Bill Text: IL SB2946 | 2017-2018 | 100th General Assembly | Introduced
Bill Title: Amends the Tax Increment Allocation Redevelopment Act of the Illinois Municipal Code. Provides that when a redevelopment project area has been dissolved, completed, or terminated under the Act, property within that redevelopment project area may not become part of another redevelopment project area for 15 years after the date the former redevelopment project area dissolved, completed, or terminated.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Failed) 2019-01-09 - Session Sine Die [SB2946 Detail]
Download: Illinois-2017-SB2946-Introduced.html
| |||||||||||||||||||||||||
| |||||||||||||||||||||||||
| |||||||||||||||||||||||||
| |||||||||||||||||||||||||
| |||||||||||||||||||||||||
1 | AN ACT concerning local government.
| ||||||||||||||||||||||||
2 | Be it enacted by the People of the State of Illinois,
| ||||||||||||||||||||||||
3 | represented in the General Assembly:
| ||||||||||||||||||||||||
4 | Section 5. The Illinois Municipal Code is amended by adding | ||||||||||||||||||||||||
5 | Section 11-74.4-3.7 as follows:
| ||||||||||||||||||||||||
6 | (65 ILCS 5/11-74.4-3.7 new) | ||||||||||||||||||||||||
7 | Sec. 11-74.4-3.7. Property formerly within a redevelopment | ||||||||||||||||||||||||
8 | project area. Notwithstanding any other provision of this Act, | ||||||||||||||||||||||||
9 | when a redevelopment project area has been dissolved, | ||||||||||||||||||||||||
10 | completed, or terminated under this Act, property within that | ||||||||||||||||||||||||
11 | redevelopment project area may not become part of another | ||||||||||||||||||||||||
12 | redevelopment project area for 15 years after the date the | ||||||||||||||||||||||||
13 | former redevelopment project area dissolved, completed, or | ||||||||||||||||||||||||
14 | terminated.
|