SB0188 Summary

• Amends the Illinois Municipal Code Section 11-74.4-3 to add "costs of business interruption or closures" as an eligible redevelopment project cost in tax increment financing (TIF) districts.

• Allows municipalities to reimburse businesses in redevelopment areas for revenue losses caused by COVID-19 public health emergency closures, access limitations, or decreased customer demand through grants, subsidies, or loans.

• Municipalities may establish by ordinance or resolution procedures for application, eligibility, payment methodologies, and accountability measures for business interruption assistance.

• Defines "costs of business interruption" as decreases in revenue from COVID-19 prevention directives or measures to prevent disease spread within business establishments.

• Establishes that municipalities can determine the application procedures, loan/grant agreements, and certifications required for businesses seeking COVID-19 relief funding from tax increment revenues.