Sec. 11-74.4-4.1. Feasibility study.

329 words·~1 min read·/il/chapter-65/act-5/11-74-4-4-1·

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(a)If a municipality by its corporate authorities, or as it may determine by any commission designated under subsection

(k)of Section 11-74.4-4, adopts an ordinance or resolution providing for a feasibility study on the designation of an area as a redevelopment project area, a copy of the ordinance or resolution shall immediately be sent to all taxing districts that would be affected by the designation.

On and after the effective date of this amendatory Act of the 91st General Assembly, the ordinance or resolution shall include:

(1)The boundaries of the area to be studied for possible designation as a redevelopment

project area.

(2)The purpose or purposes of the proposed redevelopment plan and project.

(3)A general description of tax increment allocation financing under this Act.

(4)The name, phone number, and address of the municipal officer who can be contacted

for additional information about the proposed redevelopment project area and who should receive all comments and suggestions regarding the redevelopment of the area to be studied.

(b)If one of the purposes of the planned redevelopment project area should reasonably be expected to result in the displacement of residents from 10 or more inhabited residential units, the municipality shall adopt a resolution or ordinance providing for the feasibility study described in subsection (a). The ordinance or resolution shall also require that the feasibility study include the preparation of the housing impact study set forth in paragraph

(5)of subsection

(n)of Section 11-74.4-3. If the redevelopment plan will not result in displacement of residents from 10 or more inhabited residential units, and the municipality certifies in the plan that such displacement will not result from the plan, then a resolution or ordinance need not be adopted.

(c)As used in this Section, "feasibility study" means a preliminary report to assist a municipality to determine whether or not tax increment allocation financing is appropriate for effective redevelopment of a proposed redevelopment project area.