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Tax Increment Finance District Approval Ordinance

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Summary
Suffredin's Commentary
Activity Log
Full Text of Legislation
Disclaimer

Date Introduced: 10/4/2006
Date Passed:

Sponsors:
Suffredin
Co-Sponsors:

Summary:

Ordinance to establish procedures for County review of proposed TIF districts.


Activity Log:

10/4/2006
Referred to Finance Committee.

Full Text of Legislation:

Tax Increment Finance District Approval Ordinance

 

BE IT ORDAINED, by the Cook County Board of Commissioners that Chapter 14, Article I, of the Cook County Code is hereby amended as follows:

 

Section 14-1.  Review of Proposed Tax Increment Finance Districts

 

These procedures shall apply with respect to tax increment financing districts;

 

(a)    The President of the Cook County Board shall designate the Director of the Department of Economic Development as his or her designee as the County’s representative on each Joint Review Board created pursuant to statute.

 

(b)    Upon receipt of any TIF study or proposal, the Joint Review Board representative shall transmit copies of said study or proposal to the Board of Commissioners for referral to the Finance Committee.

 

(c)    On or before May 1, August 1, November 1, and February 1 of each year the County representative shall deliver a report to the Finance Committee with respect to all action relating to the creation, renewal, and extension of any TIF district during the preceding calendar quarter.

 

(d)    The County’s TIF representative shall be authorized to take action at any Joint Review Board vote based upon these criteria:

1.      Direction from the Board;

2.      Impact on local school districts, giving effect to positions of affected school districts; and

3.      Anticipated job creation or retention.


Disclaimer:

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