The term of the Illinois Industrial Jobs Recovery Law (IJRL) (65 ILCS 5/11-74.6) sunset on March 14, 2010, however, the life of the law could be extended through January 1, 2012 if Governor Quinn approves SB 3619 which has already been adopted by the House and the Senate.
The IJRL provides an alternative to the traditional TIF Statute for municipalities to establish redevelopment project areas and to provide assistance to redevelopment projects in the form of tax increment. Under the IJRL, municipalities can establish redevelopment project areas in industrial park conservation areas, vacant industrial building conservation areas or environmentally contaminated areas based on certain factors, including:
- Status as a labor surplus municipality or substantial labor surplus municipality;
- Adequate public and road transportation;
- Existing industrial uses;
- Term of vacancy;
- Number of employees previously employed;
- Reduction in equalized assessed value; and
- Threat of environmental contamination