Bill Text: IL HB0792 | 2009-2010 | 96th General Assembly | Introduced
Bill Title: Amends the Tax Increment Allocation Redevelopment Act. Provides that the joint review board shall appoint one of its members to preside over certain public hearings.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2009-03-13 - Rule 19(a) / Re-referred to Rules Committee [HB0792 Detail]
Download: Illinois-2009-HB0792-Introduced.html
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1 | AN ACT concerning local government.
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2 | Be it enacted by the People of the State of Illinois,
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3 | represented in the General Assembly:
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4 | Section 5. The Illinois Municipal Code is amended by | |||||||||||||||||||
5 | changing Section 11-74.4-5 as follows:
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6 | (65 ILCS 5/11-74.4-5) (from Ch. 24, par. 11-74.4-5)
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7 | Sec. 11-74.4-5. (a) The changes made by this amendatory Act | |||||||||||||||||||
8 | of the 91st
General Assembly do not apply to a municipality | |||||||||||||||||||
9 | that, (i) before the
effective date of this amendatory Act of | |||||||||||||||||||
10 | the 91st General Assembly,
has adopted an ordinance or | |||||||||||||||||||
11 | resolution fixing a time and place for a
public hearing under | |||||||||||||||||||
12 | this Section or (ii) before July 1, 1999, has adopted
an | |||||||||||||||||||
13 | ordinance or resolution providing for a feasibility study under | |||||||||||||||||||
14 | Section
11-74.4-4.1, but has not yet adopted an ordinance
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15 | approving redevelopment plans and redevelopment projects or | |||||||||||||||||||
16 | designating
redevelopment project areas under Section | |||||||||||||||||||
17 | 11-74.4-4, until after that
municipality adopts an ordinance
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18 | approving redevelopment plans and redevelopment projects or | |||||||||||||||||||
19 | designating
redevelopment project areas under Section | |||||||||||||||||||
20 | 11-74.4-4; thereafter the changes
made by this amendatory Act | |||||||||||||||||||
21 | of the 91st General Assembly apply to the same
extent that they | |||||||||||||||||||
22 | apply to
redevelopment plans and redevelopment projects that | |||||||||||||||||||
23 | were approved and
redevelopment projects that were designated |
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1 | before the effective date of this
amendatory Act of the 91st | ||||||
2 | General Assembly.
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3 | Prior to the adoption of an ordinance proposing the
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4 | designation of a redevelopment project area, or approving a
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5 | redevelopment plan or redevelopment project, the municipality | ||||||
6 | by its
corporate authorities, or as it may determine by any | ||||||
7 | commission
designated under subsection (k) of Section | ||||||
8 | 11-74.4-4 shall adopt an
ordinance or resolution fixing
a time | ||||||
9 | and place for public hearing.
At least 10 days prior to the | ||||||
10 | adoption of the ordinance or resolution
establishing the time
| ||||||
11 | and place for the public hearing, the municipality shall make | ||||||
12 | available for
public inspection a redevelopment plan or a | ||||||
13 | separate report that provides in
reasonable detail the basis | ||||||
14 | for the eligibility of
the redevelopment project area. The | ||||||
15 | report along with the name of a
person to
contact for further | ||||||
16 | information shall be sent within a reasonable time
after the | ||||||
17 | adoption of such ordinance or resolution to the
affected taxing | ||||||
18 | districts
by certified mail.
On and after the effective date of | ||||||
19 | this amendatory Act of the 91st General
Assembly, the | ||||||
20 | municipality shall print in a newspaper of general circulation
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21 | within the municipality a notice that interested persons may | ||||||
22 | register with the
municipality in order to receive information | ||||||
23 | on the proposed designation of a
redevelopment project area or | ||||||
24 | the approval of a redevelopment plan. The notice
shall state | ||||||
25 | the place of registration and the operating hours of that | ||||||
26 | place.
The municipality shall have adopted reasonable rules to |
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1 | implement this
registration process under Section 11-74.4-4.2.
