Bill Text: IL HB3614 | 2019-2020 | 101st General Assembly | Introduced

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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: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2019-03-29 - Rule 19(a) / Re-referred to Rules Committee [HB3614 Detail]

Download: Illinois-2019-HB3614-Introduced.html

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101ST GENERAL ASSEMBLY State of Illinois 2019 and 2020 HB3614 Introduced , by Rep. Monica Bristow 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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AN ACT concerning jobs creation.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 1. Short title. This Act may be cited as the Jobs
Creation Finance Act.
Section 5. Purpose. The purposes of this Act are to
promote, stimulate, and develop the general and economic
welfare of the communities of the State of Illinois and to
promote the general welfare of the citizens of this State.
Section 10. Definitions. As used in this Act, the following
words and phrases shall have the following meanings unless a
different meaning clearly appears from the context:
"Base year" means the most recently ascertained equalized
assessed value of each lot, block, tract, or parcel of real
property within a jobs creation project area.
"County" means the county in which a proposed jobs creation
project area is located.
"Department of Revenue" means the Department of Revenue of
the State of Illinois.
"Developer" means an owner, builder, developer, or tenant
who may be organized as a sole proprietorship, corporation,
trust, estate, partnership, limited liability company, or

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

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

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creation project;
(10) a general identification of the proposed
developer for at least one jobs creation project;
(11) a description of the type, structure, and general
character of the facilities to be developed;
(12) a description of the type and number of new
full-time equivalent and part-time employees to be
employed by the jobs creation project;
(13) if applicable, a general description of other
potential jobs creation projects, their value, and their
general land uses as well as potential new full-time
equivalent and part-time jobs created by those projects;
(14) the estimated dates of completion of the jobs
creation projects and retirement of obligations issued to
finance jobs creation project costs; those dates may be no
later than 15 years after the date of the approval of the
jobs creation plan by the municipality or the dates set
forth in the job creation plan, whichever is earlier; and
(15) if property is to be annexed to the municipality,
a summary of the terms of the annexation agreement; and
(16) certification by an Illinois-licensed attorney
that the plan, project, and designation of the area
complies with all the legal requirements of this Act.
"Jobs creation project" means any public or private project
within a jobs creation project area, including an expansion of
an existing project, that qualifies as a jobs creation project

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pursuant to this Act and includes, but is not limited to,
industrial projects, commercial projects, technology based
projects, medical projects, logistics projects, retail
projects, office projects, alternative energy projects,
environmental projects, senior housing and senior care
projects, and residential development projects. For the
purposes of this Act, the word "senior" is defined as at least
one person over the age of 55 years per unit.
"Jobs creation project area" means an area within the
municipality designated by ordinance by the municipality that
is contiguous and is not, in the aggregate, more than 80 acres
and meets the qualifications set forth in this Act.
"Jobs creation project costs" means the sum total of all
reasonable or necessary costs incurred or estimated to be
incurred, and any such costs incidental to a jobs creation plan
and a jobs creation project. These costs include, without
limitation, the following:
(1) costs incurred by municipalities or developers for
studies, surveys, development of plans and specifications,
and implementation and administration of a jobs creation
plan and projects, including but not limited to
construction management fees and staff and professional
service costs for architectural, engineering, legal,
financial, planning or other services;
(2) the cost of marketing sites and buildings including
realtors' fees and sales incentives within the jobs

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creation project area to prospective businesses,
developers, investors, or buyers;
(3) property assembly costs, including but not limited
to acquisition of land, land leases, and other property,
real or personal, or rights or interests therein, located
within the boundaries of the jobs creation project area,
demolition of buildings, site preparation, site
improvements that serve as an engineered barrier
addressing ground level or below ground environmental
contamination, including, but not limited to, parking lots
and other concrete or asphalt barriers, and the clearing
and grading of land, and importing additional soil and fill
materials to, or removal of soil and fill materials from,
the site;
(4) costs of buildings and other vertical improvements
that are located within the boundaries of a jobs creation
project area and are owned by a municipality;
(5) costs of buildings and other vertical improvements
that are located within the boundary of a jobs creation
project area and are owned or leased by a developer;
(6) costs of the design and construction of the
following improvements located outside the boundaries of a
jobs creation project area, provided that the costs are
essential to further the purpose and development of a jobs
creation plan and are either part of and connected to
sewer, water, or utility service lines that physically

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connect to the jobs creation project area or are outside
the area and necessary to the development of the project,
including but not limited to:
(A) improvements or extensions of sewer, water,
and storm sewer service lines, utilities, including
telecommunications equipment, and storm water
detention or retention facilities; and
(B) significant construction, extension, and
improvements for offsite highways, streets, roadways,
and interchanges that are approved by the Illinois
Department of Transportation or the municipalities'
engineers;
(7) costs of rehabilitation, reconstruction, repair,
or remodeling of existing public or private buildings,
fixtures, and leasehold improvements; and the cost of
replacing an existing public building, including new
municipal buildings, if pursuant to the implementation of a
jobs creation project the existing public building is to be
demolished to be used as a site requiring private
investment;
(8) costs of job training and retraining projects,
including the cost of "welfare to work" programs
implemented by businesses located within the jobs creation
project area;
(9) financing costs, including, but not limited to, all
necessary and incidental expenses related to the issuance

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of obligations and which may include payment of all
interest on any obligations issued under this Act; those
costs include interest on any obligations, capitalized
interest of any jobs creation project for which bond
obligations are issued, and reasonable reserves related
thereto, provided that:
(A) the costs are paid directly from the Jobs
Creation Finance Fund pursuant to this Act;
(B) if there are not sufficient funds available in
the Jobs Creation Finance Fund to make the payment
pursuant to this paragraph, then the amounts so due
shall accrue and be payable when sufficient funds are
available in the Jobs Creation Finance Fund; and
(C) if there are not sufficient funds available in
the Jobs Creation Finance Fund and other funds are used
to pay financing costs, then those funds shall be
deemed financing costs and may be reimbursed at any
time by the Jobs Creation Finance Fund to any other
municipal fund from which costs were paid;
(10) to the extent the municipality by written
agreement accepts and approves the same, all or a portion
of an individual taxing district's costs, impact fees, or
salaries of district employees resulting from the jobs
creation project necessarily incurred or to be incurred
within a taxing district in furtherance of the objectives
of the jobs creation plan and project;

