SB 2839

Amends the Illinois Municipal Code. Provides that no redevelopment plan shall be adopted unless the plan establishes a process for allocating funds for the project that includes the members of the join review board. Provides that municipalities may use some of the tax revenue attributable to the increase in the current equalized assessed valuation of each taxable lot, block, tract, or parcel of real property in the redevelopment project area over and above the initial equalized assessed value of each property in the project area to fund grants to small businesses employing less than 50 people. Provides that these grants shall be considered "redevelopment project costs"". Provides that estimated dates of completion of redevelopment project costs may be extended to the 35th calendar year for redevelopment project areas adopted on or before June 30, 2023 and to the 33rd calendar year for redevelopment project areas adopted on or after July 1, 2023 (rather than to the 22nd calendar year for all future extensions). Provides that municipalities shall give at least 90 days' notice before the extending the completion date, approving the creation of a new project area which overlaps with an existing area, or transferring surpluses between areas. Provides that the joint review board may issue a written report approving or disapproving of the municipality's proposal within the notice period. Provides that approval may be presumed if no report is filed. Provides that all surplus funds shall be distributed as soon as possible after they are calculated (rather than annually within 180 days of the close of the municipalities fiscal year). Provides that an amount equal to the change in the current equalized assessed valuation that is attributable to the change caused by the Consumer Price Index for All Urban Consumers during the 12-month calendar year preceding the levy may be subtracted from the portion of taxes which is attributable to the increase in the current equalized valuation of specified properties. Makes other and conforming changes. Effective immediately."