IL SB1694

Amends the Tax Increment Allocation Redevelopment Act to change how initial equalized assessed value (EAV) is calculated when a developer acquires multiple properties before a TIF district is established

Applies when a developer (or parent company/subsidiary) purchases 3 or more improved properties within a redevelopment project area in the 3 years before the TIF ordinance is adopted, and then demolishes or renders uninhabitable improvements on any of those properties

Requires the initial EAV for affected properties to be set at the value on the date the developer purchased them, rather than the most recently ascertained value at TIF adoption

Prevents developers from artificially lowering the baseline property values used for TIF calculations by demolishing buildings after purchase but before TIF designation

Applies only to TIF ordinances adopted on or after the effective date of this legislation