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(11) for jobs creation project areas that include job
creation financing assisted housing units, an elementary,
secondary, or unit school district's increased costs
attributable to assisted housing units located within the
jobs creation project area for which the developer receives
financial assistance through an agreement with the
municipality or because the municipality incurs the cost of
necessary infrastructure improvements within the
boundaries of the assisted housing sites necessary for the
completion of that housing as authorized by this Act, those
costs shall be paid by the municipality from the Jobs
Creation Finance Fund when the real estate tax increment
revenue is received as a result of the assisted housing
units and shall be calculated annually as follows:
(A) for foundation formula districts, excluding
any school district located within a municipality with
a population in excess of 1,000,000, by multiplying the
district's net increase in total attendance since the
designation of the jobs creation project area that
results from a net increase in new students enrolled in
that school district who reside in housing units within
the jobs creation project area where the housing
projects have received financial assistance through an
agreement with the municipality or because the
municipality incurs the cost of necessary
infrastructure improvements within the boundaries of

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the housing project necessary for the completion of
that housing as authorized by this Act by the most
recently available per capita tuition cost as defined
in Section 10-20.12a of the School Code less any
increase in general State aid as defined in Section
18-8.05 of the School Code attributable to these added
new students subject to the following annual
limitations:
(I) for unit school districts with a district
average 1995-96 Per Capita Tuition Charge of less
than $5,900, no more than 25% of the total amount
of property tax increment revenue produced by
those housing units that have received tax
increment finance assistance under this Act;
(II) for elementary school districts with a
district average 1995-96 Per Capita Tuition Charge
of less than $5,900, no more than 17% of the total
amount of property tax increment revenue produced
by those housing units that have received tax
increment finance assistance under this Act; and
(III) for secondary school districts with a
district average 1995-96 Per Capita Tuition Charge
of less than $5,900, no more than 8% of the total
amount of property tax increment revenue produced
by those housing units that have received tax
increment finance assistance under this Act;

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(B) for alternate method districts, flat grant
districts, and foundation districts with a district
average 1995-96 Per Capita Tuition Charge equal to or
more than $5,900, excluding any school district
located within a municipality with a population in
excess of 1,000,000, by multiplying the district's
increase in attendance resulting from the net increase
in new students enrolled in that school district who
reside in housing units within the jobs creation
project area that have received financial assistance
through an agreement with the municipality or because
the municipality incurs the cost of necessary
infrastructure improvements within the boundaries of
the housing sites necessary for the completion of that
housing as authorized by this Act since the designation
of the jobs creation project area by the most recently
available per capita tuition cost as defined in Section
10-20.12a of the School Code less any increase in
general State aid as defined in Section 18-8.05 of the
School Code attributable to these added new students
subject to the following annual limitations:
(I) for unit school districts, no more than 40%
of the total amount of property tax increment
revenue produced by those housing units that have
received tax increment finance assistance under
this Act;

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(II) for elementary school districts, no more
than 27% of the total amount of property tax
increment revenue produced by those housing units
that have received tax increment finance
assistance under this Act; and
(III) for secondary school districts, no more
than 13% of the total amount of property tax
increment revenue produced by those housing units
that have received tax increment finance
assistance under this Act; and
(C) for any school district in a municipality with
a population in excess of 1,000,000, the following
restrictions shall apply to the reimbursement of
increased costs under this paragraph:
(I) no increased costs shall be reimbursed
unless the school district certifies that each of
the schools affected by the assisted housing
project is at or over its student capacity;
(II) the amount reimbursable shall be reduced
by the value of any land donated to the school
district by the municipality or developer, and by
the value of any physical improvements made to the
schools by the municipality or developer; and
(III) the amount reimbursed may not affect
amounts otherwise obligated by the terms of any
bonds, notes, or other funding instruments, or the

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terms of any redevelopment agreement.
Any school district seeking payment under this
paragraph shall, after July 1 and before September 30 of
each year, provide the municipality with reasonable
evidence to support its claim for reimbursement before the
municipality shall be required to approve or make the
payment to the school district. If the school district
fails to provide the information during this period in any
year, it shall forfeit any claim to reimbursement for that
year. School districts may adopt a resolution waiving the
right to all or a portion of the reimbursement otherwise
required by this paragraph. By acceptance of this
reimbursement the school district waives the right to
directly or indirectly set aside, modify, or contest in any
manner the establishment of the jobs creation project area
or projects;
(12) relocation costs of equipment and materials to the
project site;
(13) payment in lieu of taxes;
(14) costs of job training, retraining, advanced
vocational education, or career education, including but
not limited to courses in occupational, semi-technical, or
technical fields leading directly to employment, incurred
by one or more taxing districts, provided that those costs
(i) are related to the establishment and maintenance of
additional job training, advanced vocational education, or

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career education programs for persons employed or to be
employed by employers located in a jobs creation project
area; and (ii) when incurred by a taxing district or taxing
districts other than the municipality, are set forth in a
written agreement by or among the municipality and the
taxing district or taxing districts, which agreement
describes the program to be undertaken, including but not
limited to the number of employees to be trained, a
description of the training and services to be provided,
the number and type of positions available or to be
available, itemized costs of the program and sources of
funds to pay for the same, and the term of the agreement;
these costs include, specifically, the payment by
community college districts of costs pursuant to Sections
3-37, 3-38, 3-40, and 3-40.1 of the Public Community
College Act and by school districts of costs pursuant to
Sections 10-22.20a and 10-23.3a of the School Code;
(15) costs of landscaping and plantings, retaining
walls and fences, man-made lakes and ponds, shelters,
benches, lighting, exercise paths and stops, parking lots,
and similar amenities located within the boundaries of a
jobs creation project area;
(16) if included in the jobs creation plan, salaries or
a portion of salaries for local government employees and
payments to consultants to the extent they are directly
attributable to the work of those employees or consultants

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on the planning, establishment, management, maintenance,
and administration of the jobs creation plan, area, and
projects;
(17) all environmental improvement costs including,
but not limited to: alternative energy equipment using
solar, geothermal, wind power, hydro, bio-mass, or
ethanol; EPA clean-up; wetlands mitigation costs whether
within the jobs creation project area or required off-site
to serve the objectives of the jobs creation project area;
and LEEDS qualification costs;
(18) all maintenance, equipment, and repair costs
attributable to jobs creation projects or the jobs creation
project area;
(19) developer's worker's compensation contributions
limited to one-half the costs; and
(20) the cost of day care services for children of
employees from low-income families working for businesses
located within the jobs creation project area and all or a
portion of the cost of operation of day care centers
established by jobs creation project area businesses to
serve employees from low-income families working in
businesses located in the jobs creation project area; for
the purposes of this paragraph, "low-income families"
means families whose annual income does not exceed 80% of
the municipal, county, or regional median income, adjusted
for family size, as the annual income and municipal,