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2 | The municipality shall provide notice of the availability of | ||||||
3 | the
redevelopment plan and eligibility report, including how to | ||||||
4 | obtain this
information, by mail within a reasonable time after | ||||||
5 | the adoption of the
ordinance or resolution, to all residential | ||||||
6 | addresses that, after a good faith
effort, the municipality | ||||||
7 | determines are located outside the proposed
redevelopment | ||||||
8 | project area and within 750 feet of the
boundaries of the | ||||||
9 | proposed redevelopment project area. This requirement is
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10 | subject to the limitation that in a municipality with a | ||||||
11 | population of over
100,000, if the total number of residential | ||||||
12 | addresses outside the proposed
redevelopment project area and | ||||||
13 | within 750 feet of the
boundaries of the proposed redevelopment | ||||||
14 | project area exceeds 750, the
municipality shall be required to | ||||||
15 | provide the notice to only the 750
residential addresses that, | ||||||
16 | after a good faith effort, the municipality
determines are | ||||||
17 | outside the proposed redevelopment project area and closest
to | ||||||
18 | the boundaries of the proposed redevelopment project
area.
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19 | Notwithstanding the foregoing, notice given after August 7, | ||||||
20 | 2001 (the
effective date of Public Act 92-263) and before the | ||||||
21 | effective date of this
amendatory Act of the 92nd General | ||||||
22 | Assembly to residential addresses within 750
feet of the | ||||||
23 | boundaries of a proposed redevelopment project area shall be | ||||||
24 | deemed
to have been sufficiently given in compliance with this | ||||||
25 | Act if given only to
residents outside the boundaries of the | ||||||
26 | proposed redevelopment project area.
The notice shall also be |
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1 | provided by the municipality, regardless of its
population, to | ||||||
2 | those organizations and residents that have registered with the
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3 | municipality for that information in accordance with the | ||||||
4 | registration
guidelines established by the municipality under | ||||||
5 | Section 11-74.4-4.2.
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6 | With respect to a public hearing held on or after the | ||||||
7 | effective date of this amendatory Act of the 96th General | ||||||
8 | Assembly that requires the formation of a joint review board | ||||||
9 | under this Section, the joint review board shall appoint one of | ||||||
10 | its members to preside over the meeting.
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11 | At the public hearing any
interested person or affected | ||||||
12 | taxing district may file with the
municipal clerk written | ||||||
13 | objections to and may be heard orally in respect
to any issues | ||||||
14 | embodied in the notice. The municipality shall hear all | ||||||
15 | protests
and objections at the hearing and the hearing may
be | ||||||
16 | adjourned to another date without further notice other than a | ||||||
17 | motion
to be entered upon the minutes fixing the time and place | ||||||
18 | of the
subsequent hearing.
At the public hearing or at any time | ||||||
19 | prior to the
adoption by the municipality of an ordinance | ||||||
20 | approving a redevelopment plan,
the municipality may make | ||||||
21 | changes in the redevelopment plan. Changes which (1)
add | ||||||
22 | additional parcels of property to the proposed redevelopment | ||||||
23 | project area,
(2) substantially affect the general land uses | ||||||
24 | proposed in the redevelopment
plan, (3) substantially change | ||||||
25 | the nature of or extend the life of the
redevelopment project,
| ||||||
26 | or (4) increase the number of inhabited residential units to be |
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1 | displaced from the redevelopment project area, as
measured from | ||||||
2 | the time of creation of the redevelopment project area, to a | ||||||
3 | total of more than
10,
shall be made only after the
| ||||||
4 | municipality gives notice,
convenes a joint review board, and | ||||||
5 | conducts a public hearing pursuant to the
procedures set forth | ||||||
6 | in this Section and in Section 11-74.4-6 of this Act.
Changes | ||||||
7 | which do not (1) add additional parcels of property to the | ||||||
8 | proposed
redevelopment project area, (2) substantially affect | ||||||
9 | the general land uses
proposed in the redevelopment plan, (3) | ||||||
10 | substantially change the nature of
or extend the life of the | ||||||
11 | redevelopment project,
or (4) increase the number of inhabited | ||||||
12 | residential units to be displaced from the redevelopment | ||||||
13 | project area, as
measured from the time of creation of the | ||||||
14 | redevelopment project area, to a total
of more than 10,
may be | ||||||
15 | made without further
hearing, provided that the municipality | ||||||
16 | shall give notice of any such changes
by mail to each affected | ||||||
17 | taxing district and registrant on the interested
parties | ||||||
18 | registry, provided for under Section 11-74.4-4.2, and by | ||||||
19 | publication in
a newspaper of
general circulation within the | ||||||
20 | affected taxing district. Such notice by mail
and by | ||||||
21 | publication shall each occur not later than 10 days following | ||||||
22 | the
adoption by ordinance of such changes. Hearings with regard | ||||||
23 | to a redevelopment
project area, project or plan may be held | ||||||
24 | simultaneously.
