Bill Text: IL HB0306 | 2017-2018 | 100th General Assembly | Introduced


Bill Title: Creates the Jobs Creation Finance Act. Provides that municipalities may designate job creation areas. Provides that businesses that undertake job creation projects in those designated areas are eligible for certain tax incentives. Provides that municipalities may issue bonds in connection with those projects. Contains provisions concerning public hearings. Contains numerous other provisions. Effective immediately.

Spectrum: Bipartisan Bill

Status: (Introduced) 2017-03-31 - Rule 19(a) / Re-referred to Rules Committee [HB0306 Detail]

Download: Illinois-2017-HB0306-Introduced.html


100TH GENERAL ASSEMBLY
State of Illinois
2017 and 2018
HB0306

Introduced , by Rep. Thomas M. Bennett

SYNOPSIS AS INTRODUCED:
New Act

Creates the Jobs Creation Finance Act. Provides that municipalities may designate job creation areas. Provides that businesses that undertake job creation projects in those designated areas are eligible for certain tax incentives. Provides that municipalities may issue bonds in connection with those projects. Contains provisions concerning public hearings. Contains numerous other provisions. Effective immediately.
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FISCAL NOTE ACT MAY APPLY
HOUSING AFFORDABILITY IMPACT NOTE ACT MAY APPLY

A BILL FOR

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1 AN ACT concerning jobs creation.
2 Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
4 Section 1. Short title. This Act may be cited as the Jobs
5Creation Finance Act.
6 Section 5. Purpose. The purposes of this Act are to
7promote, stimulate, and develop the general and economic
8welfare of the communities of the State of Illinois and to
9promote the general welfare of the citizens of this State.
10 Section 10. Definitions. As used in this Act, the following
11words and phrases shall have the following meanings unless a
12different meaning clearly appears from the context:
13 "Base year" means the most recently ascertained equalized
14assessed value of each lot, block, tract, or parcel of real
15property within a jobs creation project area.
16 "County" means the county in which a proposed jobs creation
17project area is located.
18 "Department of Revenue" means the Department of Revenue of
19the State of Illinois.
20 "Developer" means an owner, builder, developer, or tenant
21who may be organized as a sole proprietorship, corporation,
22trust, estate, partnership, limited liability company, or

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1other legal entity.
2 "Equalized assessed value of property" has the same meaning
3as set forth in Section 11-74.4-8 of the Tax Increment
4Allocation Redevelopment Act.
5 "Full-time jobs" means those jobs of 30 hours per week or
6more.
7 "Full-time equivalent jobs" means part-time jobs of less
8than 30 hours per week that in the aggregate equal full-time
9jobs.
10 "Jobs Creation Finance Fund" means the fund of the
11municipality for the deposit of all incremental revenues the
12municipality is entitled to receive pursuant to this Act for
13the purpose of paying jobs creation project costs and
14obligations incurred in the payment thereof.
15 "Jobs creation plan" means the written plan adopted by a
16municipality for the development of a jobs creation project
17area intended to increase employment and thereby enhance the
18tax bases of the taxing districts that extend into the jobs
19creation project area. The plan may include, but is not limited
20to:
21 (1) an itemized list of public and private job creation
22 project costs;
23 (2) evidence indicating that the job creation project
24 area has not been subject to growth and development through
25 prior investment and public enterprise;
26 (3) qualifications for the area to be designated as a

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1 jobs creation project area, which must include:
2 (A) eligibility of the area;
3 (B) the population of municipality based upon the
4 most recent federal decennial census prior to the
5 adoption of the plan;
6 (C) the unemployment rate within the municipality,
7 not seasonally adjusted;
8 (D) the number of part-time and full-time
9 equivalent jobs anticipated; and
10 (E) estimated salaries and wages on a part-time and
11 full-time equivalent basis;
12 (4) a general description of the jobs creation project
13 area;
14 (5) a boundary map of the jobs creation project area;
15 (6) the nature and term of the obligations to be
16 issued;
17 (7) an assessment of any financial impact of the jobs
18 creation project area on, or any increased demand for,
19 services from any taxing district affected by the plan and
20 any program to address that financial impact or increased
21 demand;
22 (8) the aggregate total of the most recent equalized
23 assessed valuation of all tax parcels within the jobs
24 creation project area;
25 (9) an estimate of the equalized assessed valuation of
26 the jobs creation project area after completion of the jobs

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1 creation project;
2 (10) a general identification of the proposed
3 developer for at least one jobs creation project;
4 (11) a description of the type, structure, and general
5 character of the facilities to be developed;
6 (12) a description of the type and number of new
7 full-time equivalent and part-time employees to be
8 employed by the jobs creation project;
9 (13) if applicable, a general description of other
10 potential jobs creation projects, their value, and their
11 general land uses as well as potential new full-time
12 equivalent and part-time jobs created by those projects;
13 (14) the estimated dates of completion of the jobs
14 creation projects and retirement of obligations issued to
15 finance jobs creation project costs; those dates may be no
16 later than 15 years after the date of the approval of the
17 jobs creation plan by the municipality or the dates set
18 forth in the job creation plan, whichever is earlier; and
19 (15) if property is to be annexed to the municipality,
20 a summary of the terms of the annexation agreement.
21 "Jobs creation project" means any public or private project
22within a jobs creation project area that qualifies as a jobs
23creation project pursuant to this Act and includes, but is not
24limited to, industrial projects, commercial projects,
25technology based projects, medical projects, logistics
26projects, retail projects, office projects, alternative energy

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1projects, environmental projects, senior housing and senior
2care projects, and residential development projects. For the
3purposes of this Act, the word "senior" is defined as at least
4one person over the age of 55 years per unit.
5 "Jobs creation project area" means an area within the
6municipality designated by ordinance by the municipality that
7is contiguous and is not, in the aggregate, more than 80 acres
8and meets the qualifications set forth in this Act.
9 "Jobs creation project costs" means and includes the sum
10total of all reasonable or necessary costs incurred or
11estimated to be incurred, and any such costs incidental to a
12jobs creation plan and a jobs creation project. These costs
13include, without limitation, the following:
14 (1) costs incurred by municipalities or developers for
15 studies, surveys, development of plans and specifications,
16 and implementation and administration of a jobs creation
17 plan and projects, including but not limited to
18 construction management fees and staff and professional
19 service costs for architectural, engineering, legal,
20 financial, planning or other services;
21 (2) the cost of marketing sites and buildings including
22 realtors' fees and sales incentives within the jobs
23 creation project area to prospective businesses,
24 developers, investors, or buyers;
25 (3) property assembly costs, including but not limited
26 to acquisition of land, land leases, and other property,