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county, or regional median income are determined from time
to time by the United States Department of Housing and
Urban Development.
"Jobs creation project costs" does not include:
(A) moving expenses for employees of the business
location within a jobs creation project area;
(B) property taxes for property located within the
jobs creation project area; and
(C) general overhead or administrative costs of
the municipality that would still have been incurred by
the municipality if the municipality had not
established a jobs creation project area.
"Jobs tax credit" is a tax credit of $500 per full-time
equivalent employee against the developer's income, pursuant
to Section 201 of the Illinois Income Tax Act.
"Local sales taxes" means any locally imposed taxes
received by a municipality arising from sales by retailers and
servicemen within a jobs creation project area as provided for
in the Use Tax Act, Service Use Tax Act, Service Occupation Tax
Act, and Retailers' Occupation Tax Act.
"Local sales tax increment" means an amount equal to the
increase in the aggregate amount of taxes paid to a
municipality from the Local Government Tax Fund arising from
sales by retailers and servicemen, as the case may be, within
the jobs creation project area for as long as the jobs creation
project area exists, over and above the aggregate amount of

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taxes as certified by the Illinois Department of Revenue and
paid by retailers and servicemen under the Retailers'
Occupation Tax Act, the Service Occupation Tax Act, the Use Tax
Act, and the Service Use Tax Act on transactions at places of
business located in the jobs creation project area during the
base year, which shall be the calendar year immediately prior
to the year in which the municipality designated a jobs
creation project area.
"Municipal hotel tax" shall have the same meaning for the
purposes of this Act as set forth in the Hotel Operators'
Occupation Tax Act.
"Municipality" means a city, village, or incorporated
town.
"Obligations" means bonds, loans, debentures, notes,
special certificates, or other evidence of indebtedness,
including redevelopment agreements, issued or entered into by
the municipality to carry out a jobs creation project or to
refund outstanding obligations.
"Payment in lieu of taxes" means those estimated tax
revenues from real property in a jobs creation project area
derived from real property that has been acquired by a
municipality that according to the jobs creation plan is to be
used for a private use and where taxing districts would have
received real estate taxes had a municipality not acquired the
real property and adopted tax increment financing and that
would result from levies made after the time of the adoption of

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tax increment allocation financing to the time the current
equalized assessed value of real property in the jobs creation
project area exceeds the total initial equalized value of real
property in the area.
"Residential development benefits" means real estate tax
increment benefits available to a developer of a jobs creation
project for the purpose of reimbursing jobs creation project
costs for (i) an existing residential development project
qualified pursuant to paragraph (3) of Section 15 of this Act
or (ii) a new residential development project whereby the
project results in the construction of at least 10 new
residential units.
"State income tax" means the tax imposed under the Illinois
Income Tax Act.
"State sales tax" means all the net revenue realized under
the Retailer's Occupation Act, the Use Tax Act, the Service Use
Tax Act, and the Service Occupation Tax Act from transactions
at places of business located within a jobs creation project
area.
"State sales tax increment" has the meaning set forth in
Section 11-74.4-3(s) of the Tax Increment Allocation
Redevelopment Act.
"State utility tax" has the same meaning as set forth in
Public Utilities Act.
"State utility tax increment" has the same meaning as set
forth in subsection (j) of Section 11-74.4-3 of the Tax

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Increment Allocation Redevelopment Act.
"Surplus" means an amount in excess of those moneys
pledged, earmarked, or otherwise designated or estimated for
payment and securing of obligations or otherwise estimated for
public or private projects in the jobs creation plan for future
public and private costs.
"Tax increment financing" has the same meaning as set forth
in Section 11-74.4-8 of the Tax Increment Allocation
Redevelopment Act.
"Taxing districts" means counties, townships, cities, and
incorporated towns and villages, school, road, park, sanitary,
mosquito abatement, forest preserve, public health, fire
protection, river conservancy, tuberculosis sanitarium, and
any other municipal corporations or districts with the power to
levy taxes in the proposed jobs creation project area.
"Taxing districts' costs" means the costs of taxing bodies,
impact fees, and salaries that are found by the municipal
authorities to be necessary and directly result from the jobs
creation project.
"Telecommunications tax" has the same meaning as set forth
in the Telecommunications Excise Tax Act.
"Three Year Job Attainment Report" means the report
required to be submitted by a developer to a municipality on
the third anniversary of date of the designation of a jobs
creation project area, and on the anniversary date every 3
years thereafter for the term of the jobs creation project

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area, as set forth in subsection (e) of Section 20 of this Act.
Section 15. Qualifications. An area is qualified as a jobs
creation project area if the area:
(1) is contiguous and is not, in the aggregate, more
than 80 acres; and
(2) is located within the territorial limits of a
municipality in which, at any time during the 12 months
before the municipality, by ordinance, designates a jobs
creation project area, the unemployment rate, not
seasonally adjusted, was 6% or greater or was equal to or
greater than 75% of the national average unemployment rate
for that same time as published in the United States
Department of Labor Bureau of Labor Statistics publication
entitled the "The Employment Situation" or its successor
publication; for the purpose of this item (2), if
unemployment rate statistics for a municipality are not
available, the unemployment rate in the municipality shall
be deemed to be the same as the unemployment rate in the
principal county in which the municipality is located.
In addition, the municipality must establish one or more
jobs creation projects within the area and must include the
following in the jobs creation plan:
(A) the identification of at least one developer
who proposes to undertake a jobs creation project;
(B) a description of the buildings and facilities

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proposed to be constructed and improved in the jobs
creation project area;
(C) the estimated costs of construction of the
buildings and facilities to be constructed in the jobs
creation project area;
(D) a copy of letters of intent to locate within
the proposed jobs creation project area by the
developer and appropriate corporate officer, if
applicable;
(E) the estimated number of full-time equivalent
and part-time jobs anticipated to be created and
retained by the developer's jobs creation project; and
(F) any other information the municipality deems
reasonable and necessary to advise the public of the
intent of the jobs creation project.
(3) is an existing residential development project
site, for which 51% of the subdivided lots were (i) platted
and located within the territorial limits of a municipality
not less than 18 months prior to the designation of the
jobs creation project area and (ii) remain vacant or
unimproved.
Section 20. Levels of benefits.
(a) Jobs creation projects within a jobs creation project
area created pursuant to this Act may qualify for incentives,
tax credits, deductions, or exemptions as follows: (i) real

