65 ILCS 5/11-74.6-22
2021 Illinois Compiled Statutes|Chapter 65 - MUNICIPALITIES|65 ILCS 5/ - Illinois Municipal Code.|Article 11 - Corporate Powers and Functions

Sec. 11-74.6-22. Adoption of ordinance; requirements; changes.(a) Before adoption of an ordinance proposing the  designation of a redevelopment planning area or a redevelopment project area,  or both, or approving a  redevelopment plan or redevelopment project, the municipality or commission  designated pursuant to subsection (l) of Section 11-74.6-15 shall fix by  ordinance or resolution  a time and place for public hearing.  Prior to the adoption of the ordinance or resolution establishing the time and  place for the public hearing, the municipality shall make available for public  inspection a redevelopment plan or a report that provides in sufficient detail,  the basis for the eligibility of the  redevelopment project area.  The report  along with the name of a  person to contact for further information shall be sent to the affected taxing  district by certified mail within a reasonable time following the adoption of  the ordinance or resolution establishing the time and place for the public  hearing.At the public hearing any  interested person or affected taxing district may file with the  municipal clerk written objections to the ordinance and may be heard orally  on any issues that are the subject of the hearing.  The municipality shall  hear and determine all alternate proposals or bids for any proposed conveyance,  lease, mortgage or other disposition of land and all protests and objections 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  later hearing.  At the public hearing or at any time prior to the adoption by the  municipality of an ordinance approving a redevelopment plan, the  municipality may make changes in the redevelopment plan.   Changes  which (1) add additional parcels of property to the proposed redevelopment  project  area, (2) substantially affect the general land uses proposed in the  redevelopment plan, or (3) substantially change the nature of or extend the  life of the redevelopment  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 and in Section  11-74.6-25.  Changes which do not (1) add additional parcels of  property to the proposed redevelopment project area, (2) substantially affect  the general land uses proposed in the redevelopment plan, or (3) substantially  change the nature of or extend the life of the redevelopment 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  once in a newspaper of general circulation within the affected taxing district.  Such notice by mail and by publication shall each occur not later than 10 days  following the adoption by ordinance of such changes.(b) Before adoption of an ordinance proposing the designation of a  redevelopment planning area or a redevelopment project area, or both, or  amending the boundaries of an existing  redevelopment project area or redevelopment planning area, or both, the  municipality shall convene a joint review  board to consider the proposal.  The board shall consist of a  representative selected by each taxing district that has  authority to levy real property taxes on the property within the proposed  redevelopment project area and that has at least 5% of its total equalized  assessed value located within the proposed redevelopment project area, a  representative selected by the municipality  and a public member.  The public member and the board's chairperson shall  be selected by a majority of other board members.All board members shall be appointed and the first board meeting held  within 14 days following the notice by the municipality to all the taxing  districts as required by subsection (c) of Section 11-74.6-25.  The notice  shall also advise the taxing bodies represented on the joint review board  of the time and place of the first meeting of the board.  Additional  meetings of the board shall be held upon the call of any 2 members.  The  municipality seeking designation of the redevelopment project area may provide  administrative support to the board.The board shall review the public record, planning documents and  proposed ordinances approving the redevelopment plan and project to be  adopted by the municipality.  As part of its deliberations, the board may  hold additional hearings on the proposal. A board's recommendation, if any,  shall be a written recommendation adopted by a  majority vote of the board and submitted to the municipality within 30 days  after the board convenes. A board's recommendation shall be binding upon the  municipality.  Failure of the board to submit  its recommendation on a timely basis shall not be cause to delay the public  hearing or the process of establishing or amending the  redevelopment project area. The board's recommendation on the proposal  shall be based upon the area satisfying the applicable eligibility criteria  defined in Section 11-74.6-10 and whether there is a basis for the  municipal findings set forth in the redevelopment plan as required by this  Act. If the board does not file a recommendation it shall be presumed that  the board has found that the redevelopment project area satisfies the  eligibility criteria.(c) After a municipality has by ordinance approved a redevelopment plan  and designated a redevelopment planning area or a redevelopment project area,  or both, the plan may be  amended and additional properties may be added to the redevelopment project  area only as herein provided.  Amendments  which (1) add additional parcels of property to the proposed redevelopment  project  area, (2) substantially affect the general land uses proposed in the  redevelopment plan, (3) substantially change the nature of the redevelopment  project,  (4) increase the total estimated  redevelopment project costs set out in the redevelopment plan by more than 5%  after adjustment for inflation from the date the plan was adopted, or  (5) add additional redevelopment project costs to the itemized list of  redevelopment project costs set out in the redevelopment 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 Section and in Section 11-74.6-25.  Changes which do not (1) add additional parcels of property to the proposed  redevelopment project area, (2) substantially affect the general land uses  proposed in the redevelopment plan, (3) substantially change the nature  of the redevelopment project, (4) increase the total estimated redevelopment  project cost set out in the redevelopment plan by more than 5% after adjustment  for inflation from the date the plan was adopted, or (5) add additional  redevelopment project costs to the itemized list of redevelopment project costs   set out in the redevelopment plan  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 once in a newspaper of general circulation within the affected  taxing district.  