99TH GENERAL ASSEMBLY
State of Illinois
2015 and 2016
HB2531
 
Introduced 2/18/2015, by Rep. Michael W. Tryon
 
SYNOPSIS AS INTRODUCED:



New Act

 Creates the Jobs Creation Finance Act. Provides that municipalities may designate job creation areas. Provides that businesses that undertake job creation projects in those designated areas are eligible for certain tax incentives. Provides that municipalities may issue bonds in connection with those projects. Contains provisions concerning public hearings. Contains numerous other provisions. Effective immediately.



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FISCAL NOTE ACT MAY APPLY
HOUSING AFFORDABILITY IMPACT NOTE ACT MAY APPLY
 
 
A BILL FOR
 


HB2531LRB099 06658 SXM 26731 b



1 AN ACT concerning jobs creation.


2 Be it enacted by the People of the State of Illinois,

3represented in the General Assembly:



4 Section 1. Short title. This Act may be cited as the Jobs 
5Creation Finance Act.

6 Section 5. Purpose. The purposes of this Act are to 
7promote, stimulate, and develop the general and economic 
8welfare of the communities of the State of Illinois and to 
9promote the general welfare of the citizens of this State.

10 Section 10. Definitions. As used in this Act, the following 
11words and phrases shall have the following meanings unless a 
12different meaning clearly appears from the context:
13 "Base year" means the most recently ascertained equalized 
14assessed value of each lot, block, tract, or parcel of real 
15property within a jobs creation project area.
16 "County" means the county in which a proposed jobs creation 
17project area is located.
18 "Department of Revenue" means the Department of Revenue of 
19the State of Illinois.
20 "Developer" means an owner, builder, developer, or tenant 
21who may be organized as a sole proprietorship, corporation, 
22trust, estate, partnership, limited liability company, or 
 
 
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1other legal entity.
2 "Equalized assessed value of property" has the same meaning 
3as set forth in Section 11-74.4-8 of the Tax Increment 
4Allocation Redevelopment Act.
5 "Full-time jobs" means those jobs of 30 hours per week or 
6more.
7 "Full-time equivalent jobs" means part-time jobs of less 
8than 30 hours per week that in the aggregate equal full-time 
9jobs.
10 "Jobs Creation Finance Fund" means the fund of the 
11municipality for the deposit of all incremental revenues the 
12municipality is entitled to receive pursuant to this Act for 
13the purpose of paying jobs creation project costs and 
14obligations incurred in the payment thereof.
15 "Jobs creation plan" means the written plan adopted by a 
16municipality for the development of a jobs creation project 
17area intended to increase employment and thereby enhance the 
18tax bases of the taxing districts that extend into the jobs 
19creation project area. The plan may include, but is not limited 
20to:
21  (1) an itemized list of public and private job creation 
22 project costs;

23  (2) evidence indicating that the job creation project 
24 area has not been subject to growth and development through 
25 prior investment and public enterprise;

26  (3) qualifications for the area to be designated as a 
 
 
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1 jobs creation project area, which must include:

2   (A) eligibility of the area;

3   (B) the population of municipality based upon the 
4 most recent federal decennial census prior to the 
5 adoption of the plan;

6   (C) the unemployment rate within the municipality, 
7 not seasonally adjusted;

8   (D) the number of part-time and full-time 
9 equivalent jobs anticipated; and

10   (E) estimated salaries and wages on a part-time and 
11 full-time equivalent basis;

12  (4) a general description of the jobs creation project 
13 area;

14  (5) a boundary map of the jobs creation project area;

15  (6) the nature and term of the obligations to be 
16 issued;

17  (7) an assessment of any financial impact of the jobs 
18 creation project area on, or any increased demand for, 
19 services from any taxing district affected by the plan and 
20 any program to address that financial impact or increased 
21 demand;

22  (8) the aggregate total of the most recent equalized 
23 assessed valuation of all tax parcels within the jobs 
24 creation project area;

25  (9) an estimate of the equalized assessed valuation of 
26 the jobs creation project area after completion of the jobs 
 
 
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1 creation project;

2  (10) a general identification of the proposed 
3 developer for at least one jobs creation project;

4  (11) a description of the type, structure, and general 
5 character of the facilities to be developed;

6  (12) a description of the type and number of new 
7 full-time equivalent and part-time employees to be 
8 employed by the jobs creation project;

9  (13) if applicable, a general description of other 
10 potential jobs creation projects, their value, and their 
11 general land uses as well as potential new full-time 
12 equivalent and part-time jobs created by those projects;

13  (14) the estimated dates of completion of the jobs 
14 creation projects and retirement of obligations issued to 
15 finance jobs creation project costs; those dates may be no 
16 later than 15 years after the date of the approval of the 
17 jobs creation plan by the municipality or the dates set 
18 forth in the job creation plan, whichever is earlier; and

19  (15) if property is to be annexed to the municipality, 
20 a summary of the terms of the annexation agreement.

21 "Jobs creation project" means any public or private project 
22within a jobs creation project area that qualifies as a jobs 
23creation project pursuant to this Act and includes, but is not 
24limited to, industrial projects, commercial projects, 
25technology based projects, medical projects, logistics 
26projects, retail projects, office projects, alternative energy 
 
 
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1projects, environmental projects, senior housing and senior 
2care projects, and residential development projects. For the 
3purposes of this Act, the word "senior" is defined as at least 
4one person over the age of 55 years per unit.
5 "Jobs creation project area" means an area within the 
6municipality designated by ordinance by the municipality that 
7is contiguous and is not, in the aggregate, more than 80 acres 
8and meets the qualifications set forth in this Act.
9 "Jobs creation project costs" means and includes the sum 
10total of all reasonable or necessary costs incurred or 
11estimated to be incurred, and any such costs incidental to a 
12jobs creation plan and a jobs creation project. These costs 
13include, without limitation, the following:
14  (1) costs incurred by municipalities or developers for 
15 studies, surveys, development of plans and specifications, 
16 and implementation and administration of a jobs creation 
17 plan and projects, including but not limited to 
18 construction management fees and staff and professional 
19 service costs for architectural, engineering, legal, 
20 financial, planning or other services;

21  (2) the cost of marketing sites and buildings including 
22 realtors' fees and sales incentives within the jobs 
23 creation project area to prospective businesses, 
24 developers, investors, or buyers;

25  (3) property assembly costs, including but not limited 
26 to acquisition of land, land leases, and other property, 
 
 
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1 real or personal, or rights or interests therein, located 
2 within the boundaries of the jobs creation project area, 
3 demolition of buildings, site preparation, site 
4 improvements that serve as an engineered barrier 
5 addressing ground level or below ground environmental 
6 contamination, including, but not limited to, parking lots 
7 and other concrete or asphalt barriers, and the clearing 
8 and grading of land, and importing additional soil and fill 
9 materials to, or removal of soil and fill materials from, 
10 the site;

11  (4) costs of buildings and other vertical improvements 
12 that are located within the boundaries of a jobs creation 
13 project area and are owned by a municipality;

14  (5) costs of buildings and other vertical improvements 
15 that are located within the boundary of a jobs creation 
16 project area and are owned or leased by a developer;

