Introduced
by
To revise downwards the population threshold needed to qualify as an "urban township” in the Local Development Financing Act. The Act authorizes local governments to create local development authorities to undertake public facility projects funded by tax increment financing. Tax increment financing allows an authority to capture the increment of increased local property tax revenue that results from the economic growth which is supposed to result because of the new public facilities. These projects are intended to provide incentives for particular businesses to locate in an area.
Referred to the Committee on Local Government and Urban Policy
Reported without amendment
With the recommendation that the substitute (H-2) be adopted and that the bill then pass.
Substitute offered
To replace the previous version of the bill with one which would change the threshhold for an “urban township” to 13,000 residents in counties with a population of 150,000 or more, rather than 15,000 in counties with 125,000 or more as originally proposed. Under current law, an urban township must have population of 20,000 or more, or 10,000 or more if located in a county with at least 400,000.
The substitute passed by voice vote
Passed in the House 86 to 15 (details)
To revise the population threshold needed to qualify as an "urban township" in the Local Development Financing Act. The Act authorizes local governments to create local development authorities to undertake public facility projects funded by tax increment financing. Tax increment financing allows an authority to capture the increment of increased local property tax revenue that results from the economic growth which is supposed to result because of the new public facilities. These projects are intended to provide incentives for particular businesses to locate in an area.Under current law, an urban township must have population of 20,000 or more, or 10,000 or more if located in a county with at least 400,000. The bill would change the latter figures to 13,000 and 150,000, respectively.
Referred to the Committee on Commerce and Labor
Reported without amendment
With the recommendation that the bill pass.
Passed in the Senate 38 to 0 (details)
To revise downwards the population threshold needed to qualify as an "urban township” in the Local Development Financing Act. The Act authorizes local governments to create local development authorities to undertake public facility projects funded by tax increment financing. Tax increment financing allows an authority to capture the increment of increased local property tax revenue that results from the economic growth which is supposed to result because of the new public facilities. These projects are intended to provide incentives for particular businesses to locate in an area. Under current law, an urban township must have population of 20,000 or more, or 10,000 or more if located in a county with at least 400,000. The bill would change the latter figures to 13,000 and 150,000, respectively.
