MUNI CD-TIF SURPLUS FUNDS

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HB4712 - 104th General Assembly

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104TH GENERAL ASSEMBLY
State of Illinois
2025 and 2026
HB4712

Introduced , by Rep. Robert "Bob" Rita

SYNOPSIS AS INTRODUCED:

65 ILCS 5/11-74.4-7

from Ch. 24, par. 11-74.4-7
65 ILCS 5/11-74.4-8

from Ch. 24, par. 11-74.4-8

Amends the Tax Increment Allocation Redevelopment Act of the Illinois
Municipal Code. Provides that not more than 5% of all surplus funds in the
special tax allocation fund may be distributed. Provides that surplus
funds in the special tax allocation fund may be distributed not more than
once every 10 years (rather than annually). Provides that, if the
termination date for a redevelopment project area is extended beyond the
23rd calendar year after the year in which the ordinance approving the
redevelopment project area was adopted, then following the 23rd calendar
year, no surplus funds may be distributed until the redevelopment project
area is terminated. Effective immediately.
LRB104 18094 RTM 31533 b

A BILL FOR

HB4712
LRB104 18094 RTM 31533 b
1

AN ACT concerning local government.

2

Be it enacted by the People of the State of Illinois,
3
represented in the General Assembly:

4

Section 5.
The Illinois Municipal Code is amended by
5
changing Sections 11-74.4-7 and 11-74.4-8 as follows:

6

(65 ILCS 5/11-74.4-7)

(from Ch. 24, par. 11-74.4-7)
7

Sec. 11-74.4-7.
Obligations secured by the special tax
8
allocation fund set forth in Section 11-74.4-8 for the
9
redevelopment project area may be issued to provide for
10
redevelopment project costs. Such obligations, when so issued,
11
shall be retired in the manner provided in the ordinance
12
authorizing the issuance of such obligations by the receipts
13
of taxes levied as specified in Section 11-74.4-9 against the
14
taxable property included in the area, by revenues as
15
specified by Section 11-74.4-8a and other revenue designated
16
by the municipality. A municipality may in the ordinance
17
pledge all or any part of the funds in and to be deposited in
18
the special tax allocation fund created pursuant to Section
19
11-74.4-8 to the payment of the redevelopment project costs
20
and obligations. Any pledge of funds in the special tax
21
allocation fund shall provide for distribution to the taxing
22
districts and to the Illinois Department of Revenue of moneys
23
not required, pledged, earmarked, or otherwise designated for

HB4712
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LRB104 18094 RTM 31533 b
1
payment and securing of the obligations and anticipated
2
redevelopment project costs and such excess funds shall be
3
calculated annually and deemed to be "surplus" funds. In the
4
event a municipality only applies or pledges a portion of the
5
funds in the special tax allocation fund for the payment or
6
securing of anticipated redevelopment project costs or of
7
obligations, any such funds remaining in the special tax
8
allocation fund after complying with the requirements of the
9
application or pledge, shall also be calculated annually and
10
deemed "surplus" funds.
Notwithstanding this Section, not more
11
than 5% of all

All
surplus funds in the special tax allocation
12
fund
may

shall
be distributed
not more than once every 10
13
years, with the funds to be distributed

annually
within 180
14
days after the close of the municipality's fiscal year by
15
being paid by the municipal treasurer to the County Collector,
16
to the Department of Revenue and to the municipality in direct
17
proportion to the tax incremental revenue received as a result
18
of an increase in the equalized assessed value of property in
19
the redevelopment project area, tax incremental revenue
20
received from the State and tax incremental revenue received
21
from the municipality, but not to exceed as to each such source
22
the total incremental revenue received from that source. The
23
County Collector shall thereafter make distribution to the
24
respective taxing districts in the same manner and proportion
25
as the most recent distribution by the county collector to the
26
affected districts of real property taxes from real property

HB4712
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LRB104 18094 RTM 31533 b
1
in the redevelopment project area.
If the termination date for
2
the redevelopment project area is extended beyond the 23rd
3
calendar year after the year in which the ordinance approving
4
the redevelopment project area was adopted, then following the
5
23rd calendar year, no surplus funds may be distributed until
6
the redevelopment project area is terminated.