17  (6) costs of the design and construction of the 
18 following improvements located outside the boundaries of a 
19 jobs creation project area, provided that the costs are 
20 essential to further the purpose and development of a jobs 
21 creation plan and are either part of and connected to 
22 sewer, water, or utility service lines that physically 
23 connect to the jobs creation project area or are outside 
24 the area and necessary to the development of the project, 
25 including but not limited to:

26   (A) improvements or extensions of sewer, water, 
 
 
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1 and storm sewer service lines, utilities, including 
2 telecommunications equipment, and storm water 
3 detention or retention facilities; and

4   (B) significant construction, extension, and 
5 improvements for offsite highways, streets, roadways, 
6 and interchanges that are approved by the Illinois 
7 Department of Transportation or the municipalities' 
8 engineers;

9  (7) costs of rehabilitation, reconstruction, repair, 
10 or remodeling of existing public or private buildings, 
11 fixtures, and leasehold improvements; and the cost of 
12 replacing an existing public building, including new 
13 municipal buildings, if pursuant to the implementation of a 
14 jobs creation project the existing public building is to be 
15 demolished to be used as a site requiring private 
16 investment;

17  (8) costs of job training and retraining projects, 
18 including the cost of "welfare to work" programs 
19 implemented by businesses located within the jobs creation 
20 project area;

21  (9) financing costs, including, but not limited to, all 
22 necessary and incidental expenses related to the issuance 
23 of obligations and which may include payment of all 
24 interest on any obligations issued under this Act; those 
25 costs include interest on any obligations, capitalized 
26 interest of any jobs creation project for which bond 
 
 
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1 obligations are issued, and reasonable reserves related 
2 thereto, provided that:
3   (A) the costs are paid directly from the Jobs 
4 Creation Finance Fund pursuant to this Act;

5   (B) if there are not sufficient funds available in 
6 the Jobs Creation Finance Fund to make the payment 
7 pursuant to this paragraph, then the amounts so due 
8 shall accrue and be payable when sufficient funds are 
9 available in the Jobs Creation Finance Fund;
and
10   (C) if there are not sufficient funds available in 
11 the Jobs Creation Finance Fund and other funds are used 
12 to pay financing costs, then those funds shall be 
13 deemed financing costs and may be reimbursed at any 
14 time by the Jobs Creation Finance Fund to any other 
15 municipal fund from which costs were paid;

16  (10) to the extent the municipality by written 
17 agreement accepts and approves the same, all or a portion 
18 of an individual taxing district's costs or salaries of 
19 district employees resulting from the jobs creation 
20 project necessarily incurred or to be incurred within a 
21 taxing district in furtherance of the objectives of the 
22 jobs creation plan and project;

23  (11) for jobs creation project areas that include job 
24 creation financing assisted housing units, an elementary, 
25 secondary, or unit school district's increased costs 
26 attributable to assisted housing units located within the 
 
 
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1 jobs creation project area for which the developer receives 
2 financial assistance through an agreement with the 
3 municipality or because the municipality incurs the cost of 
4 necessary infrastructure improvements within the 
5 boundaries of the assisted housing sites necessary for the 
6 completion of that housing as authorized by this Act, those 
7 costs shall be paid by the municipality from the Jobs 
8 Creation Finance Fund when the real estate tax increment 
9 revenue is received as a result of the assisted housing 
10 units and shall be calculated annually as follows:

11   (A) for foundation formula districts, excluding 
12 any school district located within a municipality with 
13 a population in excess of 1,000,000, by multiplying the 
14 district's net increase in total attendance since the 
15 designation of the jobs creation project area that 
16 results from a net increase in new students enrolled in 
17 that school district who reside in housing units within 
18 the jobs creation project area where the housing 
19 projects have received financial assistance through an 
20 agreement with the municipality or because the 
21 municipality incurs the cost of necessary 
22 infrastructure improvements within the boundaries of 
23 the housing project necessary for the completion of 
24 that housing as authorized by this Act by the most 
25 recently available per capita tuition cost as defined 
26 in Section 10-20.12a of the School Code less any 
 
 
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1 increase in general State aid as defined in Section 
2 18-8.05 of the School Code attributable to these added 
3 new students subject to the following annual 
4 limitations:
5    (I) for unit school districts with a district 
6 average 1995-96 Per Capita Tuition Charge of less 
7 than $5,900, no more than 25% of the total amount 
8 of property tax increment revenue produced by 
9 those housing units that have received tax 
10 increment finance assistance under this Act;

11    (II) for elementary school districts with a 
12 district average 1995-96 Per Capita Tuition Charge 
13 of less than $5,900, no more than 17% of the total 
14 amount of property tax increment revenue produced 
15 by those housing units that have received tax 
16 increment finance assistance under this Act; and

17    (III) for secondary school districts with a 
18 district average 1995-96 Per Capita Tuition Charge 
19 of less than $5,900, no more than 8% of the total 
20 amount of property tax increment revenue produced 
21 by those housing units that have received tax 
22 increment finance assistance under this Act;

23   (B) for alternate method districts, flat grant 
24 districts, and foundation districts with a district 
25 average 1995-96 Per Capita Tuition Charge equal to or 
26 more than $5,900, excluding any school district 
 
 
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1 located within a municipality with a population in 
2 excess of 1,000,000, by multiplying the district's 
3 increase in attendance resulting from the net increase 
4 in new students enrolled in that school district who 
5 reside in housing units within the jobs creation 
6 project area that have received financial assistance 
7 through an agreement with the municipality or because 
8 the municipality incurs the cost of necessary 
9 infrastructure improvements within the boundaries of 
10 the housing sites necessary for the completion of that 
11 housing as authorized by this Act since the designation 
12 of the jobs creation project area by the most recently 
13 available per capita tuition cost as defined in Section 
14 10-20.12a of the School Code less any increase in 
15 general State aid as defined in Section 18-8.05 of the 
16 School Code attributable to these added new students 
17 subject to the following annual limitations:
18    (I) for unit school districts, no more than 40% 
19 of the total amount of property tax increment 
20 revenue produced by those housing units that have 
21 received tax increment finance assistance under 
22 this Act;

23    (II) for elementary school districts, no more 
24 than 27% of the total amount of property tax 
25 increment revenue produced by those housing units 
26 that have received tax increment finance 
 
 
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1 assistance under this Act; and

2    (III) for secondary school districts, no more 
3 than 13% of the total amount of property tax 
4 increment revenue produced by those housing units 
5 that have received tax increment finance 
6 assistance under this Act; and

7   (C) for any school district in a municipality with 
8 a population in excess of 1,000,000, the following 
9 restrictions shall apply to the reimbursement of 
10 increased costs under this paragraph:
11    (I) no increased costs shall be reimbursed 
12 unless the school district certifies that each of 
13 the schools affected by the assisted housing 
14 project is at or over its student capacity;

15    (II) the amount reimbursable shall be reduced 
16 by the value of any land donated to the school 
17 district by the municipality or developer, and by 
18 the value of any physical improvements made to the 
19 schools by the municipality or developer; and

20    (III) the amount reimbursed may not affect 
21 amounts otherwise obligated by the terms of any 
22 bonds, notes, or other funding instruments, or the 
23 terms of any redevelopment agreement.

