§ 10-5 — Initiation of River Edge Redevelopment Zones by Municipality

(a) No area may be designated as a river edge redevelopment zone except pursuant to an initiating ordinance adopted in accordance with this Section. (b) A municipality may by ordinance designate an area within its jurisdiction as a river edge redevelopment zone, subject to the certification of the Department in accordance with this Act, if: (i) the area is qualified in accordance with Section 10-4; and (ii) the municipality has conducted at least one public hearing within the proposed zone area on the question of whether to create the zone, what local plans, tax incentives and other programs should be established in connection with the zone, and what the boundaries of the zone should be; public notice of such hearing shall be published in at least one newspaper of general circulation within the zone area, not more than 20 days nor less than 5 days before the hearing. (c) An ordinance designating an area as a river edge redevelopment zone shall set forth: (i) a precise description of the area comprising the zone, either in the form of a legal description or by reference to roadways, lakes and waterways, and municipality boundaries; (ii) a finding that the zone area meets the qualifications of Section 10-4; (iii) provisions for any tax incentives or reimbursement for taxes, which pursuant to State and federal law apply to business enterprises within the zone at the election of the designating municipality, and which are not applicable throughout the municipality; (iv) a designation of the area as a river edge redevelopment zone, subject to the approval of the Department in accordance with this Act; and (v) the duration or term of the river edge redevelopment zone. (d) This Section does not prohibit a municipality from extending additional tax incentives or reimbursement for business enterprises in river edge redevelopment zones or throughout their territory by separate ordinance.

Legislative History

(Source: P.A. 94-1021, eff. 7-12-06.)