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estate tax increment; (ii) local sales tax increment; (iii)
State sales tax increment; (iv) municipal utility tax
increment; (v) municipal hotel tax increment; (vi) State
utility tax increment; (vii) income tax credit or deduction;
and (viii) State and local telecommunications tax increment.
(b) Sources of incentives available for public and private
projects in a jobs creation project area are defined by the
following levels:
(1) Level "A" benefits are defined as real estate tax
increment, local sales tax increment, and municipal hotel
tax increment. Level "A" residential development benefits
are defined as real estate tax increment only. Job creation
projects receiving level "A" residential development
benefits pursuant to this Act are exempt from the
requirements set forth in subsection (e) of Section 20 of
this Act.
(2) Level "B" benefits are defined as real estate tax
increment; local sales tax increment; State sales tax
increment; municipal hotel tax increment; and municipal
utility tax increment.
(3) Level "C" benefits are defined as real estate tax
increment; local sales tax increment; municipal hotel tax
increment; State sales tax increment; municipal utility
tax increment; State utility tax increment; State and
municipal telecommunication tax increment; and a jobs
State income tax credit or deduction.

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(c) Incentive levels for jobs creation project areas are
determined by the population of the municipality as of the most
recent federal decennial census prior to the adoption of the
jobs creation plan and the number of full-time equivalent jobs
created as follows:
(1) Jobs creation project areas located in a
municipality with a population of up to 14,999 with a
project estimated to create the following full-time
equivalent jobs are eligible for the following benefits:
(A) If the project creates 25 jobs or more, the
jobs project area is eligible for level A benefits.
(B) If the project creates 75 jobs or more, the
jobs project area is eligible for level B benefits.
(C) If the project creates 100 jobs or more, the
jobs project area is eligible for level C benefits.
(2) Jobs creation project areas located in a
municipality with a population of 15,000 to 49,999 with a
project estimated to create the following full-time
equivalent jobs are eligible for the following benefits:
(A) If the project creates 75 jobs or more, the
jobs project area is eligible for level A benefits.
(B) If the project creates 100 jobs or more, the
jobs project area is eligible for level B benefits.
(C) If the project creates 150 jobs or more, the
jobs project area is eligible for level C benefits.
(3) Jobs creation project areas located in a

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municipality with a population over 50,000 with a project
estimated to create the following full-time equivalent
jobs are eligible for the following benefits:
(A) If the project creates 100 jobs or more, the
jobs project area is eligible for level A benefits.
(B) If the project creates 150 jobs or more, the
jobs project area is eligible for level B benefits.
(C) If the project creates 250 jobs or more, the
jobs project area is eligible for level C benefits.
(d) The municipality shall determine incentive levels
available for a jobs creation project. Incentives offered to
the developer or developers shall be at the discretion of the
municipality and shall be set forth in a redevelopment
agreement adopted by ordinance of the municipality. The
redevelopment agreement shall contain a description of the
benefit level the developer is eligible to receive and the
requirements of the Three Year Job Attainment Report. The
rights and obligations of the redevelopment agreement shall be
fully assignable by the developer upon approval of the
municipality.
(e) On the third anniversary of date of the designation of
a jobs creation project area, the developer shall submit to the
municipality a Three Year Job Attainment Report, which must
include: (i) identification of the developer or developers and
the jobs creation project or projects; (ii) a description of
the incentives the developer has received since the designation

HB3614 - 25 - LRB101 08142 AWJ 53208 b
of the area; (iii) a sworn statement of the number of
full-time, part-time, and full-time equivalent jobs that have
been created by its project.
(f) If, on the third anniversary, the municipality finds
that the number of jobs created within a jobs creation project
area is not equal to or greater than the number of jobs
required by the level of benefits the developer is receiving,
the developer's level of benefits shall decrease to the
appropriate level set forth in subsection (c). If the developer
fails to meet the number of jobs required for level A benefits
based upon the population of the municipality where the jobs
creation project is located, the developer's incentives may be
terminated by written notice from the municipality.
(g) If, on the third anniversary, the municipality finds
that the jobs created within the jobs creation project area are
greater than the number of jobs required by the level of
benefits the developer is receiving, the developer may be
eligible for additional benefits based upon the appropriate
level set forth in subsection (c).
(h) A change in the level of benefits and incentives a
developer receives shall require an amendment to the
redevelopment agreement between the municipality and the
developer approved by ordinance of the municipality. If the
developer exceeds the number of full-time equivalent jobs
required for the level of benefits the developer is receiving
prior to the third anniversary date of the establishment of the

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jobs creation project area, the developer may present to the
municipality a sworn statement of the number of full-time
equivalent jobs created, and the developer, at the discretion
of the developer, may be eligible for additional benefits based
upon the appropriate level set forth in subsection (c).
(i) Upon determination by the municipality that the
requisite number of full-time equivalent jobs have been created
within the jobs creation project area, the developer or
developers shall be relieved of any liability with respect to
job creation under this Section.
Section 25. Approval of a jobs creation plan and project;
designation of a jobs creation project area.
(a) A municipality may, by ordinance, approve a jobs
creation plan and project and designate a jobs creation project
area. Prior to the adoption of an ordinance designating a jobs
creation project area or approving a jobs creation plan or jobs
creation project, the municipality by its corporate
authorities shall adopt an ordinance fixing a time and place
for a public hearing. The municipality shall hear all comments
at the hearing and the hearing may be adjourned to another date
without further notice other than a motion to be entered upon
the minutes fixing the time and place of the subsequent
hearing. At the public hearing or at any time prior to the
adoption by the municipality of an ordinance approving a jobs
creation plan, the municipality may make changes in the jobs

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creation plan. Changes that (i) add additional parcels of
property to the proposed jobs creation project area, (ii)
substantially affect the general land uses proposed in the jobs
creation plan, or (iii) substantially change the nature of or
extend the life of the jobs creation project, shall be made
only after the municipality gives notice, convenes a joint
review board, and conducts a public hearing pursuant to the
procedures set forth in this Section of this Act. Changes that
do not (i) add additional parcels of property to the proposed
jobs creation project area, (ii) substantially affect the
general land uses proposed in the jobs creation plan, or (iii)
substantially change the nature of or extend the life of the
jobs creation project, may be made without further hearing,
provided that the municipality shall give notice of any such
changes by mail to each affected taxing district and by
publication in a newspaper of general circulation within the
affected taxing district. The notice by mail and by publication
shall each occur not later than 14 business days following the
adoption by ordinance of those changes. Hearings with regard to
a jobs creation project area, project, or plan may be held
simultaneously.
(b) Notice of the public hearing shall be given by
publication and mailing. Notice by publication shall be given
by publication at least twice, the first publication to be not
more than 30 nor less than 10 days prior to the hearing in a
newspaper of general circulation within the taxing districts