24  Any school district seeking payment under this 
25 paragraph shall, after July 1 and before September 30 of 
26 each year, provide the municipality with reasonable 
 
 
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1 evidence to support its claim for reimbursement before the 
2 municipality shall be required to approve or make the 
3 payment to the school district. If the school district 
4 fails to provide the information during this period in any 
5 year, it shall forfeit any claim to reimbursement for that 
6 year. School districts may adopt a resolution waiving the 
7 right to all or a portion of the reimbursement otherwise 
8 required by this paragraph. By acceptance of this 
9 reimbursement the school district waives the right to 
10 directly or indirectly set aside, modify, or contest in any 
11 manner the establishment of the jobs creation project area 
12 or projects;
13  (12) relocation costs of equipment and materials to the 
14 project site;

15  (13) payment in lieu of taxes;

16  (14) costs of job training, retraining, advanced 
17 vocational education, or career education, including but 
18 not limited to courses in occupational, semi-technical, or 
19 technical fields leading directly to employment, incurred 
20 by one or more taxing districts, provided that those costs 
21 (i) are related to the establishment and maintenance of 
22 additional job training, advanced vocational education, or 
23 career education programs for persons employed or to be 
24 employed by employers located in a jobs creation project 
25 area; and (ii) when incurred by a taxing district or taxing 
26 districts other than the municipality, are set forth in a 
 
 
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1 written agreement by or among the municipality and the 
2 taxing district or taxing districts, which agreement 
3 describes the program to be undertaken, including but not 
4 limited to the number of employees to be trained, a 
5 description of the training and services to be provided, 
6 the number and type of positions available or to be 
7 available, itemized costs of the program and sources of 
8 funds to pay for the same, and the term of the agreement; 
9 these costs include, specifically, the payment by 
10 community college districts of costs pursuant to Sections 
11 3-37, 3-38, 3-40, and 3-40.1 of the Public Community 
12 College Act and by school districts of costs pursuant to 
13 Sections 10-22.20a and 10-23.3a of the School Code;

14  (15) costs of landscaping and plantings, retaining 
15 walls and fences, man-made lakes and ponds, shelters, 
16 benches, lighting, exercise paths and stops, parking lots, 
17 and similar amenities located within the boundaries of a 
18 jobs creation project area;

19  (16) if included in the jobs creation plan, salaries or 
20 a portion of salaries for local government employees and 
21 payments to consultants to the extent they are directly 
22 attributable to the work of those employees or consultants 
23 on the planning, establishment, management, maintenance, 
24 and administration of the jobs creation plan, area, and 
25 projects;

26  (17) all environmental improvement costs including, 
 
 
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1 but not limited to: alternative energy equipment using 
2 solar, geothermal, wind power, hydro, bio-mass, or 
3 ethanol; EPA clean-up; wetlands mitigation costs whether 
4 within the jobs creation project area or required off-site 
5 to serve the objectives of the jobs creation project area; 
6 and LEEDS qualification costs;

7  (18) all maintenance, equipment, and repair costs 
8 attributable to jobs creation projects or the jobs creation 
9 project area;

10  (19) developer's worker's compensation contributions 
11 limited to one-half the costs; and

12  (20) the cost of day care services for children of 
13 employees from low-income families working for businesses 
14 located within the jobs creation project area and all or a 
15 portion of the cost of operation of day care centers 
16 established by jobs creation project area businesses to 
17 serve employees from low-income families working in 
18 businesses located in the jobs creation project area; for 
19 the purposes of this paragraph, "low-income families" 
20 means families whose annual income does not exceed 80% of 
21 the municipal, county, or regional median income, adjusted 
22 for family size, as the annual income and municipal, 
23 county, or regional median income are determined from time 
24 to time by the United States Department of Housing and 
25 Urban Development.

26 "Jobs creation project costs" does not include:

 
 
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1   (A) moving expenses for employees of the business 
2 location within a jobs creation project area;

3   (B) property taxes for property located within the 
4 jobs creation project area; and

5   (C) general overhead or administrative costs of 
6 the municipality that would still have been incurred by 
7 the municipality if the municipality had not 
8 established a jobs creation project area.

9 "Jobs tax credit" is a tax credit of $500 per full-time 
10equivalent employee against the developer's income, pursuant 
11to Section 201 of the Illinois Income Tax Act.
12 "Local sales taxes" means any locally imposed taxes 
13received by a municipality arising from sales by retailers and 
14servicemen within a jobs creation project area as provided for 
15in the Use Tax Act, Service Use Tax Act, Service Occupation Tax 
16Act, and Retailers' Occupation Tax Act.
17 "Local sales tax increment" means an amount equal to the 
18increase in the aggregate amount of taxes paid to a 
19municipality from the Local Government Tax Fund arising from 
20sales by retailers and servicemen, as the case may be, within 
21the jobs creation project area for as long as the jobs creation 
22project area exists, over and above the aggregate amount of 
23taxes as certified by the Illinois Department of Revenue and 
24paid by retailers and servicemen under the Retailers' 
25Occupation Tax Act, the Service Occupation Tax Act, the Use Tax 
26Act, and the Service Use Tax Act on transactions at places of 
 
 
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1business located in the jobs creation project area during the 
2base year, which shall be the calendar year immediately prior 
3to the year in which the municipality designated a jobs 
4creation project area.
5 "Municipality" means a city, village, or incorporated 
6town.
7 "Obligations" means bonds, loans, debentures, notes, 
8special certificates, or other evidence of indebtedness, 
9including redevelopment agreements, issued or entered into by 
10the municipality to carry out a jobs creation project or to 
11refund outstanding obligations.
12 "Payment in lieu of taxes" means those estimated tax 
13revenues from real property in a jobs creation project area 
14derived from real property that has been acquired by a 
15municipality that according to the jobs creation plan is to be 
16used for a private use and where taxing districts would have 
17received real estate taxes had a municipality not acquired the 
18real property and adopted tax increment financing and that 
19would result from levies made after the time of the adoption of 
20tax increment allocation financing to the time the current 
21equalized assessed value of real property in the jobs creation 
22project area exceeds the total initial equalized value of real 
23property in the area.
24 "State income tax" means the tax imposed under the Illinois 
25Income Tax Act.
26 "State sales tax" means all the net revenue realized under 
 
 
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1the Retailer's Occupation Act, the Use Tax Act, the Service Use 
2Tax Act, and the Service Occupation Tax Act from transactions 
3at places of business located within a jobs creation project 
4area.
5 "State sales tax increment" has the meaning set forth in 
6Section 11-74.4-3(s) of the Tax Increment Allocation 
7Redevelopment Act.
8 "State utility tax" has the same meaning as set forth in 
9Public Utilities Act.
10 "State utility tax increment" has the same meaning as set 
11forth in subsection (j) of Section 11-74.4-3 of the Tax 
12Increment Allocation Redevelopment Act.
13 "Surplus" means an amount in excess of those moneys 
14pledged, earmarked, or otherwise designated or estimated for 
15payment and securing of obligations or otherwise estimated for 
16public or private projects in the jobs creation plan for future 
17public and private costs.
18 "Tax increment financing" has the same meaning as set forth 
19in Section 11-74.4-8 of the Tax Increment Allocation 
20Redevelopment Act.
21 "Taxing districts" means counties, townships, cities, and 
22incorporated towns and villages, school, road, park, sanitary, 
23mosquito abatement, forest preserve, public health, fire 
24protection, river conservancy, tuberculosis sanitarium, and 
25any other municipal corporations or districts with the power to 
26levy taxes in the proposed jobs creation project area.
 