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1 real or personal, or rights or interests therein, located
2 within the boundaries of the jobs creation project area,
3 demolition of buildings, site preparation, site
4 improvements that serve as an engineered barrier
5 addressing ground level or below ground environmental
6 contamination, including, but not limited to, parking lots
7 and other concrete or asphalt barriers, and the clearing
8 and grading of land, and importing additional soil and fill
9 materials to, or removal of soil and fill materials from,
10 the site;
11 (4) costs of buildings and other vertical improvements
12 that are located within the boundaries of a jobs creation
13 project area and are owned by a municipality;
14 (5) costs of buildings and other vertical improvements
15 that are located within the boundary of a jobs creation
16 project area and are owned or leased by a developer;
17 (6) costs of the design and construction of the
18 following improvements located outside the boundaries of a
19 jobs creation project area, provided that the costs are
20 essential to further the purpose and development of a jobs
21 creation plan and are either part of and connected to
22 sewer, water, or utility service lines that physically
23 connect to the jobs creation project area or are outside
24 the area and necessary to the development of the project,
25 including but not limited to:
26 (A) improvements or extensions of sewer, water,

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1 and storm sewer service lines, utilities, including
2 telecommunications equipment, and storm water
3 detention or retention facilities; and
4 (B) significant construction, extension, and
5 improvements for offsite highways, streets, roadways,
6 and interchanges that are approved by the Illinois
7 Department of Transportation or the municipalities'
8 engineers;
9 (7) costs of rehabilitation, reconstruction, repair,
10 or remodeling of existing public or private buildings,
11 fixtures, and leasehold improvements; and the cost of
12 replacing an existing public building, including new
13 municipal buildings, if pursuant to the implementation of a
14 jobs creation project the existing public building is to be
15 demolished to be used as a site requiring private
16 investment;
17 (8) costs of job training and retraining projects,
18 including the cost of "welfare to work" programs
19 implemented by businesses located within the jobs creation
20 project area;
21 (9) financing costs, including, but not limited to, all
22 necessary and incidental expenses related to the issuance
23 of obligations and which may include payment of all
24 interest on any obligations issued under this Act; those
25 costs include interest on any obligations, capitalized
26 interest of any jobs creation project for which bond

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1 obligations are issued, and reasonable reserves related
2 thereto, provided that:
3 (A) the costs are paid directly from the Jobs
4 Creation Finance Fund pursuant to this Act;
5 (B) if there are not sufficient funds available in
6 the Jobs Creation Finance Fund to make the payment
7 pursuant to this paragraph, then the amounts so due
8 shall accrue and be payable when sufficient funds are
9 available in the Jobs Creation Finance Fund; and
10 (C) if there are not sufficient funds available in
11 the Jobs Creation Finance Fund and other funds are used
12 to pay financing costs, then those funds shall be
13 deemed financing costs and may be reimbursed at any
14 time by the Jobs Creation Finance Fund to any other
15 municipal fund from which costs were paid;
16 (10) to the extent the municipality by written
17 agreement accepts and approves the same, all or a portion
18 of an individual taxing district's costs or salaries of
19 district employees resulting from the jobs creation
20 project necessarily incurred or to be incurred within a
21 taxing district in furtherance of the objectives of the
22 jobs creation plan and project;
23 (11) for jobs creation project areas that include job
24 creation financing assisted housing units, an elementary,
25 secondary, or unit school district's increased costs
26 attributable to assisted housing units located within the

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1 jobs creation project area for which the developer receives
2 financial assistance through an agreement with the
3 municipality or because the municipality incurs the cost of
4 necessary infrastructure improvements within the
5 boundaries of the assisted housing sites necessary for the
6 completion of that housing as authorized by this Act, those
7 costs shall be paid by the municipality from the Jobs
8 Creation Finance Fund when the real estate tax increment
9 revenue is received as a result of the assisted housing
10 units and shall be calculated annually as follows:
11 (A) for foundation formula districts, excluding
12 any school district located within a municipality with
13 a population in excess of 1,000,000, by multiplying the
14 district's net increase in total attendance since the
15 designation of the jobs creation project area that
16 results from a net increase in new students enrolled in
17 that school district who reside in housing units within
18 the jobs creation project area where the housing
19 projects have received financial assistance through an
20 agreement with the municipality or because the
21 municipality incurs the cost of necessary
22 infrastructure improvements within the boundaries of
23 the housing project necessary for the completion of
24 that housing as authorized by this Act by the most
25 recently available per capita tuition cost as defined
26 in Section 10-20.12a of the School Code less any

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1 increase in general State aid as defined in Section
2 18-8.05 of the School Code attributable to these added
3 new students subject to the following annual
4 limitations:
5 (I) for unit school districts with a district
6 average 1995-96 Per Capita Tuition Charge of less
7 than $5,900, no more than 25% of the total amount
8 of property tax increment revenue produced by
9 those housing units that have received tax
10 increment finance assistance under this Act;
11 (II) for elementary school districts with a
12 district average 1995-96 Per Capita Tuition Charge
13 of less than $5,900, no more than 17% of the total
14 amount of property tax increment revenue produced
15 by those housing units that have received tax
16 increment finance assistance under this Act; and
17 (III) for secondary school districts with a
18 district average 1995-96 Per Capita Tuition Charge
19 of less than $5,900, no more than 8% of the total
20 amount of property tax increment revenue produced
21 by those housing units that have received tax
22 increment finance assistance under this Act;
23 (B) for alternate method districts, flat grant
24 districts, and foundation districts with a district
25 average 1995-96 Per Capita Tuition Charge equal to or
26 more than $5,900, excluding any school district

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1 located within a municipality with a population in
2 excess of 1,000,000, by multiplying the district's
3 increase in attendance resulting from the net increase
4 in new students enrolled in that school district who
5 reside in housing units within the jobs creation
6 project area that have received financial assistance
7 through an agreement with the municipality or because
8 the municipality incurs the cost of necessary
9 infrastructure improvements within the boundaries of
10 the housing sites necessary for the completion of that
11 housing as authorized by this Act since the designation
12 of the jobs creation project area by the most recently
13 available per capita tuition cost as defined in Section
14 10-20.12a of the School Code less any increase in
15 general State aid as defined in Section 18-8.05 of the
16 School Code attributable to these added new students
17 subject to the following annual limitations:
18 (I) for unit school districts, no more than 40%
19 of the total amount of property tax increment
20 revenue produced by those housing units that have
21 received tax increment finance assistance under
22 this Act;
23 (II) for elementary school districts, no more
24 than 27% of the total amount of property tax
25 increment revenue produced by those housing units
26 that have received tax increment finance

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1 assistance under this Act; and
2 (III) for secondary school districts, no more
3 than 13% of the total amount of property tax
4 increment revenue produced by those housing units
5 that have received tax increment finance
6 assistance under this Act; and
7 (C) for any school district in a municipality with
8 a population in excess of 1,000,000, the following
9 restrictions shall apply to the reimbursement of
10 increased costs under this paragraph:
11 (I) no increased costs shall be reimbursed
12 unless the school district certifies that each of
13 the schools affected by the assisted housing
14 project is at or over its student capacity;
15 (II) the amount reimbursable shall be reduced
16 by the value of any land donated to the school
17 district by the municipality or developer, and by
18 the value of any physical improvements made to the
19 schools by the municipality or developer; and
20 (III) the amount reimbursed may not affect
21 amounts otherwise obligated by the terms of any
22 bonds, notes, or other funding instruments, or the
23 terms of any redevelopment agreement.
24 Any school district seeking payment under this
25 paragraph shall, after July 1 and before September 30 of
26 each year, provide the municipality with reasonable