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having property in the proposed jobs creation project area.
Notice by mailing shall be given by depositing that notice in
the United States mail by certified mail addressed to the
person or persons in whose name the general taxes for the last
preceding year were paid on each lot, block, tract, or parcel
of land lying within the jobs creation project area. The notice
shall be mailed not less than 10 days prior to the date set for
the public hearing. If taxes for the last preceding year were
not paid, the notice shall also be sent to the persons last
listed on the tax rolls within the preceding 3 years as the
owners of such property.
(c) The notices issued pursuant to this Section shall
include the following:
(1) the time and place of public hearing;
(2) the boundaries of the proposed jobs creation
project area by legal description and by street location
where possible;
(3) a description of the jobs creation plan and jobs
creation project for the proposed jobs creation project
area; and
(4) such other matters as the municipality may deem
appropriate.
(d) Not less than 30 days prior to the date set for
hearing, the municipality shall give notice by mail as provided
in subsection (a) to all taxing districts of which taxable
property is included in the jobs creation project area,

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project, or plan and to the Department of Commerce and Economic
Opportunity.
(e) Prior to holding a public hearing to approve or amend a
jobs creation plan or to designate or add additional parcels of
property to a jobs creation project area, the municipality
shall convene a joint review board. The board shall consist of
a representative selected by each community college district,
local elementary school district and high school district or
each local community unit school district, park district,
library district, township, fire protection district, and
county that will have the authority to directly levy taxes on
the property within the proposed jobs creation project area at
the time that the proposed jobs creation project area is
approved, a representative selected by the municipality, and a
public member who shall be a resident of the municipality. The
public member shall first be selected and then the board's
chairperson shall be selected by a majority of the board
members present and voting.
All board members shall be appointed and the first board
meeting shall be held at least 14 days but not more than 28
days after the mailing of notice by the municipality to the
taxing districts as required by this Act. Additional meetings
of the board shall be held upon the call of any member. The
municipality seeking designation of the jobs creation project
area shall provide administrative support to the board.
The board shall review (i) the public record, planning

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documents, and proposed ordinances approving the jobs creation
plan and project and (ii) proposed amendments to the jobs
creation plan or additions of parcels of property to a jobs
creation project area to be adopted by the municipality. As
part of its deliberations, the board may hold additional
hearings on the proposal. The board's recommendation shall be
an advisory, non-binding recommendation. The recommendation
shall be adopted by a majority of those members present and
voting. The recommendations shall be submitted to the
municipality within 30 days after convening the board. Failure
of the board to submit its report on a timely basis shall not
be cause to delay the public hearing or any other step in the
process of designating or amending the jobs creation project
area but shall be deemed to constitute approval of the joint
review board of the matters before it.
The board shall base its recommendation to approve or
disapprove the jobs creation plan or addition of parcels of
property to the jobs creation project area on the basis of the
jobs creation project area satisfying the qualifications
defined in Section 15 of this Act and the objectives of the
Act.
The board shall issue a written report describing why the
jobs creation plan and project area or the amendment meets or
fails to meet one or more of the objectives of this Act and the
plan requirements and eligibility criteria.
If the board recommends rejection of the matters before it,

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the municipality shall have 30 days to resubmit the plan or
amendment. During this period, the municipality shall meet and
confer with the board and attempt to resolve those issues set
forth in the board's written report that led to the rejection
of the plan or amendment.
Notwithstanding the resubmission set forth in this
subsection (e), the municipality may commence the scheduled
public hearing and either adjourn the public hearing or
continue the public hearing until a date certain. Prior to
commencing any public hearing to a date certain, the
municipality shall announce during the public hearing the time,
date, and location for reconvening the public hearing. Any
changes to the jobs creation plan necessary to satisfy the
issues set forth in the joint review board report shall be the
subject of a public hearing before the public hearing is
adjourned if the changes would (i) substantially affect the
general land uses proposed in the jobs creation plan or (ii)
substantially change the nature of or extend the life of the
jobs creation project area. Changes to the jobs creation plan
necessary to satisfy the issues set forth in the joint review
board report shall not require any further notice or convening
of a joint review board meeting, except that any changes to the
jobs creation plan that would add additional parcels of
property to the proposed jobs creation project area shall be
subject to the notice, public hearing, and joint review board
meeting requirements established for changes by this Act.

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If the municipality and the board are unable to resolve
those differences, or if the resubmitted plan or amendment is
rejected by the board, the municipality may proceed with the
plan or amendment, but only upon a three-fifths vote of the
corporate authority responsible for approval of the plan or
amendment, excluding positions of members that are vacant and
those members that arc ineligible to vote because of a conflict
of interest.
(f) Upon conclusion of the public hearing, the municipality
may, within 180 days after the public hearing, adopt an
ordinance approving a jobs creation plan and project, and an
ordinance designating a jobs creation project area. No jobs
creation project area shall be designated unless a plan and
project are approved prior to the designation of the area.
The plan and projects shall be approved by an ordinance
that includes:
(1) a description of the jobs creation project area;
(2) the qualifications described in the jobs creation
plan that cause the area to be designated as a jobs
creation project area pursuant to Section 15 of this Act;
(3) a finding that the proposed jobs creation project
area on the whole has not been subject to growth and
development through investment by private enterprise and
would not be reasonably anticipated to be developed without
the adoption of the jobs creation plan;
(4) a finding that the jobs creation plan and project

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conform to the land use and zoning and ordinances for the
development of the municipality as a whole;
(5) the anticipated completion date of the jobs
creation plan and projects;
(6) the estimated date for retirement of obligations,
if any, incurred to finance the jobs creation project; and
(7) a finding that the incremental revenues and
benefits pursuant to the act will be used exclusively for
development of or the benefit of the jobs creation project
area.
An ordinance designating a jobs creation project area shall
set forth:
(1) a general description of the jobs creation project
area; and
(2) a boundary map of the jobs creation project area.
(g) Upon adoption of the ordinances and with regard to the
real estate increment, as set forth in Section 11-74.4-8 of the
Tax Increment Allocation Redevelopment Act, the municipality
shall forthwith transmit to the county clerk of the county or
counties within which the jobs creation project area is located
a certified copy of the ordinance, a legal description of the
jobs creation project area, a map of the jobs creation project
area, identification of the year that the county clerk shall
use for determining the total initial equalized assessed value
of the jobs creation project area, and a list of the parcel or
tax identification number of each parcel of property included

