Illinois Compiled Statutes
Chapter 55 - COUNTIES
55 ILCS 85/ - County Economic Development Project Area Property Tax Allocation Act.

(55 ILCS 85/1) (from Ch. 34, par. 7001)
Sec. 1.
Short title.
This Act shall be known and may be cited as the
County Economic Development Project Area Property Tax Allocation Act.

(Source: P.A. 86-1388.)

(55 ILCS 85/2) (from Ch. 34, par. 7002)
Sec. 2.
Legislative declaration of public purposes.
The General
Assembly hereby finds, determines and declares:
It is hereby declared to be the policy of the State, in the interest of
promoting the health, safety, morals and general welfare of all the people
of the State, to provide incentives which will create new job opportunities
and retain existing commercial businesses and industrial and manufacturing
facilities within the State and related job opportunities, and it is
further determined and declared that the relief of conditions of
unemployment, the maintenance of existing levels of employment, the
creation of new job opportunities, the retention of existing commercial
businesses and industrial and manufacturing facilities within the State and
related job opportunities, the increase of industry and commerce with the
State, the reduction of the evils attendant upon unemployment, and the
increase and the maintenance of the tax base of the State and its political
subdivisions are public purposes and for the public safety, benefit, and
welfare of the residents of this State.

(Source: P.A. 86-1388.)

(55 ILCS 85/3) (from Ch. 34, par. 7003)
Sec. 3. Definitions. In this Act, words or terms shall have the
following meanings unless the context usage clearly indicates that another
meaning is intended.
(a) "Department" means the Department of Commerce and Economic Opportunity.
(b) "Economic development plan" means the written plan of a county which
sets forth an economic development program for an economic development
project area. Each economic development plan shall include but not be
limited to (1) estimated economic development project costs, (2) the
sources of funds to pay such costs, (3) the nature and term of any
obligations to be issued by the county to pay such costs, (4) the most
recent equalized assessed valuation of the economic development project
area, (5) an estimate of the equalized assessed valuation of the economic
development project area after completion of the economic development plan,
(6) the estimated date of completion of any economic development
project proposed to be undertaken, (7) a general description of any
proposed developer, user, or tenant of any property to be located or
improved within the economic development project area, (8) a description of
the type, structure and general character of the facilities to be developed
or improved in the economic development project area, (9) a description of
the general land uses to apply in the economic development project area,
(10) a description of the type, class and number of employees to be
employed in the operation of the facilities to be developed or improved in
the economic development project area and (11) a commitment by the county
to fair employment practices and an affirmative action plan with respect to
any economic development program to be undertaken by the county. The economic development plan for an economic development project area authorized by subsection (a-15) of Section 4 of this Act must additionally include (1) evidence indicating that the redevelopment project area on the whole has not been subject to growth and development through investment by private enterprise and is not reasonably expected to be subject to such growth and development without the assistance provided through the implementation of the economic development plan and (2) evidence that portions of the economic development project area have incurred Illinois Environmental Protection Agency or United States Environmental Protection Agency remediation costs for, or a study conducted by an independent consultant recognized as having expertise in environmental remediation has determined a need for, the clean-up of hazardous waste, hazardous substances, or underground storage tanks required by State or federal law, provided that the remediation costs constitute a material impediment to the development or redevelopment of the project area.
(c) "Economic development project" means any development project in
furtherance of the objectives of this Act.
(d) "Economic development project area" means any improved or vacant
area which is located within the corporate limits of a county and which (1)
is within the unincorporated area of such county, or, with the consent of
any affected municipality, is located partially within the unincorporated
area of such county and partially within one or more municipalities, (2) is
contiguous, (3) is not less in the aggregate than 100 acres and, for an economic development project area authorized by subsection (a-15) of Section 4 of this Act, not more than 2,000 acres, (4) is
suitable for siting by any commercial, manufacturing, industrial, research
or transportation enterprise of facilities to include but not be limited to
commercial businesses, offices, factories, mills, processing plants,
assembly plants, packing plants, fabricating plants, industrial or
commercial distribution centers, warehouses, repair overhaul or service
facilities, freight terminals, research facilities, test facilities or
transportation facilities, whether or not such area has been used at any
time for such facilities and whether or not the area has been used or is
suitable for such facilities and whether or not the area has been used or
is suitable for other uses, including commercial agricultural purposes, and
(5) which has been certified by the Department pursuant to this Act.
(e) "Economic development project costs" means and includes the sum
total of all reasonable or necessary costs incurred by a county incidental
to an economic development project, including, without limitation, the
following:
(f) "Obligations" means any instrument evidencing the obligation of a
county to pay money, including without limitation, bonds, notes,
installment or financing contracts, certificates, tax anticipation warrants
or notes, vouchers, and any other evidence of indebtedness.
(g) "Taxing districts" means municipalities, townships, counties, and
school, road, park, sanitary, mosquito abatement, forest preserve, public
health, fire protection, river conservancy, tuberculosis sanitarium and any
other county corporations or districts with the power to levy taxes on
real property.
(Source: P.A. 98-109, eff. 7-25-13; 99-513, eff. 6-30-16.)