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1 evidence to support its claim for reimbursement before the
2 municipality shall be required to approve or make the
3 payment to the school district. If the school district
4 fails to provide the information during this period in any
5 year, it shall forfeit any claim to reimbursement for that
6 year. School districts may adopt a resolution waiving the
7 right to all or a portion of the reimbursement otherwise
8 required by this paragraph. By acceptance of this
9 reimbursement the school district waives the right to
10 directly or indirectly set aside, modify, or contest in any
11 manner the establishment of the jobs creation project area
12 or projects;
13 (12) relocation costs of equipment and materials to the
14 project site;
15 (13) payment in lieu of taxes;
16 (14) costs of job training, retraining, advanced
17 vocational education, or career education, including but
18 not limited to courses in occupational, semi-technical, or
19 technical fields leading directly to employment, incurred
20 by one or more taxing districts, provided that those costs
21 (i) are related to the establishment and maintenance of
22 additional job training, advanced vocational education, or
23 career education programs for persons employed or to be
24 employed by employers located in a jobs creation project
25 area; and (ii) when incurred by a taxing district or taxing
26 districts other than the municipality, are set forth in a

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1 written agreement by or among the municipality and the
2 taxing district or taxing districts, which agreement
3 describes the program to be undertaken, including but not
4 limited to the number of employees to be trained, a
5 description of the training and services to be provided,
6 the number and type of positions available or to be
7 available, itemized costs of the program and sources of
8 funds to pay for the same, and the term of the agreement;
9 these costs include, specifically, the payment by
10 community college districts of costs pursuant to Sections
11 3-37, 3-38, 3-40, and 3-40.1 of the Public Community
12 College Act and by school districts of costs pursuant to
13 Sections 10-22.20a and 10-23.3a of the School Code;
14 (15) costs of landscaping and plantings, retaining
15 walls and fences, man-made lakes and ponds, shelters,
16 benches, lighting, exercise paths and stops, parking lots,
17 and similar amenities located within the boundaries of a
18 jobs creation project area;
19 (16) if included in the jobs creation plan, salaries or
20 a portion of salaries for local government employees and
21 payments to consultants to the extent they are directly
22 attributable to the work of those employees or consultants
23 on the planning, establishment, management, maintenance,
24 and administration of the jobs creation plan, area, and
25 projects;
26 (17) all environmental improvement costs including,

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1 but not limited to: alternative energy equipment using
2 solar, geothermal, wind power, hydro, bio-mass, or
3 ethanol; EPA clean-up; wetlands mitigation costs whether
4 within the jobs creation project area or required off-site
5 to serve the objectives of the jobs creation project area;
6 and LEEDS qualification costs;
7 (18) all maintenance, equipment, and repair costs
8 attributable to jobs creation projects or the jobs creation
9 project area;
10 (19) developer's worker's compensation contributions
11 limited to one-half the costs; and
12 (20) the cost of day care services for children of
13 employees from low-income families working for businesses
14 located within the jobs creation project area and all or a
15 portion of the cost of operation of day care centers
16 established by jobs creation project area businesses to
17 serve employees from low-income families working in
18 businesses located in the jobs creation project area; for
19 the purposes of this paragraph, "low-income families"
20 means families whose annual income does not exceed 80% of
21 the municipal, county, or regional median income, adjusted
22 for family size, as the annual income and municipal,
23 county, or regional median income are determined from time
24 to time by the United States Department of Housing and
25 Urban Development.
26 "Jobs creation project costs" does not include:

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1 (A) moving expenses for employees of the business
2 location within a jobs creation project area;
3 (B) property taxes for property located within the
4 jobs creation project area; and
5 (C) general overhead or administrative costs of
6 the municipality that would still have been incurred by
7 the municipality if the municipality had not
8 established a jobs creation project area.
9 "Jobs tax credit" is a tax credit of $500 per full-time
10equivalent employee against the developer's income, pursuant
11to Section 201 of the Illinois Income Tax Act.
12 "Local sales taxes" means any locally imposed taxes
13received by a municipality arising from sales by retailers and
14servicemen within a jobs creation project area as provided for
15in the Use Tax Act, Service Use Tax Act, Service Occupation Tax
16Act, and Retailers' Occupation Tax Act.
17 "Local sales tax increment" means an amount equal to the
18increase in the aggregate amount of taxes paid to a
19municipality from the Local Government Tax Fund arising from
20sales by retailers and servicemen, as the case may be, within
21the jobs creation project area for as long as the jobs creation
22project area exists, over and above the aggregate amount of
23taxes as certified by the Illinois Department of Revenue and
24paid by retailers and servicemen under the Retailers'
25Occupation Tax Act, the Service Occupation Tax Act, the Use Tax
26Act, and the Service Use Tax Act on transactions at places of

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1business located in the jobs creation project area during the
2base year, which shall be the calendar year immediately prior
3to the year in which the municipality designated a jobs
4creation project area.
5 "Municipality" means a city, village, or incorporated
6town.
7 "Obligations" means bonds, loans, debentures, notes,
8special certificates, or other evidence of indebtedness,
9including redevelopment agreements, issued or entered into by
10the municipality to carry out a jobs creation project or to
11refund outstanding obligations.
12 "Payment in lieu of taxes" means those estimated tax
13revenues from real property in a jobs creation project area
14derived from real property that has been acquired by a
15municipality that according to the jobs creation plan is to be
16used for a private use and where taxing districts would have
17received real estate taxes had a municipality not acquired the
18real property and adopted tax increment financing and that
19would result from levies made after the time of the adoption of
20tax increment allocation financing to the time the current
21equalized assessed value of real property in the jobs creation
22project area exceeds the total initial equalized value of real
23property in the area.
24 "State income tax" means the tax imposed under the Illinois
25Income Tax Act.
26 "State sales tax" means all the net revenue realized under

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1the Retailer's Occupation Act, the Use Tax Act, the Service Use
2Tax Act, and the Service Occupation Tax Act from transactions
3at places of business located within a jobs creation project
4area.
5 "State sales tax increment" has the meaning set forth in
6Section 11-74.4-3(s) of the Tax Increment Allocation
7Redevelopment Act.
8 "State utility tax" has the same meaning as set forth in
9Public Utilities Act.
10 "State utility tax increment" has the same meaning as set
11forth in subsection (j) of Section 11-74.4-3 of the Tax
12Increment Allocation Redevelopment Act.
13 "Surplus" means an amount in excess of those moneys
14pledged, earmarked, or otherwise designated or estimated for
15payment and securing of obligations or otherwise estimated for
16public or private projects in the jobs creation plan for future
17public and private costs.
18 "Tax increment financing" has the same meaning as set forth
19in Section 11-74.4-8 of the Tax Increment Allocation
20Redevelopment Act.
21 "Taxing districts" means counties, townships, cities, and
22incorporated towns and villages, school, road, park, sanitary,
23mosquito abatement, forest preserve, public health, fire
24protection, river conservancy, tuberculosis sanitarium, and
25any other municipal corporations or districts with the power to
26levy taxes in the proposed jobs creation project area.