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25 | (b) Prior to holding a public hearing to approve or amend a | ||||||
26 | redevelopment
plan or to designate or add additional parcels of |
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1 | property to a redevelopment
project area, the municipality
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2 | shall convene a joint review board. The board shall consist of | ||||||
3 | a representative
selected by each community college district, | ||||||
4 | local elementary school
district and high school district or | ||||||
5 | each local community unit school
district, park district, | ||||||
6 | library district, township, fire protection
district, and | ||||||
7 | county that will have the authority to
directly levy taxes on | ||||||
8 | the property within the proposed redevelopment
project area at | ||||||
9 | the time that the proposed redevelopment project area is
| ||||||
10 | approved, a representative selected by the municipality and a | ||||||
11 | public
member. The public member shall first be selected and | ||||||
12 | then the board's
chairperson shall be selected by
a majority of | ||||||
13 | the board members present and voting.
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14 | For redevelopment project areas with redevelopment plans | ||||||
15 | or proposed
redevelopment plans that would
result in the | ||||||
16 | displacement of residents from 10 or more inhabited residential
| ||||||
17 | units or that include 75 or more inhabited residential units, | ||||||
18 | the public member
shall be a person who resides in the | ||||||
19 | redevelopment project area. If, as
determined by the housing | ||||||
20 | impact study provided for in paragraph (5) of
subsection (n) of | ||||||
21 | Section 11-74.4-3, or if no housing impact study is required
| ||||||
22 | then based on other reasonable data, the majority of | ||||||
23 | residential units are
occupied by very low, low, or moderate | ||||||
24 | income households, as defined in Section
3 of the Illinois | ||||||
25 | Affordable Housing Act, the public member shall be a person
who | ||||||
26 | resides in very low, low, or moderate income housing within the
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1 | redevelopment project area. Municipalities with fewer than | ||||||
2 | 15,000 residents
shall not be required to select a person who | ||||||
3 | lives in very low, low, or
moderate income housing within the | ||||||
4 | redevelopment project area, provided that
the redevelopment | ||||||
5 | plan or project will not result in displacement of residents
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6 | from 10 or more inhabited units, and the municipality so | ||||||
7 | certifies
in the plan. If no person satisfying these | ||||||
8 | requirements is available or if no
qualified person will serve | ||||||
9 | as the public member, then the joint review board
is relieved | ||||||
10 | of this paragraph's selection requirements for the public
| ||||||
11 | member.
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12 | Within 90 days of the effective date of this amendatory Act | ||||||
13 | of the 91st
General Assembly, each municipality that designated | ||||||
14 | a redevelopment project
area for which it was not required to | ||||||
15 | convene a joint review board under this
Section shall convene a | ||||||
16 | joint review board to perform the
duties specified under | ||||||
17 | paragraph (e) of this Section.
| ||||||
18 | All board members shall be appointed and the first board | ||||||
19 | meeting shall be
held at least 14 days but not more than 28 | ||||||
20 | days after the
mailing of notice by the
municipality to the | ||||||
21 | taxing
districts as required by Section 11-74.4-6(c).
| ||||||
22 | Notwithstanding the preceding sentence, a municipality that | ||||||
23 | adopted either a
public hearing resolution or a feasibility | ||||||
24 | resolution between July 1, 1999 and
July 1, 2000 that called | ||||||
25 | for the meeting of the joint review board within 14
days of | ||||||
26 | notice of public hearing to affected taxing districts is deemed |
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1 | to be
in compliance with the notice, meeting, and public | ||||||
2 | hearing provisions of the
Act.
Such notice
shall also advise
| ||||||
3 | the taxing bodies represented on the joint review board of the | ||||||
4 | time and place
of the first meeting of the board. Additional | ||||||
5 | meetings of the
board shall be held upon the call of any | ||||||
6 | member. The municipality
seeking designation of the | ||||||
7 | redevelopment project area shall provide
administrative | ||||||
8 | support to the board.