(55 ILCS 85/4) (from Ch. 34, par. 7004)
Sec. 4. Establishment of economic development project area;
ordinance; joint review board; notice; hearing; changes in economic
development plan; annual reporting requirements. Economic development
project areas shall be established as follows:
(a)
The corporate authorities of Whiteside County may by ordinance propose the establishment of an economic
development project area and fix a time and place for a public hearing, and
shall submit a certified copy of the ordinance as adopted to the Department.
(a-5) After the effective date of this amendatory Act of the 93rd General Assembly, the corporate authorities of Stephenson County may by ordinance propose the establishment of an economic development project area and fix a time and place for a public hearing, and shall submit a certified copy of the ordinance as adopted to the Department.
(a-10) The corporate authorities of Grundy County may, by ordinance, propose the establishment of an economic development project and fix a time and place for a public hearing. Upon passage of the ordinance, the corporate authorities of Grundy County shall submit a certified copy of the ordinance, as adopted, to the Department.
(a-15) For a period of 2 years beginning on the effective date of this amendatory Act of the 96th General Assembly, the corporate authorities of Grundy County may, by ordinance, propose the establishment of an economic development project and fix a time and place for a public hearing. Upon passage of the ordinance, the corporate authorities of Grundy County shall submit a certified copy of the ordinance, as adopted, to the Department.
(b) Any county which adopts an ordinance which fixes a date, time and
place for a public hearing shall convene a joint review board as
hereinafter provided. Not less than 45 days prior to the date fixed for
the public hearing, the county shall give notice by mailing to the chief
executive officer of each affected taxing district having taxable property
included in the proposed economic development project area and, if the ordinance is adopted by Stephenson County, the chief executive officer of any municipality within Stephenson County having a population of more than 20,000 that such chief
executive officer or his designee is invited to participate in a joint
review board. The designee shall serve at the discretion of the chief
executive officer of the taxing district for a term not to exceed 2 years.
Such notice shall advise each chief executive officer of the date, time and
place of the first meeting of such joint review board, which shall occur
not less than 30 days prior to the date of the public hearing. Such notice
by mail shall be given by depositing such notice in the United States
Postal Service by certified mail.
At or prior to the first meeting of such joint review board the county
shall furnish to any member of such joint review board copies of the
proposed economic development plan and any related documents which such
member shall reasonably request. A majority of the members of such joint
review board present at any meeting shall constitute a quorum. Additional
meetings may be called by any member of a joint review board upon the
giving of notice not less than 72 hours prior to the date of any additional
meeting to all members of the joint review board. The joint review board
shall review such information and material as its members reasonably deem
relevant to the county's proposals to approve economic development plans
and economic development projects and to designate economic development
project areas. The county shall provide such information and material
promptly upon the request of the joint review board and may also provide
administrative support and facilities as the joint review board may
reasonably require.
Within 30 days of its first meeting, a joint review board shall provide
the county with a written report of its review of any proposal to approve
an economic development plan and economic development project and to
designate an economic development project area. Such written report shall
include such information and advisory, nonbinding recommendations as a
majority of the members of the joint review board shall deem relevant.
Written reports of joint review boards may include information and
advisory, nonbinding recommendations provided by a minority of the members
thereof. Any joint review board which does not provide such written report
within such 30-day period shall be deemed to have recommended that the
county proceed with a proposal to approve an economic development plan and
economic development project and to designate an economic development
project area.
(c) Notice of the public hearing shall be given by publication and
mailing.
(d) At the public hearing any interested person, the Department or any
affected taxing district may file written objections with the county clerk
and may be heard orally with respect to any issues embodied in the notice.
The county 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 adjourned hearing. Public
hearings with regard to an economic development plan, economic development
project area, or economic development project may be held simultaneously.
(e) At the public hearing, or at any time prior to the adoption by the
county of an ordinance approving an economic development plan, the county
may make changes in the economic development plan. Changes which (1) alter
the exterior boundaries of the proposed economic development project area,
(2) substantially affect the general land uses established in the proposed
economic development plan, (3) substantially change the nature of the
proposed economic development plan, (4) change the general description
of any proposed developer, user or tenant of any property to be located or
improved within the economic development project area, or (5) change the
description of the type, class and number of employees to be employed in
the operation of the facilities to be developed or improved within the
economic development project area shall be made only after review by joint
review board, notice and hearing pursuant to the procedures set forth in
this Section. Changes which do not (1) alter the exterior boundaries of a
proposed economic development project area, (2) substantially affect the
general land uses established in the proposed plan, (3) substantially
change the nature of the proposed economic development plan, (4) change the
general description of any proposed developer, user or tenant of any
property to be located or improved within the economic development project
area, or (5) change the description of the type, class and number of
employees to be employed in the operation of the facilities to be developed
or improved within the economic development project area may be made
without further notice or hearing, provided that the county shall give
notice of its changes by mail to the Department and to each affected taxing
district and by publication in a newspaper or newspapers of general
circulation with the affected taxing districts. Such notice by mail and by
publication shall each occur not later than 10 days following the adoption
by ordinance of such changes.
(f) At any time within 90 days of the final adjournment
of the public hearing, a county may, by ordinance, approve the economic
development plan, establish the economic development project area, and
authorize property tax allocation financing for such economic development
project area.
Any ordinance adopted by Whiteside County which approves the economic
development plan shall contain findings that the economic development
project is reasonably expected to create or retain not less than 500
full-time equivalent jobs, that private investment in an amount not less
than $25,000,000 is reasonably expected to occur in the
economic