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1 "Taxing districts' costs" means those costs of taxing
2bodies for capital improvements and salaries that are found by
3the municipal authorities to be necessary and directly result
4from the jobs creation project.
5 "Telecommunications tax" has the same meaning as set forth
6in the Telecommunications Excise Tax Act.
7 Section 15. Qualifications. An area is qualified as a jobs
8creation project area if the area:
9 (1) is contiguous and is not, in the aggregate, more
10 than 80 acres; and
11 (2) is located within the territorial limits of a
12 municipality in which, at any time during the 12 months
13 before the municipality, by ordinance, designates a jobs
14 creation project area, the unemployment rate, not
15 seasonally adjusted, was 6% or greater or was equal to or
16 less than 75% or more of the national average unemployment
17 rate for that same time as published in the United States
18 Department of Labor Bureau of Labor Statistics publication
19 entitled the "The Employment Situation" or its successor
20 publication; for the purpose of this item (2), if
21 unemployment rate statistics for a municipality are not
22 available, the unemployment rate in the municipality shall
23 be deemed to be the same as the unemployment rate in the
24 principal county in which the municipality is located.
25 In addition, the municipality must establish one or more

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1jobs creation projects within the area and must include the
2following in the jobs creation plan:
3 (A) the identification of at least one developer
4 who proposes to undertake a jobs creation project;
5 (B) a description of the buildings and facilities
6 proposed to be constructed and improved in the jobs
7 creation project area;
8 (C) the estimated costs of construction of the
9 buildings and facilities to be constructed in the jobs
10 creation project area;
11 (D) a copy of letters of intent to locate within
12 the proposed jobs creation project area by the
13 developer and appropriate corporate officer, if
14 applicable;
15 (E) the estimated number of full-time equivalent
16 and part-time jobs anticipated to be created and
17 retained by the developer's jobs creation project; and
18 (F) any other information the municipality deems
19 reasonable and necessary to advise the public of the
20 intent of the jobs creation project.
21 Section 20. Levels of benefits.
22 (a) Jobs creation projects within a jobs creation project
23area created pursuant to this Act may qualify for incentives,
24tax credits, deductions, or exemptions as follows: (i) real
25estate tax increment; (ii) local sales tax increment; (iii)

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1State sales tax increment; (iv) municipal utility tax
2increment; (v) State utility tax increment; (vi) income tax
3credit or deduction; and (vii) State and local
4telecommunications tax increment.
5 (b) Sources of incentives available for public and private
6projects in a jobs creation project area are defined by the
7following levels:
8 (1) Level "A" benefits are defined as real estate tax
9 increment and local sales tax increment.
10 (2) Level "B" benefits are defined as real estate tax
11 increment; local sales tax increment; State sales tax
12 increment; and municipal utility tax increment.
13 (3) Level "C" benefits are defined as real estate tax
14 increment; local sales tax increment; State sales tax
15 increment; municipal utility tax increment; State utility
16 tax increment; State and municipal telecommunication tax
17 increment; and a jobs State income tax credit or deduction.
18 (c) Incentive levels for jobs creation project areas are
19determined by the population of the municipality as of the most
20recent federal decennial census prior to the adoption of the
21jobs creation plan and the number of full-time equivalent jobs
22created as follows:
23 (1) Jobs creation project areas located in a
24 municipality with a population of up to 14,999 with a
25 project estimated to create the following full-time
26 equivalent jobs are eligible for the following benefits:

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1 (A) If the project creates 25 jobs or more, the
2 jobs project area is eligible for level A benefits.
3 (B) If the project creates 75 jobs or more, the
4 jobs project area is eligible for level B benefits.
5 (C) If the project creates 100 jobs or more, the
6 jobs project area is eligible for level C benefits.
7 (2) Jobs creation project areas located in a
8 municipality with a population of 15,000 to 49,999 with a
9 project estimated to create the following full-time
10 equivalent jobs are eligible for the following benefits:
11 (A) If the project creates 75 jobs or more, the
12 jobs project area is eligible for level A benefits.
13 (B) If the project creates 100 jobs or more, the
14 jobs project area is eligible for level B benefits.
15 (C) If the project creates 150 jobs or more, the
16 jobs project area is eligible for level C benefits.
17 (3) Jobs creation project areas located in a
18 municipality with a population over 50,000 with a project
19 estimated to create the following full-time equivalent
20 jobs are eligible for the following benefits:
21 (A) If the project creates 100 jobs or more, the
22 jobs project area is eligible for level A benefits.
23 (B) If the project creates 150 jobs or more, the
24 jobs project area is eligible for level B benefits.
25 (C) If the project creates 250 jobs or more, the
26 jobs project area is eligible for level C benefits.

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1 (d) The municipality shall determine incentive levels
2available for a jobs creation project. Incentives offered to
3the developer or developers shall be at the discretion of the
4municipality and shall be set forth in a redevelopment
5agreement adopted by ordinance of the municipality. The
6redevelopment agreement shall contain a description of the
7benefit level the developer is eligible to receive and the
8requirements of the Three Year Job Attainment Report. The
9rights and obligations of the redevelopment agreement shall be
10fully assignable by the developer upon approval of the
11municipality.
12 (e) On the third anniversary of date of the designation of
13a jobs creation project area, the developer shall submit to the
14municipality a Three Year Job Attainment Report, which must
15include: (i) identification of the developer or developers and
16the jobs creation project or projects; (ii) a description of
17the incentives the developer has received since the designation
18of the area; (iii) a sworn statement of the number of
19full-time, part-time, and full-time equivalent jobs that have
20been created by its project.
21 (f) If, on the third anniversary, the municipality finds
22that the number of jobs created within a jobs creation project
23area is not equal to or greater than the number of jobs
24required by the level of benefits the developer is receiving,
25the developer's level of benefits shall decrease to the
26appropriate level set forth in subsection (c). If the developer

