resolution establishing the time and place for the public
hearing.
At the public hearing any interested person or affected
taxing district may file with the municipal clerk written
objections to the ordinance and may be heard orally on any
issues that are the subject of the hearing. The municipality
shall hear and determine all alternate proposals or bids for
any proposed conveyance, lease, mortgage or other disposition
of land and all protests and objections at the hearing and
the hearing may be adjourned to another date without further
notice other than a motion to be entered upon the minutes
fixing the time and place of the later hearing. At the public
hearing or at any time prior to the adoption by the
municipality of an ordinance approving a redevelopment plan,
the municipality may make changes in the redevelopment plan.
Changes which (1) add additional parcels of property to the
proposed redevelopment project area, (2) substantially affect
the general land uses proposed in the redevelopment plan, or
(3) substantially change the nature of or extend the life of
the redevelopment project shall be made only after the
municipality gives notice, convenes a joint review board, and
conducts a public hearing pursuant to the procedures set
forth in this Section and in Section 11-74.6-25. Changes
which do not (1) add additional parcels of property to the
proposed redevelopment project area, (2) substantially affect
the general land uses proposed in the redevelopment plan, or
(3) substantially change the nature of or extend the life of
the redevelopment project may be made without further
hearing, provided that the municipality shall give notice of
any such changes by mail to each affected taxing district and
by publication in a newspaper of general circulation within
the affected taxing district. Such notice by mail and by
publication shall each occur not later than 10 days following
the adoption by ordinance of such changes.
(b) Before adoption of an ordinance proposing the
designation of a redevelopment planning area or a
redevelopment project area, or both, or amending the
boundaries of an existing redevelopment project area or
redevelopment planning area, or both, the municipality shall
convene a joint review board to consider the proposal. The
board shall consist of a representative selected by each
taxing district that has authority to levy real property
taxes on the property within the proposed redevelopment
project area and that has at least 5% of its total equalized
assessed value located within the proposed redevelopment
project area, a representative selected by the municipality
and a public member. The public member and the board's
chairperson shall be selected by a majority of other board
members.
All board members shall be appointed and the first board
meeting held within 14 days following the notice by the
municipality to all the taxing districts as required by
subsection (c) of Section 11-74.6-25. The notice shall also
advise the taxing bodies represented on the joint review
board of the time and place of the first meeting of the
board. Additional meetings of the board shall be held upon
the call of any 2 members. The municipality seeking
designation of the redevelopment project area may provide
administrative support to the board.
The board shall review the public record, planning
documents and proposed ordinances approving the redevelopment
plan and project to be adopted by the municipality. As part
of its deliberations, the board may hold additional hearings
on the proposal. A board's recommendation, if any, shall be a
written recommendation adopted by a majority vote of the
board and submitted to the municipality within 30 days after
the board convenes. A board's recommendation shall be binding
upon the municipality. Failure of the board to submit its
recommendation on a timely basis shall not be cause to delay
the public hearing or the process of establishing or amending
the redevelopment project area. The board's recommendation on
the proposal shall be based upon the area satisfying the
applicable eligibility criteria defined in Section 11-74.6-10
and whether there is a basis for the municipal findings set
forth in the redevelopment plan as required by this Act. If
the board does not file a recommendation it shall be presumed
that the board has found that the redevelopment project area
satisfies the eligibility criteria.
(c) After a municipality has by ordinance approved a
redevelopment plan and designated a redevelopment planning
area or a redevelopment project area, or both, the plan may
be amended and additional properties may be added to the
redevelopment project area only as herein provided.
Amendments which (1) add additional parcels of property to
the proposed redevelopment project area, (2) substantially
affect the general land uses proposed in the redevelopment
plan, (3) substantially change the nature of the
redevelopment project, (4) increase the total estimated
redevelopment project costs set out in the redevelopment plan
by more than 5% after adjustment for inflation from the date
the plan was adopted, or (5) add additional redevelopment
project costs to the itemized list of redevelopment project
costs set out in the redevelopment plan shall be made only
after the municipality gives notice, convenes a joint review
board, and conducts a public hearing pursuant to the
procedures set forth in this Section and in Section
11-74.6-25. Changes which do not (1) add additional parcels
of property to the proposed redevelopment project area, (2)
substantially affect the general land uses proposed in the
redevelopment plan, (3) substantially change the nature of
the redevelopment project, (4) increase the total estimated
redevelopment project cost set out in the redevelopment plan
by more than 5% after adjustment for inflation from the date
the plan was adopted, or (5) add additional redevelopment
project costs to the itemized list of redevelopment project
costs set out in the redevelopment plan may be made without
further hearing, provided that the municipality shall give
notice of any such changes by mail to each affected taxing
district and by publication in a newspaper of general
circulation within the affected taxing district. Such notice
by mail and by publication shall each occur not later than 10
days following the adoption by ordinance of such changes.