 
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1 "Taxing districts' costs" means those costs of taxing 
2bodies for capital improvements and salaries that are found by 
3the municipal authorities to be necessary and directly result 
4from the jobs creation project.
5 "Telecommunications tax" has the same meaning as set forth 
6in the Telecommunications Excise Tax Act.

7 Section 15. Qualifications. An area is qualified as a jobs 
8creation project area if the area:
9  (1) is contiguous and is not, in the aggregate, more 
10 than 80 acres;
and
11  (2) is located within the territorial limits of a 
12 municipality in which, at any time during the 12 months 
13 before the municipality, by ordinance, designates a jobs 
14 creation project area, the unemployment rate, not 
15 seasonally adjusted, was 6% or greater or was equal to or 
16 less than 75% or more of the national average unemployment 
17 rate for that same time as published in the United States 
18 Department of Labor Bureau of Labor Statistics publication 
19 entitled the "The Employment Situation" or its successor 
20 publication; for the purpose of this item (2), if 
21 unemployment rate statistics for a municipality are not 
22 available, the unemployment rate in the municipality shall 
23 be deemed to be the same as the unemployment rate in the 
24 principal county in which the municipality is located.
25 In addition, the municipality must establish one or more 
 
 
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1jobs creation projects within the area and must include the 
2following in the jobs creation plan:
3   (A) the identification of at least one developer 
4 who proposes to undertake a jobs creation project;

5   (B) a description of the buildings and facilities 
6 proposed to be constructed and improved in the jobs 
7 creation project area;

8   (C) the estimated costs of construction of the 
9 buildings and facilities to be constructed in the jobs 
10 creation project area;

11   (D) a copy of letters of intent to locate within 
12 the proposed jobs creation project area by the 
13 developer and appropriate corporate officer, if 
14 applicable;

15   (E) the estimated number of full-time equivalent 
16 and part-time jobs anticipated to be created and 
17 retained by the developer's jobs creation project; and

18   (F) any other information the municipality deems 
19 reasonable and necessary to advise the public of the 
20 intent of the jobs creation project.


21 Section 20. Levels of benefits. 
22 (a) Jobs creation projects within a jobs creation project 
23area created pursuant to this Act may qualify for incentives, 
24tax credits, deductions, or exemptions as follows: (i) real 
25estate tax increment; (ii) local sales tax increment; (iii) 
 
 
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1State sales tax increment; (iv) municipal utility tax 
2increment; (v) State utility tax increment; (vi) income tax 
3credit or deduction; and (vii) State and local 
4telecommunications tax increment.
5 (b) Sources of incentives available for public and private 
6projects in a jobs creation project area are defined by the 
7following levels:
8  (1) Level "A" benefits are defined as real estate tax 
9 increment and local sales tax increment.

10  (2) Level "B" benefits are defined as real estate tax 
11 increment; local sales tax increment; State sales tax 
12 increment; and municipal utility tax increment.

13  (3) Level "C" benefits are defined as real estate tax 
14 increment; local sales tax increment; State sales tax 
15 increment; municipal utility tax increment; State utility 
16 tax increment; State and municipal telecommunication tax 
17 increment; and a jobs State income tax credit or deduction.

18 (c) Incentive levels for jobs creation project areas are 
19determined by the population of the municipality as of the most 
20recent federal decennial census prior to the adoption of the 
21jobs creation plan and the number of full-time equivalent jobs 
22created as follows:
23  (1) Jobs creation project areas located in a 
24 municipality with a population of up to 14,999 with a 
25 project estimated to create the following full-time 
26 equivalent jobs are eligible for the following benefits:
 
 
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1   (A) If the project creates 25 jobs or more, the 
2 jobs project area is eligible for level A benefits.

3   (B) If the project creates 75 jobs or more, the 
4 jobs project area is eligible for level B benefits.

5   (C) If the project creates 100 jobs or more, the 
6 jobs project area is eligible for level C benefits.

7  (2) Jobs creation project areas located in a 
8 municipality with a population of 15,000 to 49,999 with a 
9 project estimated to create the following full-time 
10 equivalent jobs are eligible for the following benefits:
11   (A) If the project creates 75 jobs or more, the 
12 jobs project area is eligible for level A benefits.

13   (B) If the project creates 100 jobs or more, the 
14 jobs project area is eligible for level B benefits.

15   (C) If the project creates 150 jobs or more, the 
16 jobs project area is eligible for level C benefits.

17  (3) Jobs creation project areas located in a 
18 municipality with a population over 50,000 with a project 
19 estimated to create the following full-time equivalent 
20 jobs are eligible for the following benefits:
21   (A) If the project creates 100 jobs or more, the 
22 jobs project area is eligible for level A benefits.

23   (B) If the project creates 150 jobs or more, the 
24 jobs project area is eligible for level B benefits.

25   (C) If the project creates 250 jobs or more, the 
26 jobs project area is eligible for level C benefits.

 
 
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1 (d) The municipality shall determine incentive levels 
2available for a jobs creation project. Incentives offered to 
3the developer or developers shall be at the discretion of the 
4municipality and shall be set forth in a redevelopment 
5agreement adopted by ordinance of the municipality. The 
6redevelopment agreement shall contain a description of the 
7benefit level the developer is eligible to receive and the 
8requirements of the Three Year Job Attainment Report. The 
9rights and obligations of the redevelopment agreement shall be 
10fully assignable by the developer upon approval of the 
11municipality.

12 (e) On the third anniversary of date of the designation of 
13a jobs creation project area, the developer shall submit to the 
14municipality a Three Year Job Attainment Report, which must 
15include: (i) identification of the developer or developers and 
16the jobs creation project or projects; (ii) a description of 
17the incentives the developer has received since the designation 
18of the area; (iii) a sworn statement of the number of 
19full-time, part-time, and full-time equivalent jobs that have 
20been created by its project.

21 (f) If, on the third anniversary, the municipality finds 
22that the number of jobs created within a jobs creation project 
23area is not equal to or greater than the number of jobs 
24required by the level of benefits the developer is receiving, 
25the developer's level of benefits shall decrease to the 
26appropriate level set forth in subsection (c). If the developer 
 
 
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1fails to meet the number of jobs required for level A benefits 
2based upon the population of the municipality where the jobs 
3creation project is located, the developer's incentives may be 
4terminated by written notice from the municipality.

