ECONOMIC DEVELOPMENT
HB 668 - Business District Redevelopment
Provides that in carrying out a business district redevelopment plan, corporate authorities may include property in connection with the plan (now limited to property acquired in connection with the plan). Provides that the amended language is declarative of existing law and not a new enactment. P.A. 91-418; effective 1-1-2000.
SB 1032 - Tax Increment Financing Reform
Amends the Tax Increment Finance Law in several substantive areas. Among the provisions: adding definitions to "blighted criteria;" requiring mandatory reimbursement to school districts for costs associated with residential TIFs; prohibiting the use of TIFs for certain new municipal buildings and for golf course development; mandating distribution of surplus revenue to taxing districts; and requiring an annual detailed report to the State Comptroller. Also extends the Rosemont TIF to 35 years. P.A. 91-478; effective 11-1-99.
SB 1087 - Open Land Trust Act
Creates the Illinois Open Land Trust Act allowing IDNR to acquire real property for conservation and recreation purposes. IDNR may only acquire property if the mechanisms used are voluntary on the part of the landowners and do not involve the use of eminent domain. Will appear at 525 ILCS 33/. P.A. 91-220; effective 7-21-99. |