development project area, that the economic development project will
encourage the increase of commerce and industry within the State, thereby
reducing the evils attendant upon unemployment and increasing opportunities
for personal income, and that the economic development project will
increase or maintain the property, sales and income tax bases of the county
and of the State.
Any ordinance adopted by Grundy County that approves an economic
development plan shall contain findings that the economic development
project is reasonably expected to create or retain not less than 250
full-time equivalent jobs, that private investment in an amount not less
than $50,000,000 is reasonably expected to occur in the
economic
development project area, that the economic development project will
encourage the increase of commerce and industry within the State, thereby
reducing the evils attendant upon unemployment and increasing opportunities
for personal income, and that the economic development project will
increase or maintain the property, sales, and income tax bases of the county
and of the State.
Any ordinance adopted by Stephenson County that approves an economic development plan shall contain findings that (i) the economic development project is reasonably expected to create or retain not less than 500 full-time equivalent jobs; (ii) private investment in an amount not less than $10,000,000 is reasonably expected to occur in the economic development area; (iii) the economic development project will encourage the increase of commerce and industry within the State, thereby reducing the evils attendant upon unemployment and increasing opportunities for personal income; and (iv) the economic development project will increase or maintain the property, sales, and income tax bases of the county and of the State. Before the economic development project area is established by Stephenson County, the following additional conditions must be included in an intergovernmental agreement approved by both the Stephenson County Board and the corporate authorities of the City of Freeport: (i) the corporate authorities of the City of Freeport must concur by resolution with the findings of Stephenson County; (ii) both the corporate authorities of the City of Freeport and the Stephenson County Board shall approve any and all economic or redevelopment agreements and incentives for any economic development project within the economic development area; (iii) any economic development project that receives funds under this Act, except for any economic development project specifically excluded from annexation in the provisions of the intergovernmental agreement, shall agree to and must enter into an annexation agreement with the City of Freeport to annex property included in the economic development project area to the City of Freeport at the first point in time that the property becomes contiguous to the City of Freeport; (iv) the local share of all State occupation and use taxes allocable to the City of Freeport and Stephenson County and derived from commercial projects within the economic development project area shall be equally shared by and between the City of Freeport and Stephenson County for the duration of the economic development project; and (v) any development in the economic development project area shall be built in accordance with the building and related codes of both the City of Freeport and Stephenson County and the City of Freeport shall approve all provisions for water and sewer service.
The ordinance shall also state that the economic development project area
shall not include parcels to be used for purposes of residential
development.
Any ordinance adopted which establishes an economic
development project area shall contain the boundaries of such area by legal
description and, where possible, by street location. Any ordinance adopted
which authorizes property tax allocation financing shall provide that the
ad valorem taxes, if any, arising from the levies upon taxable real
property in such economic development project area by taxing districts and
tax rates determined in the manner provided in subsection (b) of Section 6
of this Act each year after the effective date of the ordinance until
economic development project costs and all county obligations financing
economic development project costs incurred under this Act have been paid
shall be divided as follows:
(g) After a county has by ordinance approved an economic development plan
and established an economic development project area, the plan may be
amended and the boundaries of the area may be altered only as herein
provided. Amendments which (1) alter the exterior boundaries of an
economic development project area, (2) substantially affect the general
land uses established pursuant to the economic development plan, (3)
substantially change the nature of the economic development plan, (4)
change the general description of any proposed developer, user, or tenant
of any property to be located or improved within the economic development
project area, or (5) change the description of the type, class and number
of employees to be employed in the operation of the facilities to be
developed or improved shall be made only after review by a joint review
board, notice and hearing pursuant to the procedures set forth in this
Section. Amendments which do not (1) alter the exterior boundaries of an
economic development project area, (2) substantially affect the general
land uses established in the economic development plan, (3) substantially
change the nature of the economic development plan, (4) change the
description of any proposed developer, user, or tenant of any property to
be located or improved within the economic development project area, or (5)
change the description of the type, class and number of employees to be
employed in the operation of the facilities to be developed or improved
within the economic development project area may be made without further
hearing or notice, provided that the county shall give notice of any
amendment by mail to the Department and to each taxing district and by
publication in a newspaper or newspapers of general circulation within the
affected taxing districts. Such notices by mail and by publication shall
each occur not later than 10 days following the adoption by ordinance of
such amendments.
(h) After the adoption of an ordinance adopting property tax allocation
financing for an economic development project area, the county
shall annually report to each taxing district having taxable property
within such economic development project area (i) any increase or decrease
in the equalized assessed value of the real property located within such
economic development project area above or below the initial equalized
assessed value of such real property, (ii) that portion, if any, of the ad
valorem taxes arising from the levies upon taxable real property in such
economic development project area by the taxing districts which is
attributable to the increase in the current equalized assessed valuation of
each lot, block, tract or parcel of real property in the economic
development project area over and above the initial equalized value of each
property and which has been allocated to the county in the current year,
and (iii) such other information as the county may deem relevant.
(i) The county shall give notice by mail as provided in this Section and
shall reconvene the joint review board not less than annually for each of
the 2 years following its adoption of an ordinance adopting property tax
allocation financing for an economic development project area and not less
than once in each 3-year period thereafter. The county shall provide such
information, and may provide administrative support and facilities as the
joint review board may reasonably require for each of such meetings.
(Source: P.A. 96-1262, eff. 7-26-10.)

