HB5620 Summary

• Amends the Illinois Municipal Code Section 11-74.4-3 to add definitions and provisions related to tax increment financing (TIF) districts and redevelopment project areas.

• Introduces new definitions for "transit-oriented development" as compact areas of up to 250 acres within a half-mile radius of mass transit facilities, characterized by inadequate utilities, deleterious land use, or lack of transit-oriented planning.

• Adds costs and definitions for "LEED certified" and "Green Globes certified" construction elements as eligible redevelopment project costs.

• Creates a new subsection (4.1) addressing "Costs of and associated with transit-oriented developments" as allowable redevelopment expenses.

• Clarifies that redevelopment project costs can include direct and indirect costs related to green building certifications for both construction and rehabilitation of buildings and public works.