7

Without limiting the foregoing in this Section, the
8
municipality may in addition to obligations secured by the
9
special tax allocation fund pledge for a period not greater
10
than the term of the obligations towards payment of such
11
obligations any part or any combination of the following: (a)
12
net revenues of all or part of any redevelopment project; (b)
13
taxes levied and collected on any or all property in the
14
municipality; (c) the full faith and credit of the
15
municipality; (d) a mortgage on part or all of the
16
redevelopment project; (d-5) repayment of bonds issued
17
pursuant to subsection (p-130) of Section 19-1 of the School
18
Code; or (e) any other taxes or anticipated receipts that the
19
municipality may lawfully pledge.
20

Such obligations may be issued in one or more series
21
bearing interest at such rate or rates as the corporate
22
authorities of the municipality shall determine by ordinance.
23
Such obligations shall bear such date or dates, mature at such
24
time or times not exceeding 20 years from their respective
25
dates, be in such denomination, carry such registration
26
privileges, be executed in such manner, be payable in such

HB4712
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LRB104 18094 RTM 31533 b
1
medium of payment at such place or places, contain such
2
covenants, terms and conditions, and be subject to redemption
3
as such ordinance shall provide. Obligations issued pursuant
4
to this Act may be sold at public or private sale at such price
5
as shall be determined by the corporate authorities of the
6
municipalities. No referendum approval of the electors shall
7
be required as a condition to the issuance of obligations
8
pursuant to this Division except as provided in this Section.
9

In the event the municipality authorizes issuance of
10
obligations pursuant to the authority of this Division secured
11
by the full faith and credit of the municipality, which
12
obligations are other than obligations which may be issued
13
under home rule powers provided by Article VII, Section 6 of
14
the Illinois Constitution, or pledges taxes pursuant to (b) or
15
(c) of the second paragraph of this section, the ordinance
16
authorizing the issuance of such obligations or pledging such
17
taxes shall be published within 10 days after such ordinance
18
has been passed in one or more newspapers, with general
19
circulation within such municipality. The publication of the
20
ordinance shall be accompanied by a notice of (1) the specific
21
number of voters required to sign a petition requesting the
22
question of the issuance of such obligations or pledging taxes
23
to be submitted to the electors; (2) the time in which such
24
petition must be filed; and (3) the date of the prospective
25
referendum. The municipal clerk shall provide a petition form
26
to any individual requesting one.

HB4712
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LRB104 18094 RTM 31533 b
1

If no petition is filed with the municipal clerk, as
2
hereinafter provided in this Section, within 30 days after the
3
publication of the ordinance, the ordinance shall be in
4
effect. But, if within that 30 day period a petition is filed
5
with the municipal clerk, signed by electors in the
6
municipality numbering 10% or more of the number of registered
7
voters in the municipality, asking that the question of
8
issuing obligations using full faith and credit of the
9
municipality as security for the cost of paying for
10
redevelopment project costs, or of pledging taxes for the
11
payment of such obligations, or both, be submitted to the
12
electors of the municipality, the corporate authorities of the
13
municipality shall call a special election in the manner
14
provided by law to vote upon that question, or, if a general,
15
State or municipal election is to be held within a period of
16
not less than 30 or more than 90 days from the date such
17
petition is filed, shall submit the question at the next
18
general, State or municipal election. If it appears upon the
19
canvass of the election by the corporate authorities that a
20
majority of electors voting upon the question voted in favor
21
thereof, the ordinance shall be in effect, but if a majority of
22
the electors voting upon the question are not in favor
23
thereof, the ordinance shall not take effect.
24

The ordinance authorizing the obligations may provide that
25
the obligations shall contain a recital that they are issued
26
pursuant to this Division, which recital shall be conclusive

HB4712
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LRB104 18094 RTM 31533 b
1
evidence of their validity and of the regularity of their
2
issuance.
3

In the event the municipality authorizes issuance of
4
obligations pursuant to this Section secured by the full faith
5
and credit of the municipality, the ordinance authorizing the
6
obligations may provide for the levy and collection of a
7
direct annual tax upon all taxable property within the
8
municipality sufficient to pay the principal thereof and
9
interest thereon as it matures, which levy may be in addition
10
to and exclusive of the maximum of all other taxes authorized
11
to be levied by the municipality, which levy, however, shall
12
be abated to the extent that monies from other sources are
13
available for payment of the obligations and the municipality
14
certifies the amount of said monies available to the county
15
clerk.
16

A certified copy of such ordinance shall be filed with the
17
county clerk of each county in which any portion of the
18
municipality is situated, and shall constitute the authority
19
for the extension and collection of the taxes to be deposited
20
in the special tax allocation fund.
21

A municipality may also issue its obligations to refund in
22
whole or in part, obligations theretofore issued by such
23
municipality under the authority of this Act, whether at or
24
prior to maturity, provided however, that the last maturity of
25
the refunding obligations may not be later than the dates set
26
forth under Section 11-74.4-3.5.

