IL HB0571 | 2021-2022 | 102nd General Assembly
Status
Completed Legislative Action
Spectrum: Moderate Partisan Bill (Democrat 17-3)
Status: Passed on July 23 2021 - 100% progression
Action: 2021-07-23 - Public Act . . . . . . . . . 102-0127
Text: Latest bill text (Chaptered) [HTML]
Spectrum: Moderate Partisan Bill (Democrat 17-3)
Status: Passed on July 23 2021 - 100% progression
Action: 2021-07-23 - Public Act . . . . . . . . . 102-0127
Text: Latest bill text (Chaptered) [HTML]
Summary
Amends the Tax Increment Allocation Redevelopment Act in the Illinois Municipal Code. Provides that the municipality may chose the financial advisor or underwriter who shall prepare an analysis required to be submitted to the Comptroller and taxing districts relating to setting forth the: (i) nature and term of obligation; (ii) projected debt service including required reserves and debt coverage; and (iii) actual debt service (currently, only (i) and (ii) are required). Requires, for Fiscal Year 2022 and each fiscal year thereafter, the following additional items to be included in the report required to be submitted before the annual meeting of the Joint Review Board to the Comptroller and taxing districts: (1) the number of jobs, if any, projected to be created for each redevelopment project area at the time of approval of the redevelopment agreement; (2) the number of jobs, if any, created as a result of the development to date for that reporting period under the same guidelines and assumptions as was used for the projections used at the time of approval of the redevelopment agreement; (3) the amount of increment projected to be created at the time of approval of the redevelopment agreement for each redevelopment project area; (4) the amount of increment created as a result of the development to date for that reporting period using the same assumptions as was used for the projections used at the time of the approval of the redevelopment agreement; and (5) the stated rate of return identified by the developer to the municipality for each redevelopment project area, if any. Stated rates of return required to be reported in item (5) shall be independently verified by a third party chosen by the municipality. Makes other changes. Effective immediately.
Title
MUNICIPAL CODE-TIF REPORTING
Sponsors
Roll Calls
2021-05-28 - Senate - Third Reading in Senate (Y: 56 N: 0 NV: 3 Abs: 0) [PASS]
2021-04-21 - House - Third Reading in House (Y: 114 N: 1 NV: 2 Abs: 0) [PASS]
2021-04-21 - House - Third Reading in House (Y: 114 N: 1 NV: 2 Abs: 0) [PASS]
History
| Date | Chamber | Action |
|---|---|---|
| 2021-07-23 | House | Public Act . . . . . . . . . 102-0127 |
| 2021-07-23 | House | Effective Date July 23, 2021 |
| 2021-07-23 | House | Governor Approved |
| 2021-06-25 | House | Sent to the Governor |
| 2021-05-28 | Senate | Added as Alternate Co-Sponsor Sen. John Connor |
| 2021-05-28 | Senate | Added as Alternate Co-Sponsor Sen. Meg Loughran Cappel |
| 2021-05-28 | House | Passed Both Houses |
| 2021-05-28 | Senate | Third Reading - Passed; 056-000-000 |
| 2021-05-28 | Senate | Added as Alternate Co-Sponsor Sen. Karina Villa |
| 2021-05-18 | Senate | Added as Alternate Chief Co-Sponsor Sen. Laura M. Murphy |
| 2021-05-18 | Senate | Added as Alternate Chief Co-Sponsor Sen. Laura Fine |
| 2021-05-18 | Senate | Added as Alternate Chief Co-Sponsor Sen. Julie A. Morrison |
| 2021-05-13 | Senate | Placed on Calendar Order of 3rd Reading May 14, 2021 |
| 2021-05-13 | Senate | Second Reading |
| 2021-05-11 | Senate | Added as Alternate Chief Co-Sponsor Sen. Doris Turner |
| 2021-05-06 | Senate | Placed on Calendar Order of 2nd Reading May 10, 2021 |
| 2021-05-06 | Senate | Do Pass Revenue; 009-000-000 |
| 2021-04-28 | Senate | Assigned to Revenue |
| 2021-04-22 | Senate | Referred to Assignments |
| 2021-04-22 | Senate | First Reading |
| 2021-04-22 | Senate | Chief Senate Sponsor Sen. Ann Gillespie |
| 2021-04-21 | Senate | Placed on Calendar Order of First Reading April 22, 2021 |
| 2021-04-21 | Senate | Arrive in Senate |
| 2021-04-21 | House | Added Co-Sponsor Rep. Mark L. Walker |
| 2021-04-21 | House | Added Co-Sponsor Rep. Angelica Guerrero-Cuellar |
| 2021-04-21 | House | Added Co-Sponsor Rep. Maurice A. West, II |
| 2021-04-21 | House | Added Co-Sponsor Rep. Andrew S. Chesney |
| 2021-04-21 | House | Added Co-Sponsor Rep. Blaine Wilhour |
| 2021-04-21 | House | Third Reading - Short Debate - Passed 114-001-001 |
| 2021-04-20 | House | Placed on Calendar Order of 3rd Reading - Short Debate |
| 2021-04-20 | House | Second Reading - Short Debate |
| 2021-04-20 | House | Added Chief Co-Sponsor Rep. LaToya Greenwood |
| 2021-04-20 | House | Added Chief Co-Sponsor Rep. Michael J. Zalewski |
| 2021-04-20 | House | Added Co-Sponsor Rep. Deb Conroy |
| 2021-04-20 | House | Added Co-Sponsor Rep. Tony McCombie |
| 2021-04-15 | House | Added Co-Sponsor Rep. Robyn Gabel |
| 2021-04-09 | House | Added Co-Sponsor Rep. Michael Halpin |
| 2021-04-08 | House | Placed on Calendar 2nd Reading - Short Debate |
| 2021-03-25 | House | Do Pass as Amended / Short Debate Revenue & Finance Committee; 018-000-000 |
| 2021-03-25 | House | House Committee Amendment No. 1 Adopted in Revenue & Finance Committee; by Voice Vote |
| 2021-03-25 | House | Reported Back To Revenue & Finance Committee; |
| 2021-03-25 | House | Recommends Do Pass Subcommittee/ Revenue & Finance Committee; 006-000-000 |
| 2021-03-11 | House | To Property Tax Subcommittee |
| 2021-03-11 | House | House Committee Amendment No. 1 Rules Refers to Revenue & Finance Committee |
| 2021-03-05 | House | House Committee Amendment No. 1 Referred to Rules Committee |
| 2021-03-05 | House | House Committee Amendment No. 1 Filed with Clerk by Rep. Jonathan Carroll |
| 2021-03-02 | House | Assigned to Revenue & Finance Committee |
| 2021-02-08 | House | Referred to Rules Committee |
| 2021-02-08 | House | First Reading |
| 2021-02-03 | House | Filed with the Clerk by Rep. Jonathan Carroll |
Code Citations
| Chapter | Article | Section | Citation Type | Statute Text |
|---|---|---|---|---|
| 65 | 5 | 11-74.4-5 | Amended Code | Citation Text |
| 65 | 5 | 11-74.6-22 | Amended Code | Citation Text |
| 65 | 5 | 8-8-3.5 | Amended Code | Citation Text |