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9 | The board shall review (i) the public record, planning | ||||||
10 | documents and
proposed ordinances approving the redevelopment | ||||||
11 | plan and
project and (ii) proposed amendments to the | ||||||
12 | redevelopment plan or additions
of parcels of property to the | ||||||
13 | redevelopment project area to be
adopted by the municipality. | ||||||
14 | As part of its deliberations, the board may
hold additional | ||||||
15 | hearings on the proposal. A
board's recommendation shall be
an | ||||||
16 | advisory, non-binding recommendation. The recommendation shall | ||||||
17 | be adopted
by a majority of those members present and voting. | ||||||
18 | The recommendations shall
be submitted to the municipality
| ||||||
19 | within 30 days after convening of the board.
Failure of the | ||||||
20 | board to
submit
its report on a timely basis shall not be cause | ||||||
21 | to delay the public hearing
or any other step in the process of | ||||||
22 | designating or
amending the
redevelopment project area but | ||||||
23 | shall be deemed to constitute approval by the
joint review | ||||||
24 | board of the matters before it.
| ||||||
25 | The board shall base its recommendation to approve or | ||||||
26 | disapprove the
redevelopment plan and the designation of the |
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| |||||||
1 | redevelopment project area or the
amendment of the | ||||||
2 | redevelopment plan or addition of parcels of property to the
| ||||||
3 | redevelopment project area on the basis of the redevelopment | ||||||
4 | project area and
redevelopment plan satisfying the
plan | ||||||
5 | requirements, the eligibility criteria
defined in Section | ||||||
6 | 11-74.4-3, and the objectives of this Act.
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7 | The board shall issue a written report describing why the
| ||||||
8 | redevelopment plan and project area or the amendment thereof | ||||||
9 | meets or
fails to meet one or more of the objectives of this | ||||||
10 | Act and both the plan
requirements and the eligibility criteria | ||||||
11 | defined in Section 11-74.4-3.
In the event the Board does not | ||||||
12 | file a report it shall be presumed
that these taxing bodies | ||||||
13 | find the redevelopment project area and
redevelopment plan | ||||||
14 | satisfy the
objectives of this Act and the plan requirements | ||||||
15 | and eligibility criteria.
| ||||||
16 | If the board recommends rejection of the matters before it, | ||||||
17 | the
municipality will have 30 days within which to resubmit the | ||||||
18 | plan or amendment.
During this period, the municipality will | ||||||
19 | meet and confer with the board and
attempt to resolve those | ||||||
20 | issues set forth in the board's written report that
led to the | ||||||
21 | rejection of the plan or amendment.
| ||||||
22 | Notwithstanding the resubmission set forth above, the | ||||||
23 | municipality may
commence the scheduled public hearing and | ||||||
24 | either adjourn the public hearing or
continue the public | ||||||
25 | hearing until a date certain. Prior to continuing any
public | ||||||
26 | hearing to a date certain, the municipality shall announce |
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1 | during the
public hearing the time, date, and location for the | ||||||
2 | reconvening of the public
hearing. Any changes to the | ||||||
3 | redevelopment plan necessary to satisfy the issues
set forth in | ||||||
4 | the joint review board report shall be the subject of a public
| ||||||
5 | hearing before the hearing is adjourned if the changes would | ||||||
6 | (1) substantially
affect the general land uses proposed in the | ||||||
7 | redevelopment plan, (2)
substantially change the nature of or | ||||||
8 | extend the life of the redevelopment
project, or (3) increase | ||||||
9 | the number of inhabited residential units to be
displaced from | ||||||
10 | the redevelopment project area, as
measured from the
time of | ||||||
11 | creation of the redevelopment project area, to a total of
more | ||||||
12 | than 10. Changes to the redevelopment plan necessary
to
satisfy | ||||||
13 | the issues set forth in the joint review board report shall not | ||||||
14 | require
any further notice or convening of a joint review board | ||||||
15 | meeting, except that
any changes to the redevelopment plan that | ||||||
16 | would add additional parcels of
property to the proposed | ||||||
17 | redevelopment project area shall be subject to the
notice, | ||||||
18 | public hearing, and joint review board meeting requirements | ||||||
19 | established
for such changes by subsection (a) of Section | ||||||
20 | 11-74.4-5.
