Please be advised that the House Revenue & Finance Committee of the Illinois House of Representatives is currently considering significant changes to the Illinois Tax Increment Allocation Redevelopment (TIF) Act - the only real economic development tool available to cities.
Although not as yet publicly posted on the General Assembly website, HB 570, as currently drafted, contains language that will result in the following for your community:
No more TIF Districts may be established or expanded if the total cumulative Equalized Assessed Valuation (EAV) within your Tax Increment Financing (TIF) Districts is greater than twenty-five percent (25%) of the EAV of the entire town. If your town has used TIF over the last several years to stimulate economic development, and you have been successful, HB 570 will punish you for your success.
Under HB 570, the Joint Review Board will control by a majority vote the establishment of any new TIF District and any new development in your existing TIF District(s) that are not already included in your original plan or would require a major Amendment to your TIF Plan.
Transfers of TIF Funds between contiguous TIF Districts will be limited under HB 570.
HB 570 will require that after five (5) years, a "Surplus" will be automatically declared if the town does not have a contract for either Public or Private Projects listed in its TIF Redevelopment Plan. All Surplus Funds not under Contract will be forfeited to all of the overlapping taxing bodies.
You can do something about this Bill if you and the other communities act now by contacting the Members of the House Revenue & Finance Committee. Click here for a reference list of the Committee Members, their Springfield and District addresses, telephone numbers and e-mail addresses. Please inform these Representatives that the Legislature will be killing economic development in your community if this HB 570 is approved! This is the critical week to act before the Bill gets out of Committee in this form.
Feel free to contact me or others in our office if you have any questions. After you've talked to your Representative, please let me know by phone or e-mail the response you received.
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