Illinois Business District Law Amended
The Illinois Municipal Code authorizes municipalities to establish business districts for the purposes of furthering economic development in commercial areas. Once a business district is established, municipalities have a wide range of powers within that district,including the power to enter into sales tax rebate agreements, acquire land, demolish structures, construct and finance improvements, among many other powers. The business district authorizing statute was recently amended by the Illinois General Assembly to add a new provision that allows a municipality to use up to 1% of the sales tax and hotel tax revenues received from one business district for eligible costs in another business district so long as the two business districts are either contiguous to one another or separated only by public right of way or forest preserve property. The amendment is similar to the language already included in the TIF law that allows a municipality to "share" revenues between TIF districts.
You can read the new law here: P.A. 99-452.
Post Authored by Julie Tappendorf
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