| ||||||
21 | In the event that the
municipality and the board are unable | ||||||
22 | to resolve these differences, or in the
event that the | ||||||
23 | resubmitted plan or amendment is rejected by the board, the
| ||||||
24 | municipality may proceed with the plan or amendment, but only | ||||||
25 | upon a
three-fifths vote of the corporate authority responsible | ||||||
26 | for approval of the
plan or amendment, excluding positions of |
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| |||||||
1 | members that are vacant and those
members that are ineligible | ||||||
2 | to vote because of conflicts of interest.
| ||||||
3 | (c) After a municipality has by ordinance approved a | ||||||
4 | redevelopment plan
and designated a redevelopment project | ||||||
5 | area, the plan may be amended and
additional properties may be | ||||||
6 | added to the redevelopment project area only as
herein | ||||||
7 | provided. Amendments which (1) add additional parcels of | ||||||
8 | property to
the proposed redevelopment project area, (2) | ||||||
9 | substantially affect the general
land uses proposed in the | ||||||
10 | redevelopment plan, (3) substantially change the
nature of the | ||||||
11 | redevelopment project, (4) increase the total estimated
| ||||||
12 | redevelopment
project costs set out in the redevelopment plan | ||||||
13 | by more than 5% after
adjustment for inflation from the date | ||||||
14 | the plan was adopted, (5) add
additional redevelopment project | ||||||
15 | costs to the itemized list of redevelopment
project costs set | ||||||
16 | out in the redevelopment plan, or (6) increase the number of
| ||||||
17 | inhabited residential units to be
displaced from the | ||||||
18 | redevelopment
project area, as measured from the time of | ||||||
19 | creation of
the
redevelopment project area, to a total of more | ||||||
20 | than
10, shall be made only after
the
municipality gives | ||||||
21 | notice, convenes a joint review board, and conducts a public
| ||||||
22 | hearing pursuant to the procedures set forth in this Section | ||||||
23 | and in Section
11-74.4-6 of this Act. Changes which do not (1) | ||||||
24 | add additional parcels of
property to the proposed | ||||||
25 | redevelopment project area, (2) substantially affect
the | ||||||
26 | general land uses proposed in the redevelopment plan, (3) |
| |||||||
| |||||||
1 | substantially
change the nature of the redevelopment project, | ||||||
2 | (4) increase the total
estimated redevelopment project cost set | ||||||
3 | out in the redevelopment plan by more
than 5% after adjustment | ||||||
4 | for inflation from the date the plan was adopted,
(5) add | ||||||
5 | additional redevelopment project costs to the itemized list of
| ||||||
6 | redevelopment project costs set out in the redevelopment plan, | ||||||
7 | or (6) increase
the number of inhabited residential units to be | ||||||
8 | displaced from the
redevelopment project area, as measured from | ||||||
9 | the time of
creation of
the redevelopment project area, to a | ||||||
10 | total of more than 10, may be made
without further public | ||||||
11 | hearing
and related notices and procedures including the | ||||||
12 | convening of a joint review
board as set forth in Section | ||||||
13 | 11-74.4-6 of this Act, provided that the
municipality shall | ||||||
14 | give notice of
any such changes by mail to each affected taxing | ||||||
15 | district and registrant on the
interested parties registry, | ||||||
16 | provided for under Section 11-74.4-4.2, and by
publication in
a | ||||||
17 | newspaper of general circulation within the affected taxing | ||||||
18 | district. Such
notice by mail and by publication shall each | ||||||
19 | occur not later than 10 days
following the adoption by | ||||||
20 | ordinance of such changes.
| ||||||
21 | (d) After the effective date of this amendatory Act of the | ||||||
22 | 91st General
Assembly, a
municipality shall submit the
| ||||||
23 | following information for each redevelopment project area (i) | ||||||
24 | to the State
Comptroller under Section 8-8-3.5 of the Illinois | ||||||
25 | Municipal Code
and (ii) to all taxing districts overlapping the
| ||||||
26 | redevelopment project area no later than 180
days after the |
| |||||||
| |||||||
1 | close of each municipal fiscal year or as soon thereafter as
| ||||||
2 | the audited financial
statements become available and, in any | ||||||
3 | case, shall be submitted before the
annual meeting of the Joint | ||||||
4 | Review Board to each of the taxing districts that
overlap the | ||||||
5 | redevelopment project area:
| ||||||
6 | (1) Any amendments to the redevelopment plan, the | ||||||
7 | redevelopment
project area, or the State Sales Tax | ||||||
8 | Boundary.
