Illinois HB1142 amends the Tax Increment Allocation Redevelopment Act to modify notice and referendum requirements for redevelopment projects.
Illinois HB1142 amends the Tax Increment Allocation Redevelopment Act to change notice and referendum requirements for redevelopment projects. It mandates that municipalities provide notice by mail and publication to affected taxing districts and residents before adopting an ordinance to approve a redevelopment plan or designate a redevelopment project area. The bill requires a referendum for approval by voters in affected taxing districts. It also modifies the timing and content of notices, including details about the redevelopment plan, financial statements, and investment information.
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