HB 281

Abstract

Amends the Tax Increment Allocation Redevelopment Act of the Illinois Municipal Code. Provides that "redevelopment project costs" include costs payable to businesses located within the redevelopment area that have experienced business interruption or other adverse conditions directly or indirectly attributable to the COVID-19 public health emergency. Provides that the costs may be reimbursed in the form of grants, subsidies, or loans and that the municipality may establish procedures for the payment of such costs, including application procedures, grant or loan agreements, certifications, payment methodologies, and other accountability measures that may be imposed upon participating businesses. Defines "costs of business interruption".