65 ILCS 110/1
Short title
Short title. This Act may be cited as the Economic Development Project Area Tax Increment Allocation Act of 1995. (Source: P.A. 89-176, eff. 1-1-96.)
Illinois Compiled Statutes 65 ILCS 110 — Economic Development Project Area Tax Increment Allocation Act of 1995.
Illinois · statute · 65 ILCS 110 · 20 active provisions
65 ILCS 110/5
Legislative Declaration
Legislative Declaration. (a) The General Assembly finds, determines, and declares the following: (1) Actions taken by the Secretary of Defense to close military installations under Title II of the Defense Authorization Amendments and Base Closure and Realignment Act (Public Law 100-526; 10 U.S.C. 2687 note), the Defens…
65 ILCS 110/10
Definitions
Definitions. In this Act, words or terms have the following meanings: (a) "Closed military installation" means a former base, camp, post, station, yard, center, homeport facility for any ship, or other activity under the jurisdiction of the United States Department of Defense which is not less in the aggregate than 500…
65 ILCS 110/15
Establishment of economic development project areas; Notice
Establishment of economic development project areas; Notice. (a) The corporate authorities of a municipality shall by ordinance propose the establishment of an economic development project area and fix a time and place for a public hearing. (b) Notice of the public hearing shall be given by publication and mailing. Not…
65 ILCS 110/20
Public hearing
Public hearing. At the public hearing, any interested person or any affected taxing district may file written objections with the municipal clerk and may be heard orally regarding any issues embodied in the notice. The municipality shall hear and determine all protests and objections at the hearing, and the hearing may…
65 ILCS 110/25
Changes in plan
Changes in plan. (a) At the public hearing or at any time before the adoption by the municipality of an ordinance approving an economic development plan, the municipality may make changes in the economic development plan. Changes that (i) alter the exterior boundaries of the proposed economic development project area,…
65 ILCS 110/30
Ordinance adopted after public hearing
Ordinance adopted after public hearing. (a) At any time within 30 days of the final adjournment of the public hearing, a municipality may, by ordinance, approve the economic development plan, establish the economic development project area, and authorize tax increment allocation financing for the economic development p…
65 ILCS 110/35
Amendment of plan
Amendment of plan. (a) After a municipality has by ordinance approved an economic development plan and established an economic development project area, the plan may be amended and the boundaries of the area may be altered only as provided in this Section. Amendments that (i) alter the exterior boundaries of the propos…
65 ILCS 110/40
Limitation on number of economic development project areas
Limitation on number of economic development project areas. No municipality shall be authorized under this Act to establish economic development project areas and to adopt tax increment allocation financing for those areas later than 60 months following the effective date of this Act. (Source: P.A. 89-176, eff. 1-1-96.…
65 ILCS 110/45
Filing with county clerk; certification of initial equalized assessed value
Filing with county clerk; certification of initial equalized assessed value. (a) A municipality that has by ordinance approved an economic development plan, established an economic development project area, and adopted tax increment allocation financing for that area shall file certified copies of the ordinance or ordi…
65 ILCS 110/50
Special tax allocation fund
Special tax allocation fund. (a) If a county clerk has certified the "total initial equalized assessed value" of the taxable real property within an economic development project area in the manner provided in Section 45, each year after the date of the certification by the county clerk of the "total initial equalized a…
65 ILCS 110/55
Issuance of obligations for economic development project costs
Issuance of obligations for economic development project costs. (a) Obligations secured by the special tax allocation fund provided for in Section 50 for the economic development project area may be issued to provide for the payment of economic development project costs. The obligations, when issued, shall be retired i…
65 ILCS 110/57
Cancellation and repayment of tax benefits
Cancellation and repayment of tax benefits. Any tax abatement or benefit granted by a taxing district under an agreement entered into under this Act to a private individual or entity for the purpose of originating, locating, maintaining, rehabilitating, or expanding a business facility shall be cancelled if the individ…
65 ILCS 110/60
Powers of municipalities; economic development project area commissions
Powers of municipalities; economic development project area commissions. In addition to powers that it may now have, a municipality has the following powers under this Act: (1) To make and enter into all contracts necessary or incidental to the implementation and furtherance of an economic development plan. (2) Within…
65 ILCS 110/62
Eminent domain
Eminent domain. Notwithstanding any other provision of this Act, any power granted under this Act to acquire property by condemnation or eminent domain is subject to, and shall be exercised in accordance with, the Eminent Domain Act. (Source: P.A. 94-1055, eff. 1-1-07.)
65 ILCS 110/65
Conflicts of interest; disclosure
Conflicts of interest; disclosure. (a) If any member of the corporate authorities of a municipality or an employee or consultant of the municipality involved in the planning, analysis, preparation, or administration of an economic development plan or an economic development project (or a proposed economic development p…
65 ILCS 110/70
Payment of project costs; revenues from municipal property
Payment of project costs; revenues from municipal property. Revenues received by the municipality from any property, building, or facility owned, leased, or operated by the municipality or any agency or authority established by the municipality in furtherance of an economic development project under this Act may be use…
65 ILCS 110/72
Status report; hearing
Status report; hearing. No later than 10 years after the corporate authorities of a municipality adopt an ordinance to establish an economic development project area, the municipality must compile a status report concerning the economic development project area. The status report must detail without limitation the foll…
65 ILCS 110/74
Requirement for annual budget
Requirement for annual budget. Beginning in fiscal year 2011 and in each fiscal year thereafter, a municipality must detail in its annual budget (i) the revenues generated from economic development project areas by source and (ii) the expenditures made by the municipality for economic development project areas. (Source…
65 ILCS 110/75
Partial invalidity
Partial invalidity. If any Section, subdivision, paragraph, sentence, or clause of this Act is, for any reason, held to be invalid or unconstitutional, the decision shall not affect any remaining portion, Section or part of this Act that can be given effect without the invalid provision. (Source: P.A. 89-176, eff. 1-1-…