HB0306- 24 -LRB100 05511 MLM 15522 b
1fails to meet the number of jobs required for level A benefits
2based upon the population of the municipality where the jobs
3creation project is located, the developer's incentives may be
4terminated by written notice from the municipality.
5 (g) If, on the third anniversary, the municipality finds
6that the jobs created within the jobs creation project area are
7greater than the number of jobs required by the level of
8benefits the developer is receiving, the developer may be
9eligible for additional benefits based upon the appropriate
10level set forth in subsection (c).
11 (h) A change in the level of benefits and incentives a
12developer receives shall require an amendment to the
13redevelopment agreement between the municipality and the
14developer approved by ordinance of the municipality. If the
15developer exceeds the number of full-time equivalent jobs
16required for the level of benefits the developer is receiving
17prior to the third anniversary date of the establishment of the
18jobs creation project area, the developer may present to the
19municipality a sworn statement of the number of full-time
20equivalent jobs created, and the developer, at the discretion
21of the developer, may be eligible for additional benefits based
22upon the appropriate level set forth in subsection (c).
23 (i) Upon determination by the municipality that the
24requisite number of full-time equivalent jobs have been created
25within the jobs creation project area, the developer or
26developers shall be relieved of any liability with respect to

HB0306- 25 -LRB100 05511 MLM 15522 b
1job creation under this Section.
2 Section 25. Approval of a jobs creation plan and project;
3designation of a jobs creation project area.
4 (a) A municipality may, by ordinance, approve a jobs
5creation plan and project and designate a jobs creation project
6area. Prior to the adoption of an ordinance designating a jobs
7creation project area or approving a jobs creation plan or jobs
8creation project, the municipality by its corporate
9authorities shall adopt an ordinance fixing a time and place
10for a public hearing. The municipality shall hear all comments
11at the hearing and the hearing may be adjourned to another date
12without further notice other than a motion to be entered upon
13the minutes fixing the time and place of the subsequent
14hearing. At the public hearing or at any time prior to the
15adoption by the municipality of an ordinance approving a jobs
16creation plan, the municipality may make changes in the jobs
17creation plan. Changes that (i) add additional parcels of
18property to the proposed jobs creation project area, (ii)
19substantially affect the general land uses proposed in the jobs
20creation plan, or (iii) substantially change the nature of or
21extend the life of the jobs creation project, shall be made
22only after the municipality gives notice, convenes a joint
23review board, and conducts a public hearing pursuant to the
24procedures set forth in this Section of this Act. Changes that
25do not (i) add additional parcels of property to the proposed

HB0306- 26 -LRB100 05511 MLM 15522 b
1jobs creation project area, (ii) substantially affect the
2general land uses proposed in the jobs creation plan, or (iii)
3substantially change the nature of or extend the life of the
4jobs creation project, may be made without further hearing,
5provided that the municipality shall give notice of any such
6changes by mail to each affected taxing district and by
7publication in a newspaper of general circulation within the
8affected taxing district. The notice by mail and by publication
9shall each occur not later than 14 business days following the
10adoption by ordinance of those changes. Hearings with regard to
11a jobs creation project area, project, or plan may be held
12simultaneously.
13 (b) Notice of the public hearing shall be given by
14publication and mailing. Notice by publication shall be given
15by publication at least twice, the first publication to be not
16more than 30 nor less than 10 days prior to the hearing in a
17newspaper of general circulation within the taxing districts
18having property in the proposed jobs creation project area.
19Notice by mailing shall be given by depositing that notice in
20the United States mail by certified mail addressed to the
21person or persons in whose name the general taxes for the last
22preceding year were paid on each lot, block, tract, or parcel
23of land lying within the jobs creation project area. The notice
24shall be mailed not less than 10 days prior to the date set for
25the public hearing. If taxes for the last preceding year were
26not paid, the notice shall also be sent to the persons last

HB0306- 27 -LRB100 05511 MLM 15522 b
1listed on the tax rolls within the preceding 3 years as the
2owners of such property.
3 (c) The notices issued pursuant to this Section shall
4include the following:
5 (1) the time and place of public hearing;
6 (2) the boundaries of the proposed jobs creation
7 project area by legal description and by street location
8 where possible;
9 (3) a description of the jobs creation plan and jobs
10 creation project for the proposed jobs creation project
11 area; and
12 (4) such other matters as the municipality may deem
13 appropriate.
14 (d) Not less than 30 days prior to the date set for
15hearing, the municipality shall give notice by mail as provided
16in subsection (a) to all taxing districts of which taxable
17property is included in the jobs creation project area,
18project, or plan and to the Department of Commerce and Economic
19Opportunity.
20 (e) Prior to holding a public hearing to approve or amend a
21jobs creation plan or to designate or add additional parcels of
22property to a jobs creation project area, the municipality
23shall convene a joint review board. The board shall consist of
24a representative selected by each community college district,
25local elementary school district and high school district or
26each local community unit school district, park district,

HB0306- 28 -LRB100 05511 MLM 15522 b
1library district, township, fire protection district, and
2county that will have the authority to directly levy taxes on
3the property within the proposed jobs creation project area at
4the time that the proposed jobs creation project area is
5approved, a representative selected by the municipality, and a
6public member who shall be a resident of the municipality. The
7public member shall first be selected and then the board's
8chairperson shall be selected by a majority of the board
9members present and voting.
10 All board members shall be appointed and the first board
11meeting shall be held at least 14 days but not more than 28
12days after the mailing of notice by the municipality to the
13taxing districts as required by this Act. Additional meetings
14of the board shall be held upon the call of any member. The
15municipality seeking designation of the jobs creation project
16area shall provide administrative support to the board.
17 (f) Upon conclusion of the public hearing, the municipality
18may, within 180 days after the public hearing, adopt an
19ordinance approving a jobs creation plan and project, and an
20ordinance designating a jobs creation project area. No jobs
21creation project area shall be designated unless a plan and
22project are approved prior to the designation of the area.
23 The plan and projects shall be approved by an ordinance
24that includes:
25 (1) a description of the jobs creation project area;
26 (2) the qualifications described in the jobs creation

HB0306- 29 -LRB100 05511 MLM 15522 b
1 plan that cause the area to be designated as a jobs
2 creation project area pursuant to Section 15 of this Act;
3 (3) a finding that the proposed jobs creation project
4 area on the whole has not been subject to growth and
5 development through investment by private enterprise and
6 would not be reasonably anticipated to be developed without
7 the adoption of the jobs creation plan;
8 (4) a finding that the jobs creation plan and project
9 conform to the land use and zoning and ordinances for the
10 development of the municipality as a whole;
11 (5) the anticipated completion date of the jobs
12 creation plan and projects;
13 (6) the estimated date for retirement of obligations,
14 if any, incurred to finance the jobs creation project; and
15 (7) a finding that the incremental revenues and
16 benefits pursuant to the act will be used exclusively for
17 development of or the benefit of the jobs creation project
18 area.
19 An ordinance designating a jobs creation project area shall
20set forth:
21 (1) a general description of the jobs creation project
22 area; and
23 (2) a boundary map of the jobs creation project area.
24 (g) Upon adoption of the ordinances and with regard to the
25real estate increment, as set forth in Section 11-74.4-8 of the
26Tax Increment Allocation Redevelopment Act, the municipality