(d) After the effective date of this amendatory Act of
the 91st General Assembly, a municipality shall submit the
following information for each redevelopment project area (i)
to the State Comptroller under Section 8-8-3.5 of the
Illinois Municipal Code in the financial report required
under Section 3 of the Governmental Account Audit Act and
(ii) to all taxing districts overlapping the redevelopment
project area no later than 180 days after the close of each
municipal fiscal year or as soon thereafter as the audited
financial statements become available and, in any case, shall
be submitted before the annual meeting of the joint review
board to each of the taxing districts that overlap the
redevelopment project area:
(1) Any amendments to the redevelopment plan, or
the redevelopment project area.
(1.5) A list of the redevelopment project areas
administered by the municipality and, if applicable, the
date each redevelopment project area was designated or
terminated by the municipality.
(2) Audited financial statements of the special tax
allocation fund once a cumulative total of $100,000 of
tax increment revenues has been deposited in the fund.
(3) Certification of the Chief Executive Officer of
the municipality that the municipality has complied with
all of the requirements of this Act during the preceding
fiscal year.
(4) An opinion of legal counsel that the
municipality is in compliance with this Act.
(5) An analysis of the special tax allocation fund
which sets forth:
(A) the balance in the special tax allocation
fund at the beginning of the fiscal year;
(B) all amounts deposited in the special tax
allocation fund by source;
(C) an itemized list of all expenditures from
the special tax allocation fund by category of
permissible redevelopment project cost; and
(D) the balance in the special tax allocation
fund at the end of the fiscal year including a
breakdown of that balance by source and a breakdown
of that balance identifying any portion of the
balance that is required, pledged, earmarked, or
otherwise designated for payment of or securing of
obligations and anticipated redevelopment project
costs. Any portion of such ending balance that has
not been identified or is not identified as being
required, pledged, earmarked, or otherwise
designated for payment of or securing of obligations
or anticipated redevelopment project costs shall be
designated as surplus as set forth in Section
11-74.6-30 hereof.
(6) A description of all property purchased by the
municipality within the redevelopment project area
including:
(A) Street address.
(B) Approximate size or description of
property.
(C) Purchase price.
(D) Seller of property.
(7) A statement setting forth all activities
undertaken in furtherance of the objectives of the
redevelopment plan, including:
(A) Any project implemented in the preceding
fiscal year.
(B) A description of the redevelopment
activities undertaken.
(C) A description of any agreements entered
into by the municipality with regard to the
disposition or redevelopment of any property within
the redevelopment project area.
(D) Additional information on the use of all
funds received under this Division and steps taken
by the municipality to achieve the objectives of the
redevelopment plan.
(E) Information regarding contracts that the
municipality's tax increment advisors or consultants
have entered into with entities or persons that have
received, or are receiving, payments financed by tax
increment revenues produced by the same
redevelopment project area.
(F) Any reports submitted to the municipality
by the joint review board.
(G) A review of public and, to the extent
possible, private investment actually undertaken to
date after the effective date of this amendatory Act
of the 91st General Assembly and estimated to be
undertaken during the following year. This review
shall, on a project-by-project basis, set forth the
estimated amounts of public and private investment
incurred after the effective date of this amendatory
Act of the 91st General Assembly and provide the
ratio of private investment to public investment to
the date of the report and as estimated to the
completion of the redevelopment project.
(8) With regard to any obligations issued by the
municipality:
(A) copies of any official statements; and
(B) an analysis prepared by financial advisor
or underwriter setting forth: (i) nature and term of
obligation; and (ii) projected debt service
including required reserves and debt coverage.
(9) For special tax allocation funds that have
received cumulative deposits of incremental tax revenues
of $100,000 or more, a certified audit report reviewing
compliance with this Act performed by an independent
public accountant certified and licensed by the authority
of the State of Illinois. The financial portion of the
audit must be conducted in accordance with Standards for
Audits of Governmental Organizations, Programs,
Activities, and Functions adopted by the Comptroller
General of the United States (1981), as amended, or the
standards specified by Section 8-8-5 of the Illinois
Municipal Auditing Law of the Illinois Municipal Code.
The audit report shall contain a letter from the
independent certified public accountant indicating
compliance or noncompliance with the requirements of
subsection (o) of Section 11-74.6-10.
(e) The joint review board shall meet annually 180 days
after the close of the municipal fiscal year or as soon as
the redevelopment project audit for that fiscal year becomes
available to review the effectiveness and status of the
redevelopment project area up to that date.
(Source: P.A. 91-474, eff. 11-1-99.)
Section 99. Effective date. This Act takes effect upon
becoming law.
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