| ||||||
9 | (1.5) A list of the redevelopment project areas | ||||||
10 | administered by the
municipality and, if applicable, the | ||||||
11 | date each redevelopment project area was
designated or | ||||||
12 | terminated by the municipality.
| ||||||
13 | (2) Audited financial statements of the special tax | ||||||
14 | allocation fund once a
cumulative total of $100,000 has | ||||||
15 | been deposited in the fund.
| ||||||
16 | (3) Certification of the Chief Executive Officer of the | ||||||
17 | municipality
that the municipality has complied with all of | ||||||
18 | the requirements of this Act
during the preceding fiscal | ||||||
19 | year.
| ||||||
20 | (4) An opinion of legal counsel that the municipality | ||||||
21 | is in compliance
with this Act.
| ||||||
22 | (5) An analysis of the special tax allocation fund | ||||||
23 | which sets forth:
| ||||||
24 | (A) the balance in the special tax allocation fund | ||||||
25 | at the beginning of
the fiscal year;
| ||||||
26 | (B) all amounts deposited in the special tax |
| |||||||
| |||||||
1 | allocation fund by source;
| ||||||
2 | (C) an itemized list of all expenditures from the | ||||||
3 | special tax
allocation fund by category of
permissible | ||||||
4 | redevelopment project cost; and
| ||||||
5 | (D) the balance in the special tax allocation fund | ||||||
6 | at the end of the
fiscal year including a breakdown of | ||||||
7 | that balance by source and a breakdown
of that balance | ||||||
8 | identifying any portion of the balance that is | ||||||
9 | required,
pledged, earmarked, or otherwise designated | ||||||
10 | for payment of or securing of
obligations and | ||||||
11 | anticipated redevelopment project costs. Any portion | ||||||
12 | of
such ending balance that has not been identified or | ||||||
13 | is not identified as
being
required, pledged, | ||||||
14 | earmarked, or otherwise designated for payment of or
| ||||||
15 | securing of obligations or anticipated redevelopment | ||||||
16 | projects costs
shall be designated as surplus as set | ||||||
17 | forth in Section
11-74.4-7 hereof.
| ||||||
18 | (6) A description of all property purchased by the | ||||||
19 | municipality within
the redevelopment project area | ||||||
20 | including:
| ||||||
21 | (A) Street address.
| ||||||
22 | (B) Approximate size or description of property.
| ||||||
23 | (C) Purchase price.
| ||||||
24 | (D) Seller of property.
| ||||||
25 | (7) A statement setting forth all activities | ||||||
26 | undertaken in furtherance
of the objectives of the |
| |||||||
| |||||||
1 | redevelopment plan, including:
| ||||||
2 | (A) Any project implemented in the preceding | ||||||
3 | fiscal year.
| ||||||
4 | (B) A description of the redevelopment activities | ||||||
5 | undertaken.
| ||||||
6 | (C) A description of any agreements entered into by | ||||||
7 | the municipality
with
regard to the disposition or | ||||||
8 | redevelopment of any property within the
redevelopment | ||||||
9 | project area or the area within the State Sales Tax | ||||||
10 | Boundary.
| ||||||
11 | (D) Additional information on the use of all funds | ||||||
12 | received under this
Division and steps taken by the
| ||||||
13 | municipality to achieve the objectives of the | ||||||
14 | redevelopment plan.
| ||||||
15 | (E) Information regarding contracts that the | ||||||
16 | municipality's tax
increment advisors or consultants | ||||||
17 | have entered into with entities or persons
that have | ||||||
18 | received, or are receiving, payments financed by tax | ||||||
19 | increment
revenues produced by the same redevelopment | ||||||
20 | project area.
| ||||||
21 | (F) Any reports submitted to the municipality by | ||||||
22 | the joint review board.
| ||||||
23 | (G) A review of public and, to the extent possible, | ||||||
24 | private investment
actually undertaken to date after | ||||||
25 | the effective date of this amendatory Act of
the 91st | ||||||
26 | General Assembly and estimated to be undertaken during |
| |||||||
| |||||||
1 | the following
year. This review shall, on a | ||||||
2 | project-by-project basis, set forth the
estimated | ||||||
3 | amounts of public and private investment incurred | ||||||
4 | after the effective
date of this amendatory Act of the | ||||||
5 | 91st General Assembly and provide the ratio
of private | ||||||
6 | investment to public investment to the date of the | ||||||
7 | report and as
estimated to the completion of the | ||||||
8 | redevelopment project.
