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In a recent comment on a blog post, Paul N. Keller, one of my favorite TIF attorneys, suggested that I haven't read the state's TIF act.
Oh my god, that is just, like, so not true. The state's TIF act is one of my favorite reads. I keep a copy of it by my bed and read a passage every night before I go to sleep. It's terse, transparent, and immediately comprehensible to anyone with even a rudimentary understanding of English.
Plus, it's riveting. Sometimes after I turn off my light, I lie in bed and play back its words in my mind. Here's just one of my favorite passages randomly selected from this work of art:
"'Payment in lieu of taxes' means those estimated tax revenues from real property in a redevelopment project area derived from real property