HB0306- 30 -LRB100 05511 MLM 15522 b
1shall forthwith transmit to the county clerk of the county or
2counties within which the jobs creation project area is located
3a certified copy of the ordinance, a legal description of the
4jobs creation project area, a map of the jobs creation project
5area, identification of the year that the county clerk shall
6use for determining the total initial equalized assessed value
7of the jobs creation project area, and a list of the parcel or
8tax identification number of each parcel of property included
9in the jobs creation project area.
10 (h) Upon adoption of the ordinances and with regard to the
11State and local municipal sales taxes and use and service
12taxes, State income taxes, State and municipal
13telecommunications taxes, and State and municipal utility
14taxes, if such benefits are applicable, the municipality shall
15provide to the Illinois Department of Revenue a certified copy
16of the ordinances.
17 Section 30. Jobs Creation Finance Fund. Upon adoption of
18the ordinances approving a jobs creation plan and project and
19designating a jobs creation project area, a municipality shall
20create a special fund called the Job Creation Finance Fund for
21the deposit of real estate tax incremental revenues and any
22incremental tax revenues payable to the municipality pursuant
23to this Act. The moneys in the Jobs Creation Finance Fund shall
24be used for the purpose of paying jobs creation projects costs
25and obligations incurred from the payment of jobs creation

HB0306- 31 -LRB100 05511 MLM 15522 b
1project costs.
2 Section 35. Completion dates for jobs creation projects.
3The dates of completion of the jobs creation projects and
4retirement of obligations issued to finance jobs creation
5project cost may not be later than December 31st of the year in
6which the payment to the municipal treasurer is to be made with
7respect to ad valorem real estate taxes levied in the 15th
8calendar year after the year in which the ordinance approving
9the jobs creation project area was adopted. A municipality may
10elect to extend the life of the jobs creation project area to
1125 years by the adoption of an ordinance after at least 14 but
12no more than 30 days' written notice to the affected taxing
13bodies before the adoption of the ordinance.
14 Section 40. Municipal powers and duties; jobs creation
15project areas. A municipality may:
16 (a) Make and enter into all contracts with property owners,
17developers, tenants, individual overlapping taxing bodies, and
18others necessary or incidental to the implementation and
19furtherance of its jobs creation plan and projects.
20 (b) Acquire by purchase, donation, or lease or own, convey,
21lease, mortgage, or dispose of land and other property, real or
22personal, or rights or interests therein, and grant or acquire
23licenses, easements, and options with respect thereto, all in
24the manner and at the price the municipality determines is

HB0306- 32 -LRB100 05511 MLM 15522 b
1reasonably necessary to achieve the objectives of the jobs
2creation plan and project. No conveyance, lease, mortgage, or
3disposition of land or other property owned by a municipality,
4or agreement relating to the development of that municipal
5property, shall be made except upon the adoption of an
6ordinance by the corporate authorities of the municipality.
7Furthermore, no conveyance, lease, mortgage, or other
8disposition of land owned by a municipality or agreement
9relating to the development of such municipal property shall be
10made without making public disclosure of the terms of the
11disposition and all bids and proposals made in response to the
12municipality's request. The procedures for obtaining those
13bids and proposals shall provide reasonable opportunity for any
14person to submit alternative proposals or bids.
15 (c) Within a jobs creation project area, clear any area by
16demolition or removal of any existing buildings, equipment,
17underground tanks, structures, or other impediments to
18development.
19 (d) Within a jobs creation project area, renovate,
20rehabilitate, or construct any structure or building, as
21permitted under this Act.
22 (e) Install, repair, construct, reconstruct, or relocate
23streets, utilities, and site improvements essential to the
24preparation of the jobs creation project area for use in
25accordance with a jobs creation project plan.
26 (f) Within a jobs creation project area, fix, charge, and

HB0306- 33 -LRB100 05511 MLM 15522 b
1collect fees, rents, and charges for the use of any building or
2property owned or leased by it or any part thereof, or facility
3therein.
4 (g) Accept grants, guarantees, and donations of property,
5labor, or other things of value from a public or private source
6for use within a project jobs creation project area.
7 (h) Acquire and construct public facilities as permitted
8under this Act.
9 (i) Incur jobs creation project costs and reimburse
10developers who incur project costs as permitted under this Act.
11 (j) From municipal owned properties, make full or partial
12payment in lieu of taxes to taxing districts. If payments in
13lieu of taxes or a portion thereof are made to taxing
14districts, those payments shall be made to all districts within
15a jobs creation project area on a basis which is proportional
16to the then current collections of revenue which each taxing
17district receives from real property in the jobs creation
18project area.
19 (k) Exercise any and all other powers necessary to
20effectuate the purposes of this Act.
21 (l) Municipalities may undertake and perform jobs creation
22plans and projects and use the provisions of the Act wherever
23they have contiguous jobs creation project areas or tax
24increment redevelopment project areas. They may issue
25obligations and expend tax revenues received under this Act for
26eligible expenses anywhere within contiguous jobs creation

HB0306- 34 -LRB100 05511 MLM 15522 b
1project areas or tax increment redevelopment project areas, as
2otherwise permitted in the Act.
3 (m) Use revenues, other than State sales use or service tax
4increment revenues or State utilities tax increment revenues,
5received under this Act from one jobs creation project area for
6eligible costs in: (i) another contiguous jobs creation project
7area; (ii) a contiguous tax increment redevelopment project
8area created pursuant to the Tax Increment Allocation
9Redevelopment Act or Jobs Recovery Act; or (iii) a STAR Bonds
10District created pursuant to the Innovation Development and
11Economy Act. Job creation project areas, tax increment
12redevelopment project areas, or STAR bonds districts shall be
13deemed contiguous under this Act if they are:
14 (1) separated only by a public right-of-way from the
15 jobs creation project area or tax increment redevelopment
16 project area;
17 (2) separated only by property owned by another taxing
18 district; or
19 (3) separated only by forest preserve property from the
20 jobs creation project area.
21 (n) If a jobs creation project has not been initiated in a
22jobs creation project area within 3 years after the area was
23designated by ordinance, the municipality shall adopt an
24ordinance repealing the area's designation as a jobs creation
25project area.