(55 ILCS 85/5) (from Ch. 34, par. 7005)
Sec. 5. Submission to Department; certification by Department.
(a) The county shall submit certified copies of any ordinances adopted
approving a proposed economic development plan, establishing an economic
development project area, and authorizing tax increment allocation
financing to the Department, together with (1) a map of the economic
development project area, (2) a copy of the economic development plan as
approved, (3) an analysis, and any supporting documents and statistics,
demonstrating (i) that the economic development project is reasonably expected
to create or retain not less than 500 full-time equivalent jobs
and (ii) that
private investment in the amount of not less than $25,000,000 for all ordinances adopted by Whiteside County and in the amount of not less than $10,000,000 for any ordinance adopted by Stephenson County is reasonably
expected to occur in the economic development project area, (4) an estimate
of the economic impact of the economic development plan and the use of
property tax allocation financing upon the revenues of the county and the
affected taxing districts, (5) a record of all public hearings held in
connection with the establishment of the economic development project area,
and (6) such other information as the Department by regulation may require.
(b) Upon receipt of an application from a county the Department shall
review the application to determine whether the economic development
project area qualifies as an economic development project area under this
Act. At its discretion, the Department may accept or reject the application
or may request such additional information as it deems necessary or
advisable to aid its review. If any such area is found to be qualified to
be an economic development project area, the Department shall approve and
certify such economic development project area and shall provide written
notice of its approval and certification to the county and to the county
clerk. In determining whether an economic development project area shall be
approved and certified, the Department shall consider (1) whether, without
public intervention, the State would suffer substantial economic
dislocation, such as relocation of a commercial business or industrial or
manufacturing facility to another state, territory or country, or would not
otherwise benefit from private investment offering substantial employment
opportunities and economic growth, and (2) the impact on the revenues of
the county and the affected taxing districts of the use of tax increment
allocation financing in connection with the economic development project.
(c) On or before July 1, 2007, and again on or before July 1, 2012, the Department shall submit to
the
General Assembly a report detailing the number of economic development
project areas it has approved and certified, the number and type of jobs
created or retained therein, the aggregate amount of private investment
therein, the impact in the revenues of counties and affected taxing
districts of the use of property tax allocation financing therein, and such
additional information as the Department may determine to be relevant. On
July 1, 2008 the authority granted hereunder to counties to
establish
economic development project areas under subsections (a), (a-5), and (a-10) of Section 4 of this Act and to adopt property tax allocation
financing in connection therewith and to the Department to approve and
certify economic development project areas shall expire unless the General
Assembly shall have authorized counties and the Department to continue to
exercise the powers granted to them under this Act. Two years after the effective date of this amendatory Act of the 96th General Assembly, the authority granted to Grundy County to establish an economic development project under subsection (a-15) of Section 4 of this Act and to adopt property tax allocation financing in connection therewith shall expire.
(Source: P.A. 96-1262, eff. 7-26-10.)