Such notice by mail and by publication shall each occur not  later than 10 days following the adoption by ordinance of such changes.Notwithstanding Section 11-74.6-50, the redevelopment project area established by an ordinance adopted in its final form on December 19, 2011 by the City of Loves Park may be expanded by the adoption of an ordinance to that effect without further hearing or notice to include land that (i) is at least in part contiguous to the existing redevelopment project area, (ii) does not exceed approximately 16.56 acres, (iii) at the time of the establishment of the redevelopment project area would have been otherwise eligible for inclusion in the redevelopment project area, and (iv) is zoned so as to comply with this Act prior to its inclusion in the redevelopment project area.(d) After the effective date of this amendatory Act of the 91st General  Assembly, a  municipality shall  submit the following information for each redevelopment project area (i) to  the State Comptroller under Section 8-8-3.5 of the Illinois Municipal Code, subject to any extensions or exemptions provided at the Comptroller's discretion under that Section, and (ii) to all taxing districts overlapping  the  redevelopment project area  no later than 180  days after the close of each municipal fiscal year or as soon thereafter as  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 redevelopment project area:(1) Any amendments to the redevelopment plan, or the     redevelopment project area.(1.5) A list of the redevelopment project areas     administered by the municipality and, if applicable, the date each redevelopment project area was designated or terminated by the municipality.(2) Audited financial statements of the special tax     allocation fund once a cumulative total of $100,000 of tax increment revenues has been deposited in the fund.(3) 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.(4) An opinion of legal counsel that the municipality     is in compliance with this Act.(5) An analysis of the special tax allocation fund     which sets forth:(A) the balance in the special tax allocation         fund at the beginning of the fiscal year;(B) all amounts deposited in the special tax         allocation fund by source;(C) an itemized list of all expenditures from the         special tax allocation fund by category of permissible redevelopment project cost; and(D) the balance in the special tax allocation         fund at the end of the fiscal year including a breakdown of that balance by source and a breakdown of that balance identifying any portion of the balance that is required, pledged, earmarked, or otherwise designated for payment of or securing of obligations and anticipated redevelopment project costs. Any portion of such ending balance that has not been identified or is not identified as being required, pledged, earmarked, or otherwise designated for payment of or securing of obligations or anticipated redevelopment project costs shall be designated as surplus as set forth in Section 11-74.6-30 hereof.(6) A description of all property purchased by the     municipality within the redevelopment project area including:(A) Street address.(B) Approximate size or description of property.(C) Purchase price.(D) Seller of property.(7) A statement setting forth all activities     undertaken in furtherance of the objectives of the redevelopment plan, including:(A) Any project implemented in the preceding         fiscal year.(B) A description of the redevelopment 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 redevelopment project area.(D) Additional information on the use of all         funds received under this Division and steps taken by the municipality to achieve the objectives of the redevelopment plan.(E) Information regarding contracts that the         municipality's tax increment advisors or consultants have entered into with entities or persons that have received, or are receiving, payments financed by tax increment revenues produced by the same redevelopment project area.(F) Any reports submitted to the municipality by         the joint review board.(G) A review of public and, to the extent         possible, private investment actually undertaken to date after the effective date of this amendatory Act of the 91st General Assembly 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 after the effective date of this amendatory Act of the 91st General Assembly and provide the ratio of private investment to public investment to the date of the report and as estimated to the completion of the redevelopment project.(8) With regard to any obligations issued by the     municipality:(A) copies of any official statements; and(B) an analysis prepared by financial advisor or         underwriter, chosen by the municipality, setting forth: (i) nature and term of obligation; (ii) projected debt service including required reserves and debt coverage; and (iii) actual debt service.(9) For special tax allocation funds that have     received cumulative deposits of incremental tax revenues of $100,000 or more, a certified audit report reviewing compliance with this Act performed by an 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 subsection (o) of Section 11-74.6-10.In addition to information required to be reported under this Section, for Fiscal Year 2022 and each fiscal year thereafter, reporting municipalities shall also report to the Comptroller annually in a manner and format prescribed by the Comptroller: (1) the number of jobs, if any, projected to be created for each redevelopment project area at the time of approval of the redevelopment agreement; (2) the number of jobs, if any, created as a result of the development to date for that reporting period under the same guidelines and assumptions as was used for the projections used at the time of approval of the redevelopment agreement; (3) the amount of increment projected to be created at the time of approval of the redevelopment agreement for each redevelopment project area; (4) the amount of increment created as a result of the development to date for that reporting period using the same assumptions as was used for the projections used at the time of the approval of the redevelopment agreement; and (5) the stated rate of return identified by the developer to the municipality for each redevelopment project area, if any. Stated rates of return required to be reported in item (5) shall be independently verified by a third party chosen by the municipality. Reporting municipalities shall also report to the Comptroller a copy of the redevelopment plan each time the redevelopment plan is enacted, amended, or extended in a manner and format prescribed by the Comptroller. These requirements shall only apply to redevelopment projects beginning in or after Fiscal Year 2022.(e) The joint review board shall meet annually 180 days  after the close of the municipal fiscal year or as soon as the redevelopment  project audit for that fiscal year becomes available to review the  effectiveness and status of the redevelopment project area up to that date.  (Source: P.A. 102-127, eff. 7-23-21.)