HB4712
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LRB104 18094 RTM 31533 b
1

In the event a municipality issues obligations under home
2
rule powers or other legislative authority the proceeds of
3
which are pledged to pay for redevelopment project costs, the
4
municipality may, if it has followed the procedures in
5
conformance with this division, retire said obligations from
6
funds in the special tax allocation fund in amounts and in such
7
manner as if such obligations had been issued pursuant to the
8
provisions of this division.
9

All obligations heretofore or hereafter issued pursuant to
10
this Act shall not be regarded as indebtedness of the
11
municipality issuing such obligations or any other taxing
12
district for the purpose of any limitation imposed by law.
13
(Source: P.A. 100-531, eff. 9-22-17.)

14

(65 ILCS 5/11-74.4-8)

(from Ch. 24, par. 11-74.4-8)
15

Sec. 11-74.4-8.
Tax increment allocation financing.
A
16
municipality may not adopt tax increment financing in a
17
redevelopment project area after July 30, 1997 (the effective
18
date of Public Act 90-258) that will encompass an area that is
19
currently included in an enterprise zone created under the
20
Illinois Enterprise Zone Act unless that municipality,
21
pursuant to Section 5.4 of the Illinois Enterprise Zone Act,
22
amends the enterprise zone designating ordinance to limit the
23
eligibility for tax abatements as provided in Section 5.4.1 of
24
the Illinois Enterprise Zone Act. A municipality, at the time
25
a redevelopment project area is designated, may adopt tax

HB4712
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LRB104 18094 RTM 31533 b
1
increment allocation financing by passing an ordinance
2
providing that the ad valorem taxes, if any, arising from the
3
levies upon taxable real property in such redevelopment
4
project area by taxing districts and tax rates determined in
5
the manner provided in paragraph (c) of Section 11-74.4-9 each
6
year after the effective date of the ordinance until
7
redevelopment project costs and all municipal obligations
8
financing redevelopment project costs incurred under this
9
Division have been paid shall be divided as follows, provided,
10
however, that with respect to any redevelopment project area
11
located within a transit facility improvement area established
12
pursuant to Section 11-74.4-3.3 in a municipality with a
13
population of 1,000,000 or more, ad valorem taxes, if any,
14
arising from the levies upon taxable real property in such
15
redevelopment project area shall be allocated as specifically
16
provided in this Section:
17

(a) That portion of taxes levied upon each taxable
18

lot, block, tract, or parcel of real property which is
19

attributable to the lower of the current equalized
20

assessed value or the initial equalized assessed value of
21

each such taxable lot, block, tract, or parcel of real
22

property in the redevelopment project area shall be
23

allocated to and when collected shall be paid by the
24

county collector to the respective affected taxing
25

districts in the manner required by law in the absence of
26

the adoption of tax increment allocation financing.

HB4712
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LRB104 18094 RTM 31533 b
1

(b) Except from a tax levied by a township to retire
2

bonds issued to satisfy court-ordered damages, that
3

portion, if any, of such taxes which is attributable to
4

the increase in the current equalized assessed valuation
5

of each taxable lot, block, tract, or parcel of real
6

property in the redevelopment project area over and above
7

the initial equalized assessed value of each property in
8

the project area shall be allocated to and when collected
9

shall be paid to the municipal treasurer who shall deposit
10

said taxes into a special fund called the special tax
11

allocation fund of the municipality for the purpose of
12

paying redevelopment project costs and obligations
13

incurred in the payment thereof. In any county with a
14

population of 3,000,000 or more that has adopted a
15

procedure for collecting taxes that provides for one or
16

more of the installments of the taxes to be billed and
17

collected on an estimated basis, the municipal treasurer
18

shall be paid for deposit in the special tax allocation
19

fund of the municipality, from the taxes collected from
20

estimated bills issued for property in the redevelopment
21

project area, the difference between the amount actually
22

collected from each taxable lot, block, tract, or parcel
23

of real property within the redevelopment project area and
24

an amount determined by multiplying the rate at which
25

taxes were last extended against the taxable lot, block,
26

tract, or parcel of real property in the manner provided

HB4712
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LRB104 18094 RTM 31533 b
1

