HB 5724

Abstract

Amends the Tax Increment Allocation Redevelopment Act of the Illinois Municipal Code. Provides that on or after the effective date of the amendatory Act, tax increment revenues may be utilized for jointly undertaken and performed redevelopment projects only in an amount equal to the percentage of eligible costs undertaken within the redevelopment project area that received the revenue. Provides that tax increment revenues received in one redevelopment project area may not be used for eligible costs in another redevelopment project area and tax increment revenues may not be transferred to another redevelopment project area. Provides that if there are any contracts or agreements in force on the effective date of the amendatory Act, tax increment revenues may continue to be used or transferred to another redevelopment project area or utilized for jointly undertaken and performed redevelopment projects only to the extent necessary to comply with the contract or agreement. Provides that a municipality must post on its website, at least quarterly, how all revenue received under this Act was expended, including to whom each expense was paid.