Bill Text: IL HB4386 | 2019-2020 | 101st General Assembly | Introduced

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Bill Title: Amends the Brownfields Redevelopment and Intermodal Promotion Act. Provides that moneys in the South Suburban Brownfields Redevelopment Fund shall be held to fund eligible projects through fiscal year 2031 (currently 2021). Provides that the life span of the South Suburban Brownfields Redevelopment Fund may be extended past 2036 (currently, 2026). Provides that the total amount of tax increment to be transferred to the South Suburban Brownfields Redevelopment Fund may not exceed $4,000,000 in any fiscal year (currently, $3,000,000).

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2021-01-09 - Held on Calendar Order of Second Reading - Short Debate [HB4386 Detail]

Download: Illinois-2019-HB4386-Introduced.html

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101ST GENERAL ASSEMBLY State of Illinois 2019 and 2020 HB4386 Introduced , by Rep. William Davis SYNOPSIS AS INTRODUCED:
20 ILCS 607/3-20
20 ILCS 607/3-25
Amends the Brownfields Redevelopment and Intermodal Promotion Act. Provides that moneys in the South Suburban Brownfields Redevelopment Fund shall be held to fund eligible projects through fiscal year 2031 (currently 2021). Provides that the life span of the South Suburban Brownfields Redevelopment Fund may be extended past 2036 (currently, 2026). Provides that the total amount of tax increment to be transferred to the South Suburban Brownfields Redevelopment Fund may not exceed $4,000,000 in any fiscal year (currently, $3,000,000).
LRB101 17475 HLH 66885 b
FISCAL NOTE ACT MAY APPLY
A BILL FOR
HB4386 LRB101 17475 HLH 66885 b
AN ACT concerning State government.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 5. The Brownfields Redevelopment and Intermodal
Promotion Act is amended by changing Sections 3-20 and 3-25 as
follows:
(20 ILCS 607/3-20)
Sec. 3-20. South Suburban Brownfields Redevelopment Fund;
eligible projects. In State fiscal years 2015 through 2031
2021, all moneys in the South Suburban Brownfields
Redevelopment Fund shall be held solely to fund eligible
projects undertaken pursuant to the provisions of Section 3-35
of this Act and performed either directly by Cook County
through a development agreement with the Department, by an
entity designated by Cook County through a development
agreement with the Department to perform specific tasks, or by
an Eligible Developer or an Eligible Employer through a
development agreement. All Eligible Projects are subject to
review and approval by the Managing Partner and by the
Department. The life span of the Fund may be extended past 2036
2026 by law.
(Source: P.A. 101-275, eff. 8-9-19.)

HB4386 - 2 - LRB101 17475 HLH 66885 b
(20 ILCS 607/3-25)
Sec. 3-25. Limitation on amounts for eligible projects.
The total amount of tax increment to be transferred to the
South Suburban Brownfields Redevelopment Fund shall not exceed
$4,000,000 $3,000,000 in each State fiscal year. Any increment
generated in a given State fiscal year in excess of $3,000,000
shall be retained by the State. Any revenues in the South
Suburban Brownfields Redevelopment Fund not used in a given
fiscal year may be rolled over into subsequent fiscal years.
Use of the Fund to pay or reimburse eligible expenses shall not
preclude the receipt of benefits from any Enterprise Zone, Tax
Increment Finance District, property tax abatement program, or
other business development program of a federal, State, or
local economic development program that may be available to the
project, and any brownfield site included in an agreement with
an eligible developer or eligible employer shall remain fully
eligible for all State and Federal tax incentives and grants
specifically related to brownfield remediation.
(Source: P.A. 100-774, eff. 8-10-18.)