HB0306- 35 -LRB100 05511 MLM 15522 b
1 Section 45. Distribution of surplus funds. Upon the
2determination of a surplus of increment in the Jobs Creation
3Project Fund, the surplus shall be distributed to the taxing
4districts and to the Illinois Department of Revenue as follows:
5(i) surplus real estate increment shall be paid by the
6municipal treasurer to the County Collector, who shall
7distribute the surplus increment to the taxing bodies in
8proportion to the tax rates of the taxing bodies in the most
9recent distribution by the County Collector to the affected
10districts; (ii) the municipal treasurer shall pay all surplus
11State sales, use, service, and utility taxes to the Department
12of Revenue; and (iii) the municipality shall retain all local
13taxes and deposit them into the municipality's general fund.
14 Section 50. Issuance of obligations for jobs creation
15project costs. Obligations in the form of bonds, loans, notes,
16or debentures, secured by the Jobs Creation Finance Fund for
17the jobs creation project area, may be issued to provide for
18jobs creation project costs.
19 Without limiting the foregoing in this Section, the
20municipality may pledge, in addition to obligations secured by
21the Jobs Creation Finance Fund and for a period not greater
22than the term of the obligations, towards payment of such
23obligations any part or any combination of the following: (i)
24net revenues of all or part of any jobs creation project; (ii)
25taxes levied and collected on any or all property in the

HB0306- 36 -LRB100 05511 MLM 15522 b
1municipality; (iii) the full faith and credit of the
2municipality; (iv) a mortgage on part or all of the jobs
3creation project; or (v) any other taxes or anticipated
4receipts that the municipality may lawfully pledge.
5 These obligations may be issued in one or more series
6bearing interest at a rate or rates that the corporate
7authorities of the municipality shall determine by ordinance.
8These obligations shall bear such date or dates, mature at such
9time or times not exceeding 15 years, or 25 years if the area
10is extended, from their respective dates, be in such
11denomination, carry such registration privileges, be executed
12in such manner, be payable in such medium of payment at such
13place or places, contain such covenants, terms, and conditions,
14and be subject to redemption as the ordinance shall provide.
15Obligations issued pursuant to this Act may be sold at public
16or private sale at a price determined by the corporate
17authorities of the municipalities. No referendum approval of
18the electors shall be required as a condition to the issuance
19of obligations pursuant to this Act except as provided in this
20Section.
21 If the municipality authorizes issuance of obligations
22pursuant to the authority of this Act secured by the full faith
23and credit of the municipality, and if those obligations are
24other than obligations that may be issued under home rule
25powers provided by Article VII, Section 6 of the Illinois
26Constitution, or pledges taxes under this Section, the

HB0306- 37 -LRB100 05511 MLM 15522 b
1ordinance authorizing the issuance of those obligations or
2pledging those taxes shall be published in one or more
3newspapers, with general circulation within the municipality,
4within 10 days after the ordinance has been passed. The
5publication of the ordinance shall be accompanied by a notice
6of (i) the specific number of voters required to sign a
7petition requesting the question of the issuance of those
8obligations or pledging taxes to be submitted to the electors;
9(ii) the time in which the petition must be filed; and (iii)
10the date of the prospective referendum. The municipal clerk
11shall provide a petition form to any individual requesting one.
12 If no petition is filed with the municipal clerk, as
13provided in this Section, within 30 days after the publication
14of the ordinance, the ordinance shall be in effect. But, if
15within that 30-day period, a petition is filed with the
16municipal clerk, signed by electors in the municipality
17numbering 10% or more of the number of registered voters in the
18municipality, asking that the question of issuing obligations
19using full faith and credit of the municipality as security for
20the cost of paying for jobs creation project costs, or of
21pledging taxes for the payment of such obligations, or both, be
22submitted to the electors of the municipality, the corporate
23authorities of the municipality shall call a special election
24in the manner provided by law to vote upon that question, or,
25if a general, State, or municipal election is to be held within
26a period of not less than 30 or more than 90 days from the date

HB0306- 38 -LRB100 05511 MLM 15522 b
1the petition is filed, shall submit the question at the next
2general, State, or municipal election. If it appears upon the
3canvass of the election by the corporate authorities that a
4majority of electors voting upon the question voted in favor
5thereof, the ordinance shall be in effect, but if a majority of
6the electors voting upon the question are not in favor thereof,
7the ordinance shall not take effect.
8 The ordinance authorizing the obligations may provide that
9the obligations shall contain a recital that they are issued
10pursuant to this Act, which recital shall be conclusive
11evidence of their validity and of the regularity of their
12issuance.
13 If the municipality authorizes issuance of obligations
14pursuant to this Section secured by the full faith and credit
15of the municipality, the ordinance authorizing the obligations
16may provide for the levy and collection of a direct annual tax
17upon all taxable property within the municipality sufficient to
18pay the principal thereof and interest thereon as it matures,
19which levy may be in addition to and exclusive of the maximum
20of all other taxes authorized to be levied by the municipality,
21which levy, however, shall be abated to the extent that moneys
22from other sources are available for payment of the obligations
23and the municipality certifies the amount of those moneys
24available to the county clerk.
25 A certified copy of the ordinance shall be filed with the
26county clerk of each county in which any portion of the

HB0306- 39 -LRB100 05511 MLM 15522 b
1municipality is situated, and shall constitute the authority
2for the extension and collection of the taxes to be deposited
3into the Jobs Creation Project Fund.
4 A municipality may also issue its obligations to refund, in
5whole or in part, obligations theretofore issued by that
6municipality under the authority of this Act, whether at or
7prior to maturity; provided, however, that the last maturity of
8the refunding obligations may not be later than the dates set
9forth in this Act.
10 If a municipality issues obligations under home rule powers
11or other legislative authority, the proceeds of which are
12pledged to pay for jobs creation project costs, the
13municipality may, if it has followed the procedures in
14conformance with this Act, retire those obligations from funds
15in the special tax allocation fund in amounts and in such
16manner as if such obligations had been issued pursuant to the
17provisions of this Act.
18 All obligations issued pursuant to this Act shall not be
19regarded as indebtedness of the municipality issuing those
20obligations or any other taxing district for the purpose of any
21limitation imposed by law.
22 Section 55. Amendments. After a municipality has, by
23ordinance, approved a jobs creation plan, and designated a jobs
24creation project area, the plan may be amended and additional
25properties may be added to the jobs creation project area only

HB0306- 40 -LRB100 05511 MLM 15522 b
1as provided in this Section. Amendments that (i) add additional
2parcels of property to the proposed jobs creation project area,
3(ii) substantially affect the general land uses proposed in the
4jobs creation plan, (iii) substantially change the nature of
5the jobs creation project, (iv) increase the total estimated
6jobs creation project costs set out in the jobs creation plan
7by more than 5% after adjustment for inflation from the date
8the plan was adopted, or (v) add additional jobs creation
9project costs to the itemized list of jobs creation project
10costs set out in the jobs creation plan shall be made only
11after the municipality gives notice, convenes a joint review
12board, and conducts a public hearing pursuant to the procedures
13set forth in this Act. Changes that do not (i) add additional
14parcels of property to the proposed jobs creation project area,
15(ii) substantially affect the general land uses proposed in the
16jobs creation plan, (iii) substantially change the nature of
17the jobs creation project, (iv) increase the total estimated
18jobs creation project cost set out in the jobs creation plan by
19more than 5% after adjustment for inflation from the date the
20plan was adopted, or (v) add additional jobs creation project
21costs to the itemized list of jobs creation project costs set
22out in the jobs creation plan may be made without further
23public hearing and related notices and procedures including the
24convening of a joint review board as set forth in this Act,
25provided that the municipality shall give notice of any such
26changes by mail to each affected taxing district and by

