IL SB3018

Amends the Tax Increment Allocation Redevelopment Act by adding new subsection (a-5) to Section 11-74.4-9 of the Illinois Municipal Code.

Establishes that if a developer, parent company, or wholly-owned subsidiary purchases three or more improved lots within a redevelopment project area during the 3 years before a tax increment allocation ordinance is adopted, and any improvement is demolished or rendered uninhabitable, the initial equalized assessed value shall be set to the value on the date of purchase rather than current value.

Applies only to ordinances adopted on or after the effective date of this amendatory act.

Modifies subsection (a) to state it applies "except as provided in subsection (a-5)."