in subsection (c) of Section 11-74.4-9 by the initial
2

equalized assessed value of the property divided by the
3

number of installments in which real estate taxes are
4

billed and collected within the county; provided that the
5

payments on or before December 31, 1999 to a municipal
6

treasurer shall be made only if each of the following
7

conditions are met:
8

(1) The total equalized assessed value of the
9

redevelopment project area as last determined was not
10

less than 175% of the total initial equalized assessed
11

value.
12

(2) Not more than 50% of the total equalized
13

assessed value of the redevelopment project area as
14

last determined is attributable to a piece of property
15

assigned a single real estate index number.
16

(3) The municipal clerk has certified to the
17

county clerk that the municipality has issued its
18

obligations to which there has been pledged the
19

incremental property taxes of the redevelopment
20

project area or taxes levied and collected on any or
21

all property in the municipality or the full faith and
22

credit of the municipality to pay or secure payment
23

for all or a portion of the redevelopment project
24

costs. The certification shall be filed annually no
25

later than September 1 for the estimated taxes to be
26

distributed in the following year; however, for the

HB4712
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LRB104 18094 RTM 31533 b
1

year 1992 the certification shall be made at any time
2

on or before March 31, 1992.
3

(4) The municipality has not requested that the
4

total initial equalized assessed value of real
5

property be adjusted as provided in subsection (b) of
6

Section 11-74.4-9.
7

The conditions of paragraphs (1) through (4) do not
8

apply after December 31, 1999 to payments to a municipal
9

treasurer made by a county with 3,000,000 or more
10

inhabitants that has adopted an estimated billing
11

procedure for collecting taxes. If a county that has
12

adopted the estimated billing procedure makes an erroneous
13

overpayment of tax revenue to the municipal treasurer,
14

then the county may seek a refund of that overpayment. The
15

county shall send the municipal treasurer a notice of
16

liability for the overpayment on or before the mailing
17

date of the next real estate tax bill within the county.
18

The refund shall be limited to the amount of the
19

overpayment.
20

It is the intent of this Division that after July 29,
21

1988 (the effective date of Public Act 85-1142) a
22

municipality's own ad valorem tax arising from levies on
23

taxable real property be included in the determination of
24

incremental revenue in the manner provided in paragraph
25

(c) of Section 11-74.4-9. If the municipality does not
26

extend such a tax, it shall annually deposit in the

HB4712
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LRB104 18094 RTM 31533 b
1

municipality's Special Tax Increment Fund an amount equal
2

to 10% of the total contributions to the fund from all
3

other taxing districts in that year. The annual 10%
4

deposit required by this paragraph shall be limited to the
5

actual amount of municipally produced incremental tax
6

revenues available to the municipality from taxpayers
7

located in the redevelopment project area in that year if:
8

(a) the plan for the area restricts the use of the property
9

primarily to industrial purposes, (b) the municipality
10

establishing the redevelopment project area is a home rule
11

community with a 1990 population of between 25,000 and
12

50,000, (c) the municipality is wholly located within a
13

county with a 1990 population of over 750,000 and (d) the
14

redevelopment project area was established by the
15

municipality prior to June 1, 1990. This payment shall be
16

in lieu of a contribution of ad valorem taxes on real
17

property. If no such payment is made, any redevelopment
18

project area of the municipality shall be dissolved.
19

If a municipality has adopted tax increment allocation
20

financing by ordinance and the County Clerk thereafter
21

certifies the "total initial equalized assessed value as
22

adjusted" of the taxable real property within such
23

redevelopment project area in the manner provided in
24

paragraph (b) of Section 11-74.4-9, each year after the
25

date of the certification of the total initial equalized
26

assessed value as adjusted until redevelopment project

HB4712
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LRB104 18094 RTM 31533 b
1

