The Illinois Governor signed SB 3619 into law last week, extending the Industrial Jobs Recovery Law (“IJRL”) to January 1, 2012 (Public Act 96-1220). The IJRL provides an alternative to the traditional TIF Statute, allowing municipalities to establish redevelopment project areas in “industrial park conservation areas”, “vacant industrial building conservation areas” or “environmentally contaminated areas” based on factors other than those set out in the TIF Statute.
The IJRL is intended to use incremental tax revenue to incentivize development in municipalities with high unemployment rates, vacant or underutilized industrial facilities or environmentally contaminated sites.