HB5457 Amendment - TIF Administrators

• Requires an additional copy of Tax Increment Allocation (TIA) reports to be submitted to the State Board of Education if the report identifies surplus amounts distributed to taxing districts under Section 11-74.4-7 of the Tax Increment Allocation Redevelopment Act

• Imposes a 40% cap on estimated redevelopment project costs allocated to residential developments in redevelopment plans approved on or after January 1, 2013

• Exempts from the 40% residential cost cap projects that include affordable housing for low-income and very low-income households, are located in municipalities with populations under 25,000, or are subject to pre-existing developer contracts

• Changes an effective date from 2012 to 2013

• Modifies joint review board procedures to require a three-fifths vote of all taxing districts and public members to reject a resubmitted plan or amendment