2003 House Bill 4197 ↩

Senate Roll Call 171: Passed

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.