5 (g) If, on the third anniversary, the municipality finds 
6that the jobs created within the jobs creation project area are 
7greater than the number of jobs required by the level of 
8benefits the developer is receiving, the developer may be 
9eligible for additional benefits based upon the appropriate 
10level set forth in subsection (c).

11 (h) A change in the level of benefits and incentives a 
12developer receives shall require an amendment to the 
13redevelopment agreement between the municipality and the 
14developer approved by ordinance of the municipality. If the 
15developer exceeds the number of full-time equivalent jobs 
16required for the level of benefits the developer is receiving 
17prior to the third anniversary date of the establishment of the 
18jobs creation project area, the developer may present to the 
19municipality a sworn statement of the number of full-time 
20equivalent jobs created, and the developer, at the discretion 
21of the developer, may be eligible for additional benefits based 
22upon the appropriate level set forth in subsection (c).

23 (i) Upon determination by the municipality that the 
24requisite number of full-time equivalent jobs have been created 
25within the jobs creation project area, the developer or 
26developers shall be relieved of any liability with respect to 
 
 
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1job creation under this Section.


2 Section 25. Approval of a jobs creation plan and project; 
3designation of a jobs creation project area.
4 (a) A municipality may, by ordinance, approve a jobs 
5creation plan and project and designate a jobs creation project 
6area. Prior to the adoption of an ordinance designating a jobs 
7creation project area or approving a jobs creation plan or jobs 
8creation project, the municipality by its corporate 
9authorities shall adopt an ordinance fixing a time and place 
10for a public hearing. The municipality shall hear all comments 
11at the hearing and the hearing may be adjourned to another date 
12without further notice other than a motion to be entered upon 
13the minutes fixing the time and place of the subsequent 
14hearing. At the public hearing or at any time prior to the 
15adoption by the municipality of an ordinance approving a jobs 
16creation plan, the municipality may make changes in the jobs 
17creation plan. Changes that (i) add additional parcels of 
18property to the proposed jobs creation project area, (ii) 
19substantially affect the general land uses proposed in the jobs 
20creation plan, or (iii) substantially change the nature of or 
21extend the life of the jobs creation project, shall be made 
22only after the municipality gives notice, convenes a joint 
23review board, and conducts a public hearing pursuant to the 
24procedures set forth in this Section of this Act. Changes that 
25do not (i) add additional parcels of property to the proposed 
 
 
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1jobs creation project area, (ii) substantially affect the 
2general land uses proposed in the jobs creation plan, or (iii) 
3substantially change the nature of or extend the life of the 
4jobs creation project, may be made without further hearing, 
5provided that the municipality shall give notice of any such 
6changes by mail to each affected taxing district and by 
7publication in a newspaper of general circulation within the 
8affected taxing district. The notice by mail and by publication 
9shall each occur not later than 14 business days following the 
10adoption by ordinance of those changes. Hearings with regard to 
11a jobs creation project area, project, or plan may be held 
12simultaneously.

13 (b) Notice of the public hearing shall be given by 
14publication and mailing. Notice by publication shall be given 
15by publication at least twice, the first publication to be not 
16more than 30 nor less than 10 days prior to the hearing in a 
17newspaper of general circulation within the taxing districts 
18having property in the proposed jobs creation project area. 
19Notice by mailing shall be given by depositing that notice in 
20the United States mail by certified mail addressed to the 
21person or persons in whose name the general taxes for the last 
22preceding year were paid on each lot, block, tract, or parcel 
23of land lying within the jobs creation project area. The notice 
24shall be mailed not less than 10 days prior to the date set for 
25the public hearing. If taxes for the last preceding year were 
26not paid, the notice shall also be sent to the persons last 
 
 
HB2531- 27 -LRB099 06658 SXM 26731 b


1listed on the tax rolls within the preceding 3 years as the 
2owners of such property.

3 (c) The notices issued pursuant to this Section shall 
4include the following:
5  (1) the time and place of public hearing;

6  (2) the boundaries of the proposed jobs creation 
7 project area by legal description and by street location 
8 where possible;

9  (3) a description of the jobs creation plan and jobs 
10 creation project for the proposed jobs creation project 
11 area; and

12  (4) such other matters as the municipality may deem 
13 appropriate.

14 (d) Not less than 30 days prior to the date set for 
15hearing, the municipality shall give notice by mail as provided 
16in subsection (a) to all taxing districts of which taxable 
17property is included in the jobs creation project area, 
18project, or plan and to the Department of Commerce and Economic 
19Opportunity.

20 (e) Prior to holding a public hearing to approve or amend a 
21jobs creation plan or to designate or add additional parcels of 
22property to a jobs creation project area, the municipality 
23shall convene a joint review board. The board shall consist of 
24a representative selected by each community college district, 
25local elementary school district and high school district or 
26each local community unit school district, park district, 
 
 
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1library district, township, fire protection district, and 
2county that will have the authority to directly levy taxes on 
3the property within the proposed jobs creation project area at 
4the time that the proposed jobs creation project area is 
5approved, a representative selected by the municipality, and a 
6public member who shall be a resident of the municipality. The 
7public member shall first be selected and then the board's 
8chairperson shall be selected by a majority of the board 
9members present and voting.

10 All board members shall be appointed and the first board 
11meeting shall be held at least 14 days but not more than 28 
12days after the mailing of notice by the municipality to the 
13taxing districts as required by this Act. Additional meetings 
14of the board shall be held upon the call of any member. The 
15municipality seeking designation of the jobs creation project 
16area shall provide administrative support to the board.
17 (f) Upon conclusion of the public hearing, the municipality 
18may, within 180 days after the public hearing, adopt an 
19ordinance approving a jobs creation plan and project, and an 
20ordinance designating a jobs creation project area. No jobs 
21creation project area shall be designated unless a plan and 
22project are approved prior to the designation of the area.
23 The plan and projects shall be approved by an ordinance 
24that includes:
25  (1) a description of the jobs creation project area;

26  (2) the qualifications described in the jobs creation 
 
 
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1 plan that cause the area to be designated as a jobs 
2 creation project area pursuant to Section 15 of this Act;

3  (3) a finding that the proposed jobs creation project 
4 area on the whole has not been subject to growth and 
5 development through investment by private enterprise and 
6 would not be reasonably anticipated to be developed without 
7 the adoption of the jobs creation plan;

8  (4) a finding that the jobs creation plan and project 
9 conform to the land use and zoning and ordinances for the 
10 development of the municipality as a whole;
11  (5) the anticipated completion date of the jobs 
12 creation plan and projects;

13  (6) the estimated date for retirement of obligations, 
14 if any, incurred to finance the jobs creation project; and

15  (7) a finding that the incremental revenues and 
16 benefits pursuant to the act will be used exclusively for 
17 development of or the benefit of the jobs creation project 
18 area.

19 An ordinance designating a jobs creation project area shall 
20set forth:
21  (1) a general description of the jobs creation project 
22 area; and

23  (2) a boundary map of the jobs creation project area.