(55 ILCS 85/6)
(from Ch. 34, par. 7006)
Sec. 6. Filing with county clerk; certification of initial equalized
assessed value.
(a) The county shall file a certified copy of any ordinance
authorizing property tax allocation financing for an economic development
project area with the county clerk, and the county clerk shall immediately
thereafter determine (1) the most recently ascertained equalized assessed
value of each lot, block, tract or parcel of real property within the
economic development project area from which shall be deducted the
homestead exemptions under Article 15 of the Property
Tax Code, which value shall be the "initial equalized assessed value" of each
such piece of property, and (2) the total equalized assessed value of all
taxable real property within the economic development project area by adding
together the most recently ascertained equalized assessed value of each taxable
lot, block, tract, or parcel of real property within such economic development
project area, from which shall be deducted the homestead exemptions provided by
Sections 15-170, 15-175, and 15-176 of the Property Tax Code.
Upon receiving written
notice from the Department of its approval
and certification of such economic development project area, the county clerk
shall immediately certify such amount as the "total initial equalized assessed
value" of the taxable property within the economic development project area.
(b) After the county clerk has certified the "total initial equalized
assessed value" of the taxable real property in the economic development
project area, then in respect to every taxing district containing an
economic development project area, the county clerk or any other official
required by law to ascertain the amount of the equalized assessed value of
all taxable property within that taxing district for the purpose of
computing the rate percent of tax to be extended upon taxable property
within the taxing district, shall in every year that property tax
allocation financing is in effect ascertain the amount of value of taxable
property in an economic development project area by including in that
amount the lower of the current equalized assessed value or the certified
"total initial equalized assessed value" of all taxable real property in
such area. The rate percent of tax determined shall be extended to the
current equalized assessed value of all property in the economic development
project area in the same manner as the rate percent of tax is extended to
all other taxable property in the taxing district. The method of
allocating taxes established under this Section shall terminate when the
county adopts an ordinance dissolving the special tax allocation fund for
the economic development project area. This Act shall not be construed as
relieving property owners within an economic development project area from
paying a uniform rate of taxes upon the current equalized assessed value of
their taxable property as provided in the Property Tax Code.