HB0306- 41 -LRB100 05511 MLM 15522 b
1publication in a newspaper of general circulation within the
2affected taxing district. That notice by mail and by
3publication shall each occur not later than 10 days following
4the adoption by ordinance of those changes.
5 Section 60. Annual reports; annual joint review board
6meetings. A municipality shall submit the following
7information for each jobs creation project area to (i) the
8State Comptroller under Section 8-8-3.5 of the Illinois
9Municipal Code; (ii) the Illinois Department of Revenue, if
10applicable, and (iii) to all taxing districts overlapping the
11jobs creation project area no later than 180 days after the
12close of each municipal fiscal year or after the audited
13financial statements become available and, in any case, shall
14be submitted before the annual meeting of the Joint Review
15Board to each of the taxing districts that overlap the jobs
16creation project area:
17 (1) any amendments to the jobs creation plan, the jobs
18 creation project area, or the State Sales Tax Boundary;
19 (2) a list of the jobs creation project areas
20 administered by the municipality and, if applicable, the
21 date each jobs creation project area was designated or
22 terminated by the municipality;
23 (3) audited financial statements of the Jobs Creation
24 Finance Fund once a cumulative total of $100,000 has been
25 deposited into the fund;

HB0306- 42 -LRB100 05511 MLM 15522 b
1 (4) certification of the chief executive officer of the
2 municipality that the municipality has complied with all of
3 the requirements of this Act during the preceding fiscal
4 year;
5 (5) an opinion of legal counsel that the municipality
6 is in compliance with this Act;
7 (6) an analysis of the Jobs Creation Finance Fund that
8 sets forth:
9 (A) the balance in the Jobs Creation Finance Fund
10 at the beginning of the fiscal year;
11 (B) all amounts deposited in the Jobs Creation
12 Finance Fund by source;
13 (C) an itemized list of all expenditures from the
14 Jobs Creation Finance fund by category of permissible
15 jobs creation project cost; and
16 (D) the balance in the Jobs Creation Finance Fund
17 at the end of the fiscal year including a breakdown of
18 that balance by: (i) source and use of funds by
19 increment; and (ii) identification of any surplus as
20 defined in Section 3 of this Act;
21 (7) a description of all property purchased by the
22 municipality within the jobs creation project area
23 including:
24 (A) street address;
25 (B) approximate size or description of property;
26 (C) purchase price; and

HB0306- 43 -LRB100 05511 MLM 15522 b
1 (D) seller of property;
2 (8) a statement setting forth all activities
3 undertaken in furtherance of the objectives of the jobs
4 creation plan, including:
5 (A) any project implemented in the preceding
6 fiscal year;
7 (B) a description of the jobs creation activities
8 undertaken;
9 (C) a description of any agreements entered into by
10 the municipality with regard to the disposition or
11 redevelopment of any property within the jobs creation
12 project area or the area within the State Sales Tax
13 Boundary;
14 (D) any reports submitted to the municipality by
15 the joint review board; and
16 (E) a review of public and, to the extent possible,
17 private investment actually undertaken to date and
18 estimated to be undertaken during the following year;
19 this review shall, on a project-by-project basis, set
20 forth the estimated amounts of public and private
21 investment incurred;
22 (9) with regard to any obligations issued by the
23 municipality:
24 (A) copies of any official statements; and
25 (B) an analysis setting forth: (i) nature and term
26 of obligation; and (ii) projected debt service

HB0306- 44 -LRB100 05511 MLM 15522 b
1 including required reserves and debt coverage if (i)
2 and (ii) are not included in the official statements;
3 (10) for Jobs Creation Finance Funds that have
4 experienced cumulative deposits of incremental tax
5 revenues of $100,000 or more, a certified audit report
6 reviewing compliance with this Act performed by an
7 independent public accountant certified and licensed by
8 the authority of the State of Illinois; the financial
9 portion of the audit must be conducted in accordance with
10 Standards for Audits of Governmental Organizations,
11 Programs, Activities, and Functions adopted by the
12 Comptroller General of the United States (1981), as
13 amended, or the standards specified by Section 8-8-5 of the
14 Illinois Municipal Auditing Law of the Illinois Municipal
15 Code; the audit report shall contain a letter from the
16 independent certified public accountant indicating
17 compliance or noncompliance with the requirements of the
18 Act; and
19 (11) the joint review board shall meet annually 180
20 days after the close of the municipal fiscal year or after
21 the jobs creation plan and project audit for that fiscal
22 year becomes available to review the effectiveness and
23 status of the jobs creation plan and project up to that
24 date.
25 Section 65. Overlapping tax increment financing districts;

HB0306- 45 -LRB100 05511 MLM 15522 b
1enterprise zones.
2 (a) A jobs creation project area may overlap an existing
3tax increment financing district created pursuant to the Tax
4Increment Allocation Redevelopment Act. If any portion of the
5property taxes attributable to the increase in equalized
6assessed value within a jobs creation project area are, at the
7time of formation of the jobs creation project area, already
8subject to tax increment financing under the Tax Increment
9Allocation Redevelopment Act, then the tax increment for those
10tax parcels shall be frozen at the base year established in
11accordance with this Act, and all future incremental increases
12over the base year shall not be subject to tax increment
13financing under the Tax Increment Allocation Redevelopment
14Act, but rather, shall be subject to tax increment financing
15under this Act. Any party otherwise entitled to the receipt of
16incremental tax revenues pursuant to an existing tax increment
17redevelopment agreement shall be entitled to continue to
18receive those revenues. Nothing in this Act shall affect the
19prior qualification of existing redevelopment project costs
20incurred that are eligible for reimbursement under the Tax
21Increment Allocation Redevelopment Act.
22 (b) A jobs creation project area may overlap an existing
23enterprise zone created pursuant to the Enterprise Zone Act
24subject to the following:
25 (1) Developments that have been designated to receive
26 enterprise zone benefits shall continue to receive the

HB0306- 46 -LRB100 05511 MLM 15522 b
1 designated real estate benefits and any other designated
2 benefits until the expiration of the designated benefits.
3 (2) If a developer with a jobs creation project within
4 an existing enterprise zone is not receiving enterprise
5 zone benefits or elects to terminate its existing
6 enterprise zone benefits, the developer shall be eligible
7 for benefits as set forth in this Act.
8 Section 70. Payment of project costs; revenues from
9municipal property. Revenues received by the municipality from
10any property, building, or facility owned, leased, or operated
11by the municipality or any agency or authority established by
12the municipality, or from repayments of loans, may be used to
13pay jobs creation project costs, or reduce outstanding
14obligations of the municipality incurred under this Act for
15jobs creation project costs. The municipality may place those
16revenues in the Jobs Creation Finance Fund, which shall be held
17by the municipal treasurer or other person designated by the
18municipality.
19 Section 75. Partial invalidity. If any Section,
20subdivision, paragraph, sentence, or clause of this Act is, for
21any reason, held to be invalid or unconstitutional, that
22decision shall not affect any remaining portion, Section, or
23part thereof that can be given effect without the invalid
24provision.

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1 Section 99. Effective date. This Act takes effect upon
2becoming law.
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