24 (g) Upon adoption of the ordinances and with regard to the 
25real estate increment, as set forth in Section 11-74.4-8 of the 
26Tax Increment Allocation Redevelopment Act, the municipality 
 
 
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1shall forthwith transmit to the county clerk of the county or 
2counties within which the jobs creation project area is located 
3a certified copy of the ordinance, a legal description of the 
4jobs creation project area, a map of the jobs creation project 
5area, identification of the year that the county clerk shall 
6use for determining the total initial equalized assessed value 
7of the jobs creation project area, and a list of the parcel or 
8tax identification number of each parcel of property included 
9in the jobs creation project area.

10 (h) Upon adoption of the ordinances and with regard to the 
11State and local municipal sales taxes and use and service 
12taxes, State income taxes, State and municipal 
13telecommunications taxes, and State and municipal utility 
14taxes, if such benefits are applicable, the municipality shall 
15provide to the Illinois Department of Revenue a certified copy 
16of the ordinances.


17 Section 30. Jobs Creation Finance Fund. Upon adoption of 
18the ordinances approving a jobs creation plan and project and 
19designating a jobs creation project area, a municipality shall 
20create a special fund called the Job Creation Finance Fund for 
21the deposit of real estate tax incremental revenues and any 
22incremental tax revenues payable to the municipality pursuant 
23to this Act. The moneys in the Jobs Creation Finance Fund shall 
24be used for the purpose of paying jobs creation projects costs 
25and obligations incurred from the payment of jobs creation 
 
 
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1project costs.

2 Section 35. Completion dates for jobs creation projects. 
3The dates of completion of the jobs creation projects and 
4retirement of obligations issued to finance jobs creation 
5project cost may not be later than December 31st of the year in 
6which the payment to the municipal treasurer is to be made with 
7respect to ad valorem real estate taxes levied in the 15th 
8calendar year after the year in which the ordinance approving 
9the jobs creation project area was adopted. A municipality may 
10elect to extend the life of the jobs creation project area to 
1125 years by the adoption of an ordinance after at least 14 but 
12no more than 30 days' written notice to the affected taxing 
13bodies before the adoption of the ordinance.

14 Section 40. Municipal powers and duties; jobs creation 
15project areas. A municipality may:
16 (a) Make and enter into all contracts with property owners, 
17developers, tenants, individual overlapping taxing bodies, and 
18others necessary or incidental to the implementation and 
19furtherance of its jobs creation plan and projects.

20 (b) Acquire by purchase, donation, or lease or own, convey, 
21lease, mortgage, or dispose of land and other property, real or 
22personal, or rights or interests therein, and grant or acquire 
23licenses, easements, and options with respect thereto, all in 
24the manner and at the price the municipality determines is 
 
 
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1reasonably necessary to achieve the objectives of the jobs 
2creation plan and project. No conveyance, lease, mortgage, or 
3disposition of land or other property owned by a municipality, 
4or agreement relating to the development of that municipal 
5property, shall be made except upon the adoption of an 
6ordinance by the corporate authorities of the municipality. 
7Furthermore, no conveyance, lease, mortgage, or other 
8disposition of land owned by a municipality or agreement 
9relating to the development of such municipal property shall be 
10made without making public disclosure of the terms of the 
11disposition and all bids and proposals made in response to the 
12municipality's request. The procedures for obtaining those 
13bids and proposals shall provide reasonable opportunity for any 
14person to submit alternative proposals or bids.

15 (c) Within a jobs creation project area, clear any area by 
16demolition or removal of any existing buildings, equipment, 
17underground tanks, structures, or other impediments to 
18development.

19 (d) Within a jobs creation project area, renovate, 
20rehabilitate, or construct any structure or building, as 
21permitted under this Act.

22 (e) Install, repair, construct, reconstruct, or relocate 
23streets, utilities, and site improvements essential to the 
24preparation of the jobs creation project area for use in 
25accordance with a jobs creation project plan.

26 (f) Within a jobs creation project area, fix, charge, and 
 
 
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1collect fees, rents, and charges for the use of any building or 
2property owned or leased by it or any part thereof, or facility 
3therein.

4 (g) Accept grants, guarantees, and donations of property, 
5labor, or other things of value from a public or private source 
6for use within a project jobs creation project area.

7 (h) Acquire and construct public facilities as permitted 
8under this Act.

9 (i) Incur jobs creation project costs and reimburse 
10developers who incur project costs as permitted under this Act.

11 (j) From municipal owned properties, make full or partial 
12payment in lieu of taxes to taxing districts. If payments in 
13lieu of taxes or a portion thereof are made to taxing 
14districts, those payments shall be made to all districts within 
15a jobs creation project area on a basis which is proportional 
16to the then current collections of revenue which each taxing 
17district receives from real property in the jobs creation 
18project area.

19 (k) Exercise any and all other powers necessary to 
20effectuate the purposes of this Act.

21 (l) Municipalities may undertake and perform jobs creation 
22plans and projects and use the provisions of the Act wherever 
23they have contiguous jobs creation project areas or tax 
24increment redevelopment project areas. They may issue 
25obligations and expend tax revenues received under this Act for 
26eligible expenses anywhere within contiguous jobs creation 
 
 
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1project areas or tax increment redevelopment project areas, as 
2otherwise permitted in the Act.

3 (m) Use revenues, other than State sales use or service tax 
4increment revenues or State utilities tax increment revenues, 
5received under this Act from one jobs creation project area for 
6eligible costs in: (i) another contiguous jobs creation project 
7area; (ii) a contiguous tax increment redevelopment project 
8area created pursuant to the Tax Increment Allocation 
9Redevelopment Act or Jobs Recovery Act; or (iii) a STAR Bonds 
10District created pursuant to the Innovation Development and 
11Economy Act. Job creation project areas, tax increment 
12redevelopment project areas, or STAR bonds districts shall be 
13deemed contiguous under this Act if they are:

14  (1) separated only by a public right-of-way from the 
15 jobs creation project area or tax increment redevelopment 
16 project area;

17  (2) separated only by property owned by another taxing 
18 district; or

19  (3) separated only by forest preserve property from the 
20 jobs creation project area.

21 (n) If a jobs creation project has not been initiated in a 
22jobs creation project area within 3 years after the area was 
23designated by ordinance, the municipality shall adopt an 
24ordinance repealing the area's designation as a jobs creation 
25project area.

 
 
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1 Section 45. Distribution of surplus funds. Upon the 
2determination of a surplus of increment in the Jobs Creation 
3Project Fund, the surplus shall be distributed to the taxing 
4districts and to the Illinois Department of Revenue as follows: 
5(i) surplus real estate increment shall be paid by the 
6municipal treasurer to the County Collector, who shall 
7distribute the surplus increment to the taxing bodies in 
8proportion to the tax rates of the taxing bodies in the most 
9recent distribution by the County Collector to the affected 
10districts; (ii) the municipal treasurer shall pay all surplus 
11State sales, use, service, and utility taxes to the Department 
12of Revenue; and (iii) the municipality shall retain all local 
13taxes and deposit them into the municipality's general fund.

