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

Sec. 11-74.6-5.     Findings and Declarations.(a) It is hereby found and declared that the communities of the State  have lost over 300,000 manufacturing jobs over the last decade and that  these losses have resulted in persistent high levels of unemployment and  underemployment, substantial tax base losses in many areas of the State,  and have left a large inventory of vacant industrial space.  As a result of  this decline in manufacturing, employment, and income there is an excessive  and disproportionate expenditure of public funds, inadequate public and  private investment, unmarketability of property, growth in crime, and  housing and zoning law violations in these areas together with an abnormal  exodus of occupants.  The decline of these areas impairs the value of  private investments and threatens the sound growth and tax base of taxing  districts in these areas, and threatens the health, safety, morals and  welfare of the public.  These areas also include underutilized plants and  facilities that, if redeveloped for industrial use, will promote industrial  and transportation activities, thereby reducing the evils attendant to  involuntary unemployment and enhancing the public health and welfare of this State.(b) It is further found and declared that there exist in many  municipalities within the State numerous properties, both improved and  unimproved, that cannot be reused or sold for reuse because of environmental  contamination that causes them to be vacant for long  periods of time, less marketable or unmarketable unless cleaned  up, and dilapidated and detrimental to the surrounding community.  Many of these properties are in strategic locations within the  municipalities and cause disinvestment within the community and a loss of  tax base and employment opportunities.(c) It is hereby found and declared, that in order to promote and  protect the health, safety, morals, and welfare of the public,  redevelopment of these areas must be undertaken.  To reverse these  adverse economic conditions, it is necessary to encourage private investment  and restore and enhance the tax base of the taxing districts in these areas  by the development or redevelopment of project areas.  The reversal of  these adverse economic conditions and the elimination of the negative  impact they have on communities through industrial redevelopment projects,  and the retention and expansion of the economic bases of Illinois  communities is hereby declared to be essential to the public interest.(d) It is found and declared that the use of incremental tax revenues  derived from the tax levies of various taxing districts in redevelopment  project areas for the payment of redevelopment project costs is of benefit  to those taxing districts because taxing districts located in redevelopment  project areas will ultimately derive substantial benefits from the increased  assessment base developed by tax increment allocation financing.  In  addition, if all surplus tax revenues are distributed to the taxing districts  in redevelopment project areas, all taxing districts will benefit from the  removal of adverse economic conditions, the development of industrial parks  and the development, retention and expansion of employment opportunities  for Illinois residents.    (Source: P.A. 88-537.)