costs and all municipal obligations financing
2

redevelopment project costs have been paid the ad valorem
3

taxes, if any, arising from the levies upon the taxable
4

real property in such redevelopment project area by taxing
5

districts and tax rates determined in the manner provided
6

in paragraph (c) of Section 11-74.4-9 shall be divided as
7

follows, provided, however, that with respect to any
8

redevelopment project area located within a transit
9

facility improvement area established pursuant to Section
10

11-74.4-3.3 in a municipality with a population of
11

1,000,000 or more, ad valorem taxes, if any, arising from
12

the levies upon the taxable real property in such
13

redevelopment project area shall be allocated as
14

specifically provided in this Section:
15

(1) That portion of the taxes levied upon each
16

taxable lot, block, tract, or parcel of real property
17

which is attributable to the lower of the current
18

equalized assessed value or "current equalized
19

assessed value as adjusted" or the initial equalized
20

assessed value of each such taxable lot, block, tract,
21

or parcel of real property existing at the time tax
22

increment financing was adopted, minus the total
23

current homestead exemptions under Article 15 of the
24

Property Tax Code in the redevelopment project area
25

shall be allocated to and when collected shall be paid
26

by the county collector to the respective affected

HB4712
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LRB104 18094 RTM 31533 b
1

taxing districts in the manner required by law in the
2

absence of the adoption of tax increment allocation
3

financing.
4

(2) That portion, if any, of such taxes which is
5

attributable to the increase in the current equalized
6

assessed valuation of each taxable lot, block, tract,
7

or parcel of real property in the redevelopment
8

project area, over and above the initial equalized
9

assessed value of each property existing at the time
10

tax increment financing was adopted, minus the total
11

current homestead exemptions pertaining to each piece
12

of property provided by Article 15 of the Property Tax
13

Code in the redevelopment project area, shall be
14

allocated to and when collected shall be paid to the
15

municipal Treasurer, who shall deposit said taxes into
16

a special fund called the special tax allocation fund
17

of the municipality for the purpose of paying
18

redevelopment project costs and obligations incurred
19

in the payment thereof.
20

The municipality may pledge in the ordinance the funds
21

in and to be deposited in the special tax allocation fund
22

for the payment of such costs and obligations. No part of
23

the current equalized assessed valuation of each property
24

in the redevelopment project area attributable to any
25

increase above the total initial equalized assessed value,
26

or the total initial equalized assessed value as adjusted,

HB4712
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LRB104 18094 RTM 31533 b
1

of such properties shall be used in calculating the
2

general State aid formula, provided for in Section 18-8 of
3

the School Code, or the evidence-based funding formula,
4

provided for in Section 18-8.15 of the School Code, until
5

such time as all redevelopment project costs have been
6

paid as provided for in this Section.
7

Whenever a municipality issues bonds for the purpose
8

of financing redevelopment project costs, such
9

municipality may provide by ordinance for the appointment
10

of a trustee, which may be any trust company within the
11

State, and for the establishment of such funds or accounts
12

to be maintained by such trustee as the municipality shall
13

deem necessary to provide for the security and payment of
14

the bonds. If such municipality provides for the
15

appointment of a trustee, such trustee shall be considered
16

the assignee of any payments assigned by the municipality
17

pursuant to such ordinance and this Section. Any amounts
18

paid to such trustee as assignee shall be deposited in the
19

funds or accounts established pursuant to such trust
20

agreement, and shall be held by such trustee in trust for
21

the benefit of the holders of the bonds, and such holders
22

shall have a lien on and a security interest in such funds
23

or accounts so long as the bonds remain outstanding and
24

unpaid. Upon retirement of the bonds, the trustee shall
25

pay over any excess amounts held to the municipality for
26

deposit in the special tax allocation fund.

HB4712
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LRB104 18094 RTM 31533 b
1

When such redevelopment projects costs, including,
2

without limitation, all municipal obligations financing
3

redevelopment project costs incurred under this Division,
4

have been paid,
not more than 5% of
all surplus funds then
5

remaining in the special tax allocation fund
may

shall
be
6

distributed
not more than once every 10 years
by being
7

paid by the municipal treasurer to the Department of
8

Revenue, the municipality and the county collector; first
9

to the Department of Revenue and the municipality in
10

direct proportion to the tax incremental revenue received
11

from the State and the municipality, but not to exceed the
12

total incremental revenue received from the State or the
13

municipality less any annual surplus distribution of
14

incremental revenue previously made; with any remaining
15

funds to be paid to the County Collector who shall
16

immediately thereafter pay said funds to the taxing
17

districts in the redevelopment project area in the same
18

manner and proportion as the most recent distribution by
19

the county collector to the affected districts of real
20

property taxes from real property in the redevelopment
21

project area.
If the termination date for the
22

redevelopment project area is extended beyond the 23rd
23

calendar year after the year in which the ordinance
24

approving the redevelopment project area was adopted, then
25

following the 23rd calendar year, no surplus funds may be
26

distributed until the redevelopment project area is

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terminated.

