HB 0571 Approved by Illinois Legislature on 5/28/2021
HB0571 passed both houses on May 28, 2021 and now awaits the Governor's signature. For FY2022 and each fiscal year thereafter, this new law expands the required information to be included in TIF Annual Reports that are submitted to the Illinois Comptroller, the Joint Review Board and other taxing districts that comprise the TIF redevelopment project area. Such new information to be reported includes:
- the number of jobs, if any, projected to be created for each redevelopment project area at the time of the approval of the redevelopment agreement;
- the number of jobs, if any, created as a result of the redevelopment to date for that reporting period under the same guidelines and assumptions as was used for the projections used at the time of the approval of the redevelopment agreement;
- the amount of increment projected to be created at the time of approval of the redevelopment agreement for each redevelopment project area;
- 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 the approval of the redevelopment agreement;
- the stated rate of return identified by the developer to the municipality for each redevelopment project area, if any (stated rates of return required to be reported shall be independently verified by a third party chosen by the municipality); and
- reporting municipalities shall also report to the Comptroller a copy of the redevelopment plan each time the redevelopment plan is enacted, amended, or extended in a manner and format prescribed by the Comptroller.