(Source: P.A. 95-644, eff. 10-12-07.)

(55 ILCS 85/7) (from Ch. 34, par. 7007)
Sec. 7. Creation of special tax allocation fund. If a county has
adopted property tax allocation financing by ordinance for an economic
development project area, the Department has approved and certified the
economic development project area, and the county clerk has thereafter
certified the "total initial equalized value" of the taxable real property
within such economic development project area in the manner provided in
subsection (b) of Section 6 of this Act, each year after the date of the
certification by the county clerk of the "initial equalized assessed value"
until economic development project costs and all county obligations
financing economic development project costs have been paid, the ad valorem
taxes, if any, arising from the levies upon the taxable real property in
the economic development project area by taxing districts and tax rates
determined in the manner provided in subsection (b) of Section 6 of this Act
shall be divided as follows:
The county, by an ordinance adopting property tax allocation financing,
may pledge the funds in and to be deposited in the special tax allocation
fund for the payment of obligations issued under this Act and for the
payment of economic development project costs. No part of the current
equalized assessed valuation of each property in the economic development
project area attributable to any increase above the total initial equalized
assessed value of such properties shall be used in calculating the general
State school aid formula, provided for in Section 18-8 of the School Code, or the evidence-based funding formula, provided for in Section 18-8.15 of the School Code,
until such time as all economic development projects costs have been paid
as provided for in this Section.
Whenever a county issues bonds for the purpose of financing economic
development project costs, the county may provide by ordinance for the
appointment of a trustee, which may be any trust company within the State,
and for the establishment of the funds or accounts to be maintained by such
trustee as the county shall deem necessary to provide for the security and
payment of the bonds. If the county provides for the appointment of a
trustee, the trustee shall be considered the assignee of any payments
assigned by the county pursuant to the ordinance and this Section. Any
amounts paid to the trustee as assignee shall be deposited in the funds or
accounts established pursuant to the trust agreement, and shall be held by
the trustee in trust for the benefit of the holders of the bonds, and the
holders shall have a lien on and a security interest in those bonds or
accounts so long as the bonds remain outstanding and unpaid. Upon
retirement of the bonds, the trustee shall pay over any excess amounts held
to the county for deposit in the special tax allocation fund.
When the economic development project costs, including without limitation
all county obligations financing economic development project costs
incurred under this Act, have been paid, all surplus funds then remaining
in the special tax allocation funds shall be distributed by being paid by
the county treasurer to the county collector, who shall immediately
thereafter pay those funds to the taxing districts having taxable property
in the economic development project area in the same manner and proportion
as the most recent distribution by the county collector to those taxing
districts of real property taxes from real property in the economic
development project area.
Upon the payment of all economic development project costs, retirement of
obligations and the distribution of any excess monies pursuant to this
Section and not later than 23 years from the date of adoption of the
ordinance adopting property tax allocation financing, the county shall
adopt an ordinance dissolving the special tax allocation fund for the
economic development project area and terminating the designation of the
economic development project area as an economic development project area; however, in relation to one or more contiguous parcels not exceeding a total area of 120 acres within which an electric generating facility is intended to be constructed, and with respect to which the owner of that proposed electric generating facility has entered into a redevelopment agreement with Grundy County on or before July 25, 2017, the ordinance of the county required in this paragraph shall not dissolve the special tax allocation fund for the existing economic development project area and shall only terminate the designation of the economic development project area as to those portions of the economic development project area excluding the area covered by the redevelopment agreement between the owner of the proposed electric generating facility and Grundy County; the county shall adopt an ordinance dissolving the special tax allocation fund for the economic development project area and terminating the designation of the economic development project area as an economic development project area with regard to the electric generating facility property not later than 35 years from the date of adoption of the ordinance adopting property tax allocation financing.
Thereafter the rates of the taxing districts shall be extended and taxes
levied, collected and distributed in the manner applicable in the absence
of the adoption of property tax allocation financing.
Nothing in this Section shall be construed as relieving property in
economic development project areas from being assessed as provided in the
Property Tax Code or as relieving owners of that
property from paying a uniform rate of taxes, as required by Section 4 of
Article IX of the Illinois Constitution of 1970.

