IL HB0713

Amends the Tax Increment Allocation Redevelopment Act to expand "redevelopment project costs" to include both capital and operating costs (previously only capital costs) from taxing districts that result from the redevelopment project.

Changes the standard from "necessarily incurred" to "reasonably incurred" costs and broadens the scope to include costs "as a result of the redevelopment plan and project" rather than limiting to costs "in furtherance of" the plan.

Removes the requirement that municipalities must accept and approve taxing district costs by written agreement before they qualify as redevelopment project costs.

Maintains existing definitions and requirements for redevelopment project areas, blighted areas, conservation areas, and other provisions of the Tax Increment Allocation Redevelopment Act.

Effective date: August 12, 2016 (with revision as of October 31, 2016).