14 Section 50. Issuance of obligations for jobs creation 
15project costs. Obligations in the form of bonds, loans, notes, 
16or debentures, secured by the Jobs Creation Finance Fund for 
17the jobs creation project area, may be issued to provide for 
18jobs creation project costs.
19 Without limiting the foregoing in this Section, the 
20municipality may pledge, in addition to obligations secured by 
21the Jobs Creation Finance Fund and for a period not greater 
22than the term of the obligations, towards payment of such 
23obligations any part or any combination of the following: (i) 
24net revenues of all or part of any jobs creation project; (ii) 
25taxes levied and collected on any or all property in the 
 
 
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1municipality; (iii) the full faith and credit of the 
2municipality; (iv) a mortgage on part or all of the jobs 
3creation project; or (v) any other taxes or anticipated 
4receipts that the municipality may lawfully pledge.
5 These obligations may be issued in one or more series 
6bearing interest at a rate or rates that the corporate 
7authorities of the municipality shall determine by ordinance. 
8These obligations shall bear such date or dates, mature at such 
9time or times not exceeding 15 years, or 25 years if the area 
10is extended, from their respective dates, be in such 
11denomination, carry such registration privileges, be executed 
12in such manner, be payable in such medium of payment at such 
13place or places, contain such covenants, terms, and conditions, 
14and be subject to redemption as the ordinance shall provide. 
15Obligations issued pursuant to this Act may be sold at public 
16or private sale at a price determined by the corporate 
17authorities of the municipalities. No referendum approval of 
18the electors shall be required as a condition to the issuance 
19of obligations pursuant to this Act except as provided in this 
20Section.
21 If the municipality authorizes issuance of obligations 
22pursuant to the authority of this Act secured by the full faith 
23and credit of the municipality, and if those obligations are 
24other than obligations that may be issued under home rule 
25powers provided by Article VII, Section 6 of the Illinois 
26Constitution, or pledges taxes under this Section, the 
 
 
HB2531- 37 -LRB099 06658 SXM 26731 b


1ordinance authorizing the issuance of those obligations or 
2pledging those taxes shall be published in one or more 
3newspapers, with general circulation within the municipality, 
4within 10 days after the ordinance has been passed. The 
5publication of the ordinance shall be accompanied by a notice 
6of (i) the specific number of voters required to sign a 
7petition requesting the question of the issuance of those 
8obligations or pledging taxes to be submitted to the electors; 
9(ii) the time in which the petition must be filed; and (iii) 
10the date of the prospective referendum. The municipal clerk 
11shall provide a petition form to any individual requesting one.
12 If no petition is filed with the municipal clerk, as 
13provided in this Section, within 30 days after the publication 
14of the ordinance, the ordinance shall be in effect. But, if 
15within that 30-day period, a petition is filed with the 
16municipal clerk, signed by electors in the municipality 
17numbering 10% or more of the number of registered voters in the 
18municipality, asking that the question of issuing obligations 
19using full faith and credit of the municipality as security for 
20the cost of paying for jobs creation project costs, or of 
21pledging taxes for the payment of such obligations, or both, be 
22submitted to the electors of the municipality, the corporate 
23authorities of the municipality shall call a special election 
24in the manner provided by law to vote upon that question, or, 
25if a general, State, or municipal election is to be held within 
26a period of not less than 30 or more than 90 days from the date 
 
 
HB2531- 38 -LRB099 06658 SXM 26731 b


1the petition is filed, shall submit the question at the next 
2general, State, or municipal election. If it appears upon the 
3canvass of the election by the corporate authorities that a 
4majority of electors voting upon the question voted in favor 
5thereof, the ordinance shall be in effect, but if a majority of 
6the electors voting upon the question are not in favor thereof, 
7the ordinance shall not take effect.
8 The ordinance authorizing the obligations may provide that 
9the obligations shall contain a recital that they are issued 
10pursuant to this Act, which recital shall be conclusive 
11evidence of their validity and of the regularity of their 
12issuance.
13 If the municipality authorizes issuance of obligations 
14pursuant to this Section secured by the full faith and credit 
15of the municipality, the ordinance authorizing the obligations 
16may provide for the levy and collection of a direct annual tax 
17upon all taxable property within the municipality sufficient to 
18pay the principal thereof and interest thereon as it matures, 
19which levy may be in addition to and exclusive of the maximum 
20of all other taxes authorized to be levied by the municipality, 
21which levy, however, shall be abated to the extent that moneys 
22from other sources are available for payment of the obligations 
23and the municipality certifies the amount of those moneys 
24available to the county clerk.
25 A certified copy of the ordinance shall be filed with the 
26county clerk of each county in which any portion of the 
 
 
HB2531- 39 -LRB099 06658 SXM 26731 b


1municipality is situated, and shall constitute the authority 
2for the extension and collection of the taxes to be deposited 
3into the Jobs Creation Project Fund.
4 A municipality may also issue its obligations to refund, in 
5whole or in part, obligations theretofore issued by that 
6municipality under the authority of this Act, whether at or 
7prior to maturity; provided, however, that the last maturity of 
8the refunding obligations may not be later than the dates set 
9forth in this Act.
10 If a municipality issues obligations under home rule powers 
11or other legislative authority, the proceeds of which are 
12pledged to pay for jobs creation project costs, the 
13municipality may, if it has followed the procedures in 
14conformance with this Act, retire those obligations from funds 
15in the special tax allocation fund in amounts and in such 
16manner as if such obligations had been issued pursuant to the 
17provisions of this Act.
18 All obligations issued pursuant to this Act shall not be 
19regarded as indebtedness of the municipality issuing those 
20obligations or any other taxing district for the purpose of any 
21limitation imposed by law.

22 Section 55. Amendments. After a municipality has, by 
23ordinance, approved a jobs creation plan, and designated a jobs 
24creation project area, the plan may be amended and additional 
25properties may be added to the jobs creation project area only 
 
 
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1as provided in this Section. Amendments that (i) add additional 
2parcels of property to the proposed jobs creation project area, 
3(ii) substantially affect the general land uses proposed in the 
4jobs creation plan, (iii) substantially change the nature of 
5the jobs creation project, (iv) increase the total estimated 
6jobs creation project costs set out in the jobs creation plan 
7by more than 5% after adjustment for inflation from the date 
8the plan was adopted, or (v) add additional jobs creation 
9project costs to the itemized list of jobs creation project 
10costs set out in the jobs creation plan shall be made only 
11after the municipality gives notice, convenes a joint review 
12board, and conducts a public hearing pursuant to the procedures 
13set forth in this Act. Changes that do not (i) add additional 
14parcels of property to the proposed jobs creation project area, 
15(ii) substantially affect the general land uses proposed in the 
16jobs creation plan, (iii) substantially change the nature of 
17the jobs creation project, (iv) increase the total estimated 
18jobs creation project cost set out in the jobs creation plan by 
19more than 5% after adjustment for inflation from the date the 
20plan was adopted, or (v) add additional jobs creation project 
21costs to the itemized list of jobs creation project costs set 
22out in the jobs creation plan may be made without further 
23public hearing and related notices and procedures including the 
24convening of a joint review board as set forth in this Act, 
25provided that the municipality shall give notice of any such 
26changes by mail to each affected taxing district and by 
 
 
HB2531- 41 -LRB099 06658 SXM 26731 b


1publication in a newspaper of general circulation within the 
2affected taxing district. That notice by mail and by 
3publication shall each occur not later than 10 days following 
4the adoption by ordinance of those changes.