| ||||||
9 | (8) With regard to any obligations issued by the | ||||||
10 | municipality:
| ||||||
11 | (A) copies of any official statements; and
| ||||||
12 | (B) an analysis prepared by financial advisor or | ||||||
13 | underwriter setting
forth: (i) nature and term of | ||||||
14 | obligation; and (ii) projected debt service
including | ||||||
15 | required reserves and debt coverage.
| ||||||
16 | (9) For special tax allocation funds that have | ||||||
17 | experienced cumulative
deposits of incremental tax | ||||||
18 | revenues of $100,000 or more, a certified audit
report | ||||||
19 | reviewing compliance
with this Act
performed by an | ||||||
20 | independent public accountant certified and licensed by | ||||||
21 | the
authority of the State of Illinois. The financial | ||||||
22 | portion of the audit
must be conducted in accordance with | ||||||
23 | Standards for Audits of Governmental
Organizations, | ||||||
24 | Programs, Activities, and Functions adopted by the
| ||||||
25 | Comptroller General of the United States (1981), as | ||||||
26 | amended, or the standards
specified by Section 8-8-5 of the |
| |||||||
| |||||||
1 | Illinois Municipal Auditing Law of the
Illinois Municipal | ||||||
2 | Code. The audit
report shall contain a letter from the | ||||||
3 | independent certified public accountant
indicating | ||||||
4 | compliance or noncompliance with the requirements
of | ||||||
5 | subsection (q) of Section 11-74.4-3. For redevelopment | ||||||
6 | plans or
projects that would result in the displacement of | ||||||
7 | residents from 10 or more
inhabited residential units or | ||||||
8 | that contain 75 or more inhabited residential
units, notice | ||||||
9 | of the availability of the information, including how to | ||||||
10 | obtain
the report, required in this subsection shall also | ||||||
11 | be sent by mail to all
residents or organizations that | ||||||
12 | operate in the municipality that register with
the | ||||||
13 | municipality for that information according to | ||||||
14 | registration procedures
adopted under Section 11-74.4-4.2. | ||||||
15 | All municipalities are subject to this
provision.
| ||||||
16 | (d-1) Prior to the effective date of this amendatory Act of | ||||||
17 | the 91st
General Assembly, municipalities with populations of | ||||||
18 | over 1,000,000 shall,
after
adoption of a redevelopment plan or | ||||||
19 | project, make available upon request to any
taxing district in | ||||||
20 | which the redevelopment project area is located the
following | ||||||
21 | information:
| ||||||
22 | (1) Any amendments to the redevelopment plan, the | ||||||
23 | redevelopment project
area, or the State Sales Tax | ||||||
24 | Boundary; and
| ||||||
25 | (2) In connection with any redevelopment project area | ||||||
26 | for which the
municipality has outstanding obligations |
| |||||||
| |||||||
1 | issued to provide for redevelopment
project costs pursuant | ||||||
2 | to Section 11-74.4-7, audited financial statements of
the | ||||||
3 | special tax allocation fund.
| ||||||
4 | (e) The joint review board shall meet annually 180 days
| ||||||
5 | after the close of the municipal fiscal year or as soon as the | ||||||
6 | redevelopment
project audit for that fiscal year becomes | ||||||
7 | available to review the
effectiveness and status of the | ||||||
8 | redevelopment project area up to that date.
| ||||||
9 | (f) (Blank).
| ||||||
10 | (g) In the event that a municipality has held a public | ||||||
11 | hearing under this
Section prior to March 14, 1994 (the | ||||||
12 | effective date of Public Act 88-537), the
requirements imposed | ||||||
13 | by Public Act 88-537 relating to the method of fixing the
time | ||||||
14 | and place for public hearing, the materials and information | ||||||
15 | required to be
made available for public inspection, and the | ||||||
16 | information required to be sent
after adoption of an ordinance | ||||||
17 | or resolution fixing a time and place for public
hearing shall | ||||||
18 | not be applicable.
| ||||||
19 | (Source: P.A. 91-357, eff. 7-29-99; 91-478, eff. 11-1-99; | ||||||
20 | 91-900, eff.
7-6-00; 92-263, eff. 8-7-01; 92-624, eff. | ||||||
21 | 7-11-02.)
|