Comments: IL SB1415 | 2017-2018 | 100th General Assembly

Bill Title: Amends the Tax Increment Allocation Redevelopment Act of the Illinois Municipal Code. Revises the definition of "redevelopment project costs" by providing that redevelopment project costs for a redevelopment project area includes all or a portion of a taxing district's capital or operating costs (currently, only capital costs) resulting from the redevelopment project reasonably incurred (currently, necessarily incurred) or to be incurred within a taxing district as a result of the redevelopment plan and project (currently, incurred within a taxing district in furtherance of the objectives of the redevelopment plan and project). Removes a requirement that the municipality, by written agreement, accept and approve these costs.

Spectrum: Partisan Bill (Democrat 3-0)

Status: (Passed) 2018-12-27 - Public Act . . . . . . . . . 100-1164 [SB1415 Detail]

Text: Latest bill text (Chaptered) [HTML]

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