(Source: P.A. 99-513, eff. 6-30-16; 100-465, eff. 8-31-17.)

(55 ILCS 85/8) (from Ch. 34, par. 7008)
Sec. 8. Issuance of obligations for economic development project costs. Obligations secured by the special tax allocation fund provided for in
Section 7 for an economic development project area may be issued to provide
for economic development project costs. Those obligations, when so issued,
shall be retired in the manner provided in the ordinance authorizing the
issuance of the obligations by the receipts of taxes levied as specified in
Section 6 against the taxable property included in the economic development
project area and by other revenues designated or pledged by the county. A
county may in the ordinance pledge all or any part of the funds in and to
be deposited in the special tax allocation fund created pursuant to Section
7 to the payment of the economic development project costs and obligations.
Whenever a county pledges all of the funds to the credit of a special tax
allocation fund to secure obligations issued or to be issued to pay
economic development project costs, the county may specifically provide
that funds remaining to the credit of such special tax allocation fund
after the payment of such obligations shall be accounted for annually and
shall be deemed to be "surplus" funds, and such "surplus" funds shall be
distributed as hereinafter provided. Whenever a county pledges less than
all of the monies to the credit of a special tax allocation fund to secure
obligations issued or to be issued to pay economic development project
costs, the county shall provide that monies to the credit of a special tax
allocation fund and not subject to such pledge or otherwise encumbered or
required for payment of contractual obligations for specified economic
development project costs shall be calculated annually and shall be deemed
to be "surplus" funds, and such "surplus" funds shall be distributed as
hereinafter provided. All funds to the credit of a special tax allocation
fund which are deemed to be "surplus" funds shall be distributed annually
within 180 days after the close of the county's fiscal year by being paid
by the county treasurer to the county collector. The county collector
shall thereafter make distribution to the respective taxing districts in
the same manner and proportion as the most recent distribution by the
county collector to those taxing districts of real property taxes from real
property in the economic development project area.
Without limiting the foregoing in this Section the county may, in
addition to obligations secured by the special tax allocation fund, pledge
for a period not greater than the term of the obligations towards payment
of those obligations any part or any combination of the following: (i) net
revenues of all or part of any economic development project; (ii) taxes
levied and collected on any or all property in the county, including,
specifically, taxes levied or imposed by the county in a special service
area pursuant to "An Act to provide the manner of levying or imposing taxes
for the provision of special services to areas within the boundaries of
home rule units and non-home rule municipalities and counties", approved
September 21, 1973; (iii) the full faith and credit of the county; (iv) a
mortgage on part or all of the economic development project; or (v) any
other taxes or anticipated receipts that the county may lawfully pledge.
Such obligations may be issued in one or more series bearing interest at
such rate or rates as the corporate authorities of the county shall
determine by ordinance, which rate or rates may be variable or fixed,
without regard to any limitations contained in any law now in effect or
hereafter adopted. Such obligations shall bear such date or dates, mature
at such time or times not exceeding 20 years from their respective dates,
but in no event exceeding 23 years from the date of establishment of the
economic development project area; however, with respect to obligations payable from incremental revenues generated from an area comprised of one or more contiguous parcels not exceeding a total area of 120 acres within which an electric generating facility is intended to be constructed, and with respect to which the owner of such proposed electric generating facility has entered into a redevelopment agreement with Grundy County on or before July 25, 2017, those obligations shall bear such date or dates, mature at such time or times not exceeding 35 years from the date of establishment of the economic development project area, be in such denomination, be in such
form, whether coupon, registered or book-entry, carry such registration,
conversion and exchange privileges, be executed in such manner, be payable
in such medium of payment at such place or places within or without the
State of Illinois, contain such covenants, terms and conditions, be subject
to redemption with or without premium, be subject to defeasance upon such
terms, and have such rank or priority, as such ordinance shall provide.
Obligations issued pursuant to this Act may be sold at public or private
sale at such price as shall be determined by the corporate authorities of
the counties. Such obligations may, but need not, be issued utilizing the
provisions of any one or more of the omnibus bond Acts specified in Section
1.33 of "An Act to revise the law in relation to the construction of the
statutes", approved March 5, 1874, as such term is defined in the Statute
on Statutes. No referendum approval of the electors shall be required as a
condition to the issuance of obligations pursuant to this Act except as
provided in this Section.
In the event the county (i) authorizes the issuance of obligations
pursuant to the authority of this Act and secured by the full faith and
credit of the county or (ii) pledges taxes levied and collected on any or
all property in the county, which obligations or taxes are not obligations
or taxes authorized under home rule powers pursuant to Section 6 of Article
VII of the Illinois Constitution of 1970, or are not obligations or taxes
authorized under "An Act to provide the manner of levying or imposing taxes
for the provision of special services to areas within the boundaries of
home rule units and non-home rule municipalities and counties", approved
September 21, 1973, the ordinance authorizing the issuance of those
obligations or pledging those taxes shall be published within 10 days after
the ordinance has been adopted, in one or more newspapers having a general
circulation within the county. The publication of the ordinance shall be
accompanied by a notice of (1) the specific number of voters required to
sign a petition requesting the questions of the issuance of the obligations or
pledging ad valorem taxes to be submitted to the electors; (2) the time
within which the petition must be filed; and (3) the date of the
prospective referendum. The county clerk shall provide a petition form to
any individual requesting one.
If no petition is filed with the county clerk, as hereinafter provided in
this Section, within 21 days after the publication of the ordinance, the
ordinance shall be in effect. However, if within that 21 day period a
petition is filed with the county clerk, signed by electors numbering not
less than 5% of the number of legal voters who voted at the last general
election in such county, asking that the question of issuing obligations
using the full faith and credit of the county as security for the cost of
paying for economic development project costs, or of pledging ad valorem
taxes for the payment of those obligations, or both, be submitted to the
electors of the county, the county shall not be authorized to issue
obligations of the county using the full faith and credit of the county as
security or pledging ad valorem taxes for the payment of those obligations,
or both, until the proposition has been submitted to and approved by a
majority of the voters voting on the proposition at a regularly scheduled
election. The county shall certify the proposition to the proper election
authorities for submission in accordance with the general election law.
The ordinance authorizing the obligations may provide that the obligations
shall contain a recital that they are issued pursuant to this Act, which
recital shall be conclusive evidence of their validity and of the
regularity of their issuance.
In the event the county authorizes issuance of obligations pursuant to
this Act secured by the full faith and credit of the county, the ordinance
authorizing the obligations may provide for the levy and collection of a
direct annual tax upon all taxable property within the county sufficient to
pay the principal thereof and interest thereon as it matures, which levy
may be in addition to and exclusive of the maximum of all other taxes
authorized to be levied by the county, which levy, however, shall be abated
to the extent that monies from other sources are available for payment of
the obligations and the county certifies the amount of those monies
available to the county clerk.
A certified copy of the ordinance shall be filed with the county clerk
and shall constitute the authority for the extension and collection of the
taxes to be deposited in the special tax allocation fund.
A county may also issue its obligations to refund, in whole or in part,
obligations theretofore issued by the county under the authority of this
Act, whether at or prior to maturity. However, the last maturity of the
refunding obligations shall not be expressed to mature later than 23 years
from the date of the ordinance establishing the economic development project area, however, with regard to obligations payable from incremental revenues generated from an area comprised of one or more contiguous parcels not exceeding a total area of 120 acres within which an electric generating facility is intended to be constructed, and with respect to which the owner of that proposed electric generating facility has entered into a redevelopment agreement with Grundy County on or before July 25, 2017, the last maturity of the refunding obligations shall not be expressed to mature later than 35 years from the date of the ordinance establishing the economic development
project area.
In the event a county issues obligations under home rule powers and other
legislative authority, including specifically, "An Act to provide the
manner of levying or imposing taxes for the provisions of special services
to areas within the boundaries of home rule units and non-home rule
municipalities and counties", approved September 21, 1973, the proceeds of
which are pledged to pay for economic development project costs, the county
may, if it has followed the procedures in conformance with this Act,
retire those obligations from funds in the special tax allocation fund in
amount and in such manner as if those obligations had been issued pursuant
to the provisions of this Act.
No obligations issued pursuant to this Act shall be regarded as
indebtedness of the county issuing those obligations for the purpose of any
limitation imposed by law.
Obligations issued pursuant to this Act shall not be subject to the
provisions of the Bond Authorization Act.