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in the jobs creation project area.
(h) Upon adoption of the ordinances and with regard to the
State and local municipal sales taxes and use and service
taxes, State income taxes, municipal hotel taxes, State and
municipal telecommunications taxes, and State and municipal
utility taxes, if such benefits are applicable, the
municipality shall provide to the Illinois Department of
Revenue a certified copy of the ordinances.
Section 30. Jobs Creation Finance Fund. Upon adoption of
the ordinances approving a jobs creation plan and project and
designating a jobs creation project area, a municipality shall
create a special fund called the Jobs Creation Finance Fund for
the deposit of real estate tax incremental revenues and any
incremental tax revenues payable to the municipality pursuant
to this Act. The moneys in the Jobs Creation Finance Fund shall
be used for the purpose of paying jobs creation projects costs
and obligations incurred from the payment of jobs creation
project costs.
Section 35. Completion dates for jobs creation projects.
The dates of completion of the jobs creation projects and
retirement of obligations issued to finance jobs creation
project cost may not be later than December 31st of the year in
which the payment to the municipal treasurer is to be made with
respect to ad valorem real estate taxes levied in the 15th

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calendar year after the year in which the ordinance approving
the jobs creation project area was adopted. A municipality may
elect to extend the life of the jobs creation project area to
25 years by the adoption of an ordinance after at least 14 but
no more than 30 days' written notice to the affected taxing
bodies before the adoption of the ordinance.
Section 40. Municipal powers and duties; jobs creation
project areas. A municipality may:
(a) Make and enter into all contracts with property owners,
developers, tenants, individual overlapping taxing bodies, and
others necessary or incidental to the implementation and
furtherance of its jobs creation plan and projects.
(b) Acquire by purchase, donation, or lease or own, convey,
lease, mortgage, or dispose of land and other property, real or
personal, or rights or interests therein, and grant or acquire
licenses, easements, and options with respect thereto, all in
the manner and at the price the municipality determines is
reasonably necessary to achieve the objectives of the jobs
creation plan and project. No conveyance, lease, mortgage, or
disposition of land or other property owned by a municipality,
or agreement relating to the development of that municipal
property, shall be made except upon the adoption of an
ordinance by the corporate authorities of the municipality.
Furthermore, no conveyance, lease, mortgage, or other
disposition of land owned by a municipality or agreement

HB3614 - 36 - LRB101 08142 AWJ 53208 b
relating to the development of such municipal property shall be
made without making public disclosure of the terms of the
disposition and all bids and proposals made in response to the
municipality's request. The procedures for obtaining those
bids and proposals shall provide reasonable opportunity for any
person to submit alternative proposals or bids.
(c) Within a jobs creation project area, clear any area by
demolition or removal of any existing buildings, equipment,
underground tanks, structures, or other impediments to
development.
(d) Within a jobs creation project area, renovate,
rehabilitate, or construct any structure or building, as
permitted under this Act.
(e) Install, repair, construct, reconstruct, or relocate
streets, utilities, and site improvements essential to the
preparation of the jobs creation project area for use in
accordance with a jobs creation project plan.
(f) Within a jobs creation project area, fix, charge, and
collect fees, rents, and charges for the use of any building or
property owned or leased by it or any part thereof, or facility
therein.
(g) Accept grants, guarantees, and donations of property,
labor, or other things of value from a public or private source
for use within a project jobs creation project area.
(h) Acquire and construct public facilities as permitted
under this Act.

HB3614 - 37 - LRB101 08142 AWJ 53208 b
(i) Incur jobs creation project costs and reimburse
developers who incur project costs as permitted under this Act.
(j) From municipal owned properties, make full or partial
payment in lieu of taxes to taxing districts. If payments in
lieu of taxes or a portion thereof are made to taxing
districts, those payments shall be made to all districts within
a jobs creation project area on a basis which is proportional
to the then current collections of revenue which each taxing
district receives from real property in the jobs creation
project area.
(k) Exercise any and all other powers necessary to
effectuate the purposes of this Act.
(l) Municipalities may undertake and perform jobs creation
plans and projects and use the provisions of the Act wherever
they have contiguous jobs creation project areas or tax
increment redevelopment project areas. They may issue
obligations and expend tax revenues received under this Act for
eligible expenses anywhere within contiguous jobs creation
project areas or tax increment redevelopment project areas, as
otherwise permitted in the Act.
(m) Use revenues, other than State sales use or service tax
increment revenues or State utilities tax increment revenues,
received under this Act from one jobs creation project area for
eligible costs in: (i) another contiguous jobs creation project
area; (ii) a contiguous tax increment redevelopment project
area created pursuant to the Tax Increment Allocation

HB3614 - 38 - LRB101 08142 AWJ 53208 b
Redevelopment Act or Industrial Jobs Recovery Law; or (iii) a
STAR Bonds District created pursuant to the Innovation
Development and Economy Act. Job creation project areas, tax
increment redevelopment project areas, or STAR bonds districts
shall be deemed contiguous under this Act if they are:
(1) separated only by a public right-of-way from the
jobs creation project area or tax increment redevelopment
project area;
(2) separated only by property owned by another taxing
district; or
(3) separated only by forest preserve property from the
jobs creation project area.
(n) If a jobs creation project has not been initiated in a
jobs creation project area within 3 years after the area was
designated by ordinance, the municipality shall adopt an
ordinance repealing the area's designation as a jobs creation
project area.
Section 45. Distribution of surplus funds. Upon the
determination of a surplus of increment in the Jobs Creation
Finance Fund, the surplus shall be distributed to the taxing
districts and to the Illinois Department of Revenue as follows:
(i) surplus real estate increment shall be paid by the
municipal treasurer to the County Collector, who shall
distribute the surplus increment to the taxing bodies in
proportion to the tax rates of the taxing bodies in the most

