HB0694 Summary

• Amends the County Economic Development Project Area Property Tax Allocation Act to modify definitions and requirements for economic development projects in counties.

• Extends the maximum maturity period for obligations from 23 years to 35 years for electric generating facilities in Grundy County on parcels not exceeding 120 acres with a redevelopment agreement entered into between July 25, 2013 and July 25, 2017.

• Modifies tax rebate requirements for enterprise zone projects to exempt Grundy County electric generating facilities from needing to be located in an enterprise zone and requiring 2/3 taxing district approval for tax rebates.

• Allows the special tax allocation fund to remain active for electric generating facility projects in Grundy County for up to 35 years instead of the standard 23-year maximum dissolution period.