(Source: P.A. 99-513, eff. 6-30-16.)

(55 ILCS 85/9) (from Ch. 34, par. 7009)
Sec. 9.
Powers of counties.
In addition to powers which it may now
have, any county has the power under this Act:
(Source: P.A. 86-1388.)

(55 ILCS 85/9.5)
Sec. 9.5. Eminent domain. Notwithstanding any other provision of this Act, any power granted under this Act to acquire property by condemnation or eminent domain is subject to, and shall be exercised in accordance with, the Eminent Domain Act.

(Source: P.A. 94-1055, eff. 1-1-07.)

(55 ILCS 85/10) (from Ch. 34, par. 7010)
Sec. 10. Conflicts of interests, disclosure. If any member of the
corporate authorities of a county, or any employee or consultant of the
county involved in the planning, analysis, preparation or administration of
an economic development plan or an economic development project, or any
proposed economic development plan or any proposed economic development
project, owns or controls any interest, direct or indirect, in any property
included in any economic development project area or proposed economic
development project area, he or she shall disclose the same in writing to
the county clerk, which disclosure shall include the dates, terms and
conditions of any disposition of any such interest. The disclosures shall
be acknowledged by the corporate authorities of the county and entered upon
the official records and files of the corporate authorities. Any such
individual holding any such interest shall refrain from any further
official involvement regarding such established or proposed economic
development project area, economic development plan or economic development
project, and shall also refrain from voting on any matter pertaining to
that project, plan or area and from communicating with any members of the
corporate authorities of the county and no employee of the county shall
acquire any interest, direct or indirect, in any real or personal property
or rights or interest therein within an economic development project area or
a proposed economic development project area after that person obtains
knowledge of the project, plan or area or after the first public notice of
the project, plan or area is given by the county, whichever shall first occur.

(Source: P.A. 99-642, eff. 7-28-16.)

(55 ILCS 85/11) (from Ch. 34, par. 7011)
Sec. 11.
Payment of project costs; revenues from county property.
Revenues received by a county from any property, building or facility owned,
leased or operated by the county or any agency or authority established by
the county may be used to pay economic development project costs, or reduce
outstanding obligations of the county incurred under this Act for economic
development project costs. The county may place those revenues in the
special tax allocation fund which shall be held by the county treasurer or
other person designated by the county. Revenue received by the county from
the sale or other disposition of real property or personal property or
rights or interests therein acquired by the county with the proceeds of
obligations funded by property tax allocation financing shall be deposited
by the county in the special tax allocation fund.

(Source: P.A. 86-1388.)

(55 ILCS 85/12)
Sec. 12. Status report; hearing. No later than 10 years after the corporate authorities of a county adopt an ordinance to establish an economic development project area, the county must compile a status report concerning the economic development project area. The status report must detail without limitation the following: (i) the amount of revenue generated within the economic development project area, (ii) any expenditures made by the county for the economic development project area including without limitation expenditures from the special tax allocation fund, (iii) the status of planned activities, goals, and objectives set forth in the economic development plan including details on new or planned construction within the economic development project area, (iv) the amount of private and public investment within the economic development project area, and (v) any other relevant evaluation or performance data. Within 30 days after the county compiles the status report, the county must hold at least one public hearing concerning the report. The county must provide 20 days' public notice of the hearing.

(Source: P.A. 96-1335, eff. 7-27-10.)

(55 ILCS 85/13)
Sec. 13. Requirements for annual budget. Beginning in fiscal year 2011 and in each fiscal year thereafter, a county must detail in its annual budget (i) the amount of revenue generated from economic development project areas by source and (ii) the expenditures made by the county for economic development project areas.

(Source: P.A. 96-1335, eff. 7-27-10.)

(55 ILCS 85/14) (from Ch. 34, par. 7014)
Sec. 14.
This Act takes effect upon becoming a law.

(Source: P.A. 86-1388.)