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LEGISLATIVE ALERT PROPOSED TIF ACT AMENDMENTS 2012

June 2012


Last week, we again advised you of various bills and proposals by the 97th Illinois General Assembly to amend the Tax Increment Allocation Redevelopment Act (the “TIF Act). We are pleased to report that with the assistance of many of your efforts, none of these bills were passed in the most recent Legislative Session that adjourned on May 31, 2012. However, we anticipate that some members of the Illinois Legislature will continue to propose amendments to the TIF Act in advance of a Special Summer Legislative Session that Governor Quinn is soon expected to call.

As previously indicated, we have no objection to proposed measures that will improve the reporting and transparency requirements of the TIF Act. However, we have significant concerns with amendments that propose to take authority away from municipalities and transfer that power to other units of government who are not responsible for nor elected by their constituents to make economic development and community infrastructure decisions for municipalities. City Councils, Town Boards and Village Trustees are elected by local residents to make those decisions.

WHAT SHOULD YOU DO?

The message you need to continue giving to your State Senator and Representatives is much the same as it was in May:

1. We have no problem with the Comptroller’s request to provide more information to other taxing bodies; however,

2. Do not give the Joint Review Board the absolute right to veto a TIF District!

3. Illinois needs JOB-CREATION BILLS, not JOB-KILLING LEGISLATION!

CONTACT your State Senator and Representatives and voice your concerns.

Link to Illinois Senate Members: http://www.ilga.gov/senate/

Link to Illinois House Members: http://www.ilga.gov/house/

Please do not delay. It is likely that action will be taken in a Special Legislative Session to be called this Summer by the Governor, so continue to contact your lawmakers and make your concerns known!

Sincerely,

Steve Kline, President/CEO
The Economic Development Group, Ltd.
1701 Clearwater Avenue Bloomington, IL 61704
Tel: (309) 664-7777
Fax: (309) 664-7878
e-mail: skline@tifillinois.com

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Become Better Informed About TIF. Call Us today.

To learn more about Tax Increment Financing and about the experts of Jacob & Klein, Ltd. and The Economic
Development Group, Ltd., call us and ask for our complimentary “TIF 101” introductory meeting.

TIF ILLINOISSM IS YOUR ANSWER!

1701 Clearwater Avenue | Bloomington, IL 61704
ph 309.664.7777 | fax 309.664.7878

925 Shooting Park Rd., Suite A | Peru, IL 61354
ph 815-223-7550 | fax 815-223-7577


© 2015 Jacob & Klein, Ltd. and The Economic Development Group, Ltd.

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