5 Section 60. Annual reports; annual joint review board 
6meetings. A municipality shall submit the following 
7information for each jobs creation project area to (i) the 
8State Comptroller under Section 8-8-3.5 of the Illinois 
9Municipal Code; (ii) the Illinois Department of Revenue, if 
10applicable, and (iii) to all taxing districts overlapping the 
11jobs creation project area no later than 180 days after the 
12close of each municipal fiscal year or after the audited 
13financial statements become available and, in any case, shall 
14be submitted before the annual meeting of the Joint Review 
15Board to each of the taxing districts that overlap the jobs 
16creation project area:
17  (1) any amendments to the jobs creation plan, the jobs 
18 creation project area, or the State Sales Tax Boundary;

19  (2) a list of the jobs creation project areas 
20 administered by the municipality and, if applicable, the 
21 date each jobs creation project area was designated or 
22 terminated by the municipality;

23  (3) audited financial statements of the Jobs Creation 
24 Finance Fund once a cumulative total of $100,000 has been 
25 deposited into the fund;

 
 
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1  (4) certification of the chief executive officer of the 
2 municipality that the municipality has complied with all of 
3 the requirements of this Act during the preceding fiscal 
4 year;

5  (5) an opinion of legal counsel that the municipality 
6 is in compliance with this Act;

7  (6) an analysis of the Jobs Creation Finance Fund that 
8 sets forth:

9   (A) the balance in the Jobs Creation Finance Fund 
10 at the beginning of the fiscal year;

11   (B) all amounts deposited in the Jobs Creation 
12 Finance Fund by source;

13   (C) an itemized list of all expenditures from the 
14 Jobs Creation Finance fund by category of permissible 
15 jobs creation project cost; and

16   (D) the balance in the Jobs Creation Finance Fund 
17 at the end of the fiscal year including a breakdown of 
18 that balance by: (i) source and use of funds by 
19 increment; and (ii) identification of any surplus as 
20 defined in Section 3 of this Act;

21  (7) a description of all property purchased by the 
22 municipality within the jobs creation project area 
23 including:
24   (A) street address;

25   (B) approximate size or description of property;

26   (C) purchase price; and

 
 
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1   (D) seller of property;

2  (8) a statement setting forth all activities 
3 undertaken in furtherance of the objectives of the jobs 
4 creation plan, including:
5   (A) any project implemented in the preceding 
6 fiscal year;

7   (B) a description of the jobs creation activities 
8 undertaken;

9   (C) a description of any agreements entered into by 
10 the municipality with regard to the disposition or 
11 redevelopment of any property within the jobs creation 
12 project area or the area within the State Sales Tax 
13 Boundary;

14   (D) any reports submitted to the municipality by 
15 the joint review board;
and
16   (E) a review of public and, to the extent possible, 
17 private investment actually undertaken to date and 
18 estimated to be undertaken during the following year; 
19 this review shall, on a project-by-project basis, set 
20 forth the estimated amounts of public and private 
21 investment incurred;

22  (9) with regard to any obligations issued by the 
23 municipality:
24   (A) copies of any official statements; and

25   (B) an analysis setting forth: (i) nature and term 
26 of obligation; and (ii) projected debt service 
 
 
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1 including required reserves and debt coverage if (i) 
2 and (ii) are not included in the official statements;

3  (10) for Jobs Creation Finance Funds that have 
4 experienced cumulative deposits of incremental tax 
5 revenues of $100,000 or more, a certified audit report 
6 reviewing compliance with this Act performed by an 
7 independent public accountant certified and licensed by 
8 the authority of the State of Illinois; the financial 
9 portion of the audit must be conducted in accordance with 
10 Standards for Audits of Governmental Organizations, 
11 Programs, Activities, and Functions adopted by the 
12 Comptroller General of the United States (1981), as 
13 amended, or the standards specified by Section 8-8-5 of the 
14 Illinois Municipal Auditing Law of the Illinois Municipal 
15 Code; the audit report shall contain a letter from the 
16 independent certified public accountant indicating 
17 compliance or noncompliance with the requirements of the 
18 Act; and

19  (11) the joint review board shall meet annually 180 
20 days after the close of the municipal fiscal year or after 
21 the jobs creation plan and project audit for that fiscal 
22 year becomes available to review the effectiveness and 
23 status of the jobs creation plan and project up to that 
24 date.


25 Section 65. Overlapping tax increment financing districts; 
 
 
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1enterprise zones.
2 (a) A jobs creation project area may overlap an existing 
3tax increment financing district created pursuant to the Tax 
4Increment Allocation Redevelopment Act. If any portion of the 
5property taxes attributable to the increase in equalized 
6assessed value within a jobs creation project area are, at the 
7time of formation of the jobs creation project area, already 
8subject to tax increment financing under the Tax Increment 
9Allocation Redevelopment Act, then the tax increment for those 
10tax parcels shall be frozen at the base year established in 
11accordance with this Act, and all future incremental increases 
12over the base year shall not be subject to tax increment 
13financing under the Tax Increment Allocation Redevelopment 
14Act, but rather, shall be subject to tax increment financing 
15under this Act. Any party otherwise entitled to the receipt of 
16incremental tax revenues pursuant to an existing tax increment 
17redevelopment agreement shall be entitled to continue to 
18receive those revenues. Nothing in this Act shall affect the 
19prior qualification of existing redevelopment project costs 
20incurred that are eligible for reimbursement under the Tax 
21Increment Allocation Redevelopment Act.

22 (b) A jobs creation project area may overlap an existing 
23enterprise zone created pursuant to the Enterprise Zone Act 
24subject to the following:

25  (1) Developments that have been designated to receive 
26 enterprise zone benefits shall continue to receive the 
 
 
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1 designated real estate benefits and any other designated 
2 benefits until the expiration of the designated benefits.

3  (2) If a developer with a jobs creation project within 
4 an existing enterprise zone is not receiving enterprise 
5 zone benefits or elects to terminate its existing 
6 enterprise zone benefits, the developer shall be eligible 
7 for benefits as set forth in this Act.


8 Section 70. Payment of project costs; revenues from 
9municipal property. Revenues received by the municipality from 
10any property, building, or facility owned, leased, or operated 
11by the municipality or any agency or authority established by 
12the municipality, or from repayments of loans, may be used to 
13pay jobs creation project costs, or reduce outstanding 
14obligations of the municipality incurred under this Act for 
15jobs creation project costs. The municipality may place those 
16revenues in the Jobs Creation Finance Fund, which shall be held 
17by the municipal treasurer or other person designated by the 
18municipality.

19 Section 75. Partial invalidity. If any Section, 
20subdivision, paragraph, sentence, or clause of this Act is, for 
21any reason, held to be invalid or unconstitutional, that 
22decision shall not affect any remaining portion, Section, or 
23part thereof that can be given effect without the invalid 
24provision.


 
 
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1 Section 99. Effective date. This Act takes effect upon 
2becoming law.