HB3614 - 39 - LRB101 08142 AWJ 53208 b
recent distribution by the County Collector to the affected
districts; (ii) the municipal treasurer shall pay all surplus
State sales, use, service, and utility taxes to the Department
of Revenue; and (iii) the municipality shall retain all local
taxes and deposit them into the municipality's general fund.
Section 50. Issuance of obligations for jobs creation
project costs. Obligations in the form of bonds, loans, notes,
or debentures, secured by the Jobs Creation Finance Fund for
the jobs creation project area, may be issued to provide for
jobs creation project costs.
Without limiting the foregoing in this Section, the
municipality may pledge, in addition to obligations secured by
the Jobs Creation Finance Fund and for a period not greater
than the term of the obligations, towards payment of such
obligations any part or any combination of the following: (i)
net revenues of all or part of any jobs creation project; (ii)
taxes levied and collected on any or all property in the
municipality; (iii) the full faith and credit of the
municipality; (iv) a mortgage on part or all of the jobs
creation project; or (v) any other taxes or anticipated
receipts that the municipality may lawfully pledge.
These obligations may be issued in one or more series
bearing interest at a rate or rates that the corporate
authorities of the municipality shall determine by ordinance.
These obligations shall bear such date or dates, mature at such

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time or times not exceeding 15 years, or 25 years if the area
is extended, from their respective dates, be in such
denomination, carry such registration privileges, be executed
in such manner, be payable in such medium of payment at such
place or places, contain such covenants, terms, and conditions,
and be subject to redemption as the ordinance shall provide.
Obligations issued pursuant to this Act may be sold at public
or private sale at a price determined by the corporate
authorities of the municipalities. No referendum approval of
the electors shall be required as a condition to the issuance
of obligations pursuant to this Act except as provided in this
Section.
If the municipality authorizes issuance of obligations
pursuant to the authority of this Act secured by the full faith
and credit of the municipality, and if those obligations are
other than obligations that may be issued under home rule
powers provided by Article VII, Section 6 of the Illinois
Constitution, or pledges taxes under this Section, the
ordinance authorizing the issuance of those obligations or
pledging those taxes shall be published in one or more
newspapers, with general circulation within the municipality,
within 10 days after the ordinance has been passed. The
publication of the ordinance shall be accompanied by a notice
of (i) the specific number of voters required to sign a
petition requesting the question of the issuance of those
obligations or pledging taxes to be submitted to the electors;

HB3614 - 41 - LRB101 08142 AWJ 53208 b
(ii) the time in which the petition must be filed; and (iii)
the date of the prospective referendum. The municipal clerk
shall provide a petition form to any individual requesting one.
If no petition is filed with the municipal clerk, as
provided in this Section, within 30 days after the publication
of the ordinance, the ordinance shall be in effect. But, if
within that 30-day period, a petition is filed with the
municipal clerk, signed by electors in the municipality
numbering 10% or more of the number of registered voters in the
municipality, asking that the question of issuing obligations
using full faith and credit of the municipality as security for
the cost of paying for jobs creation project costs, or of
pledging taxes for the payment of such obligations, or both, be
submitted to the electors of the municipality, the corporate
authorities of the municipality shall call a special election
in the manner provided by law to vote upon that question, or,
if a general, State, or municipal election is to be held within
a period of not less than 30 or more than 90 days from the date
the petition is filed, shall submit the question at the next
general, State, or municipal election. If it appears upon the
canvass of the election by the corporate authorities that a
majority of electors voting upon the question voted in favor
thereof, the ordinance shall be in effect, but if a majority of
the electors voting upon the question are not in favor thereof,
the ordinance shall not take effect.
The ordinance authorizing the obligations may provide that

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the obligations shall contain a recital that they are issued
pursuant to this Act, which recital shall be conclusive
evidence of their validity and of the regularity of their
issuance.
If the municipality authorizes issuance of obligations
pursuant to this Section secured by the full faith and credit
of the municipality, the ordinance authorizing the obligations
may provide for the levy and collection of a direct annual tax
upon all taxable property within the municipality sufficient to
pay the principal thereof and interest thereon as it matures,
which levy may be in addition to and exclusive of the maximum
of all other taxes authorized to be levied by the municipality,
which levy, however, shall be abated to the extent that moneys
from other sources are available for payment of the obligations
and the municipality certifies the amount of those moneys
available to the county clerk.
A certified copy of the ordinance shall be filed with the
county clerk of each county in which any portion of the
municipality is situated, and shall constitute the authority
for the extension and collection of the taxes to be deposited
into the Jobs Creation Finance Fund.
A municipality may also issue its obligations to refund, in
whole or in part, obligations theretofore issued by that
municipality under the authority of this Act, whether at or
prior to maturity; provided, however, that the last maturity of
the refunding obligations may not be later than the dates set

HB3614 - 43 - LRB101 08142 AWJ 53208 b
forth in this Act.
If a municipality issues obligations under home rule powers
or other legislative authority, the proceeds of which are
pledged to pay for jobs creation project costs, the
municipality may, if it has followed the procedures in
conformance with this Act, retire those obligations from funds
in the Jobs Creation Finance Fund in amounts and in such manner
as if such obligations had been issued pursuant to the
provisions of this Act.
All obligations issued pursuant to this Act shall not be
regarded as indebtedness of the municipality issuing those
obligations or any other taxing district for the purpose of any
limitation imposed by law.
Section 55. Amendments. After a municipality has, by
ordinance, approved a jobs creation plan, and designated a jobs
creation project area, the plan may be amended and additional
properties may be added to the jobs creation project area only
as provided in this Section. Amendments that (i) add additional
parcels of property to the proposed jobs creation project area,
(ii) substantially affect the general land uses proposed in the
jobs creation plan, (iii) substantially change the nature of
the jobs creation project, (iv) increase the total estimated
jobs creation project costs set out in the jobs creation plan
by more than 5% after adjustment for inflation from the date
the plan was adopted, or (v) add additional jobs creation

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project costs to the itemized list of jobs creation project
costs set out in the jobs creation plan shall be made only
after the municipality gives notice, convenes a joint review
board, and conducts a public hearing pursuant to the procedures
set forth in this Act. Changes that do not (i) add additional
parcels of property to the proposed jobs creation project area,
(ii) substantially affect the general land uses proposed in the
jobs creation plan, (iii) substantially change the nature of
the jobs creation project, (iv) increase the total estimated
jobs creation project cost set out in the jobs creation plan by
more than 5% after adjustment for inflation from the date the
plan was adopted, or (v) add additional jobs creation project
costs to the itemized list of jobs creation project costs set
out in the jobs creation plan may be made without further
public hearing and related notices and procedures including the
convening of a joint review board as set forth in this Act,
provided that the municipality shall give notice of any such
changes by mail to each affected taxing district and by
publication in a newspaper of general circulation within the
affected taxing district. That notice by mail and by
publication shall each occur not later than 10 days following
the adoption by ordinance of those changes.
Section 60. Annual reports; annual joint review board
meetings. A municipality shall submit the following
information for each jobs creation project area to (i) the

