Illinois House Bill 4427 (Prior Session Legislation)

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Spectrum: Slight Partisan Bill (Democrat 3-1)
Status: Introduced on January 30 2020 - 25% progression, died in committee
Action: 2020-06-23 - Rule 19(b) / Re-referred to Rules Committee
Pending: House Rules Committee
Text: Latest bill text (Introduced) [HTML]

Amends the Illinois Municipal Code. Provides that a municipality reporting Tax Increment Financing information shall additionally report to the Comptroller: (1) the number of jobs, aspirational or otherwise, if any, projected to be created for each redevelopment project area at the time of approval of the redevelopment agreement; (2) the number of jobs, if any, created as a result of the development under the same guidelines and assumptions as was used for the projections used at the time of approval of the redevelopment agreement to date for that reporting period; (3) the amount of increment projected to be created at the time of approval of the redevelopment agreement for each redevelopment project area; (4) the amount of increment created as a result of the development to date for that reporting period using the same assumptions as was used for the projections used at the time of approval of the redevelopment agreement; and (5) the stated rate of return identified by the developer to the municipality for each redevelopment project area, if any. In provisions requiring a municipality to report an analysis prepared by a financial advisor or underwriter, provides that the advisor or underwriter shall be chosen by the municipality and that analysis shall additionally include actual debt service.

MUNICIPAL CODE-TIF REPORTING

Rep. Jonathan Carroll [D]

Rep. Mark Batinick [R]

Rep. Sam Yingling [D]

Rep. Daniel Didech [D]

Date	Chamber	Action
2020-06-23	House	Rule 19(b) / Re-referred to Rules Committee
2020-03-12	House	Assigned to Revenue & Finance Committee
2020-02-10	House	Added Chief Co-Sponsor Rep. Daniel Didech
2020-02-07	House	Added Chief Co-Sponsor Rep. Sam Yingling
2020-02-03	House	Referred to Rules Committee
2020-02-03	House	First Reading
2020-01-30	House	Added Chief Co-Sponsor Rep. Mark Batinick
2020-01-30	House	Filed with the Clerk by Rep. Jonathan Carroll

Chapter	Article	Section	Citation Type	Statute Text
65	5	11-74.4-5	Amended Code	Citation Text
65	5	11-74.6-22	Amended Code	Citation Text
65	5	8-8-3.5	Amended Code	Citation Text

Type	Source
Summary	https://www.ilga.gov/legislation/BillStatus.asp?DocNum=4427&GAID=15&DocTypeID=HB&SessionID=108&GA=101
Text	https://www.ilga.gov/legislation/101/HB/10100HB4427.htm