2

Upon the payment of all redevelopment project costs,
3

the retirement of obligations, the distribution of any
4

excess monies pursuant to this Section, and final closing
5

of the books and records of the redevelopment project
6

area, the municipality shall adopt an ordinance dissolving
7

the special tax allocation fund for the redevelopment
8

project area and terminating the designation of the
9

redevelopment project area as a redevelopment project
10

area. Title to real or personal property and public
11

improvements acquired by or for the municipality as a
12

result of the redevelopment project and plan shall vest in
13

the municipality when acquired and shall continue to be
14

held by the municipality after the redevelopment project
15

area has been terminated. Municipalities shall notify
16

affected taxing districts prior to November 1 if the
17

redevelopment project area is to be terminated by December
18

31 of that same year. If a municipality extends estimated
19

dates of completion of a redevelopment project and
20

retirement of obligations to finance a redevelopment
21

project, as allowed by Public Act 87-1272, that extension
22

shall not extend the property tax increment allocation
23

financing authorized by this Section. Thereafter the rates
24

of the taxing districts shall be extended and taxes
25

levied, collected and distributed in the manner applicable
26

in the absence of the adoption of tax increment allocation

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1

financing.
2

If a municipality with a population of 1,000,000 or
3

more has adopted by ordinance tax increment allocation
4

financing for a redevelopment project area located in a
5

transit facility improvement area established pursuant to
6

Section 11-74.4-3.3, for each year after the effective
7

date of the ordinance until redevelopment project costs
8

and all municipal obligations financing redevelopment
9

project costs have been paid, the ad valorem taxes, if
10

any, arising from the levies upon the taxable real
11

property in that redevelopment project area by taxing
12

districts and tax rates determined in the manner provided
13

in paragraph (c) of Section 11-74.4-9 shall be divided as
14

follows:
15

(1) That portion of the taxes levied upon each
16

taxable lot, block, tract, or parcel of real property
17

which is attributable to the lower of (i) the current
18

equalized assessed value or "current equalized
19

assessed value as adjusted" or (ii) the initial
20

equalized assessed value of each such taxable lot,
21

block, tract, or parcel of real property existing at
22

the time tax increment financing was adopted, minus
23

the total current homestead exemptions under Article
24

15 of the Property Tax Code in the redevelopment
25

project area shall be allocated to and when collected
26

shall be paid by the county collector to the

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respective affected taxing districts in the manner
2

required by law in the absence of the adoption of tax
3

increment allocation financing.
4

(2) That portion, if any, of such taxes which is
5

attributable to the increase in the current equalized
6

assessed valuation of each taxable lot, block, tract,
7

or parcel of real property in the redevelopment
8

project area, over and above the initial equalized
9

assessed value of each property existing at the time
10

tax increment financing was adopted, minus the total
11

current homestead exemptions pertaining to each piece
12

of property provided by Article 15 of the Property Tax
13

Code in the redevelopment project area, shall be
14

allocated to and when collected shall be paid by the
15

county collector as follows:
16

(A) First, that portion which would be payable
17

to a school district whose boundaries are
18

coterminous with such municipality in the absence
19

of the adoption of tax increment allocation
20

financing, shall be paid to such school district
21

in the manner required by law in the absence of the
22

adoption of tax increment allocation financing;
23

then
24

(B) 80% of the remaining portion shall be paid
25

to the municipal Treasurer, who shall deposit said
26

taxes into a special fund called the special tax

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1

allocation fund of the municipality for the
2

purpose of paying redevelopment project costs and
3

obligations incurred in the payment thereof; and
4

then
5

(C) 20% of the remaining portion shall be paid
6

to the respective affected taxing districts, other
7

than the school district described in clause (a)
8

above, in the manner required by law in the
9

absence of the adoption of tax increment
10

allocation financing.
11

Nothing in this Section shall be construed as relieving
12
property in such redevelopment project areas from being
13
assessed as provided in the Property Tax Code or as relieving
14
owners of such property from paying a uniform rate of taxes, as
15
required by Section 4 of Article IX of the Illinois
16
Constitution.
17
(Source: P.A. 102-558, eff. 8-20-21.)

18

Section 99.
Effective date.
This Act takes effect upon
19
becoming law.

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