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State Comptroller under Section 8-8-3.5 of the Illinois
Municipal Code; (ii) the Illinois Department of Revenue, if
applicable, and (iii) to all taxing districts overlapping the
jobs creation project area no later than 180 days after the
close of each municipal fiscal year or after the audited
financial statements become available and, in any case, shall
be submitted before the annual meeting of the Joint Review
Board to each of the taxing districts that overlap the jobs
creation project area:
(1) any amendments to the jobs creation plan or the
jobs creation project area;
(2) a list of the jobs creation project areas
administered by the municipality, the number of full time
equivalent jobs created by each jobs creation project
within the jobs creation project area, and, if applicable,
the date each jobs creation project area was designated or
terminated by the municipality;
(3) audited financial statements of the Jobs Creation
Finance Fund once a cumulative total of $100,000 has been
deposited into the fund;
(4) certification of the chief executive officer of the
municipality that the municipality has complied with all of
the requirements of this Act during the preceding fiscal
year;
(5) an opinion of legal counsel that the municipality
is in compliance with this Act;

HB3614 - 46 - LRB101 08142 AWJ 53208 b
(6) an analysis of the Jobs Creation Finance Fund that
sets forth:
(A) the balance in the Jobs Creation Finance Fund
at the beginning of the fiscal year;
(B) all amounts deposited in the Jobs Creation
Finance Fund by source;
(C) an itemized list of all expenditures from the
Jobs Creation Finance fund by category of permissible
jobs creation project cost; and
(D) the balance in the Jobs Creation Finance Fund
at the end of the fiscal year including a breakdown of
that balance by: (i) source and use of funds by
increment; and (ii) identification of any surplus as
defined in Section 3 of this Act;
(7) a description of all property purchased by the
municipality within the jobs creation project area
including:
(A) street address;
(B) approximate size or description of property;
(C) purchase price; and
(D) seller of property;
(8) a statement setting forth all activities
undertaken in furtherance of the objectives of the jobs
creation plan, including:
(A) any project implemented in the preceding
fiscal year;

HB3614 - 47 - LRB101 08142 AWJ 53208 b
(B) a description of the jobs creation activities
undertaken;
(C) a description of any agreements entered into by
the municipality with regard to the disposition or
redevelopment of any property within the jobs creation
project area or the area within the State Sales Tax
Boundary;
(D) any reports submitted to the municipality by
the joint review board; and
(E) a review of public and, to the extent possible,
private investment actually undertaken to date and
estimated to be undertaken during the following year;
this review shall, on a project-by-project basis, set
forth the estimated amounts of public and private
investment incurred;
(9) with regard to any obligations issued by the
municipality:
(A) copies of any official statements; and
(B) an analysis setting forth: (i) nature and term
of obligation; and (ii) projected debt service
including required reserves and debt coverage if (i)
and (ii) are not included in the official statements;
(10) for Jobs Creation Finance Funds that have
experienced cumulative deposits of incremental tax
revenues of $100,000 or more, a certified audit report
reviewing compliance with this Act performed by an

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independent public accountant certified and licensed by
the authority of the State of Illinois; the financial
portion of the audit must be conducted in accordance with
Standards for Audits of Governmental Organizations,
Programs, Activities, and Functions adopted by the
Comptroller General of the United States (1981), as
amended, or the standards specified by Section 8-8-5 of the
Illinois Municipal Auditing Law of the Illinois Municipal
Code; the audit report shall contain a letter from the
independent certified public accountant indicating
compliance or noncompliance with the requirements of the
Act; and
(11) the joint review board shall meet annually 180
days after the close of the municipal fiscal year or after
the jobs creation plan and project audit for that fiscal
year becomes available to review the effectiveness and
status of the jobs creation plan and project up to that
date.
Section 65. Overlapping tax increment financing districts;
enterprise zones.
(a) A jobs creation project area may overlap an existing
tax increment financing district created pursuant to the Tax
Increment Allocation Redevelopment Act. If any portion of the
property taxes attributable to the increase in equalized
assessed value within a jobs creation project area are, at the

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time of formation of the jobs creation project area, already
subject to tax increment financing under the Tax Increment
Allocation Redevelopment Act, then the tax increment for those
tax parcels shall be frozen at the base year established in
accordance with this Act, and all future incremental increases
over the base year shall not be subject to tax increment
financing under the Tax Increment Allocation Redevelopment
Act, but rather, shall be subject to tax increment financing
under this Act. Any party otherwise entitled to the receipt of
incremental tax revenues pursuant to an existing tax increment
redevelopment agreement shall be entitled to continue to
receive those revenues. Nothing in this Act shall affect the
prior qualification of existing redevelopment project costs
incurred that are eligible for reimbursement under the Tax
Increment Allocation Redevelopment Act.
(b) A jobs creation project area may overlap an existing
enterprise zone created pursuant to the Enterprise Zone Act
subject to the following:
(1) Developments that have been designated to receive
enterprise zone benefits shall continue to receive the
designated real estate benefits and any other designated
benefits until the expiration of the designated benefits.
(2) If a developer with a jobs creation project within
an existing enterprise zone is not receiving enterprise
zone benefits or elects to terminate its existing
enterprise zone benefits, the developer shall be eligible

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for benefits as set forth in this Act.
Section 70. Payment of project costs; revenues from
municipal property. Revenues received by the municipality from
any property, building, or facility owned, leased, or operated
by the municipality or any agency or authority established by
the municipality, or from repayments of loans, may be used to
pay jobs creation project costs, or reduce outstanding
obligations of the municipality incurred under this Act for
jobs creation project costs. The municipality may place those
revenues in the Jobs Creation Finance Fund, which shall be held
by the municipal treasurer or other person designated by the
municipality.
Section 75. Partial invalidity. If any Section,
subdivision, paragraph, sentence, or clause of this Act is, for
any reason, held to be invalid or unconstitutional, that
decision shall not affect any remaining portion, Section, or
part thereof that can be given effect without the invalid
provision.
Section 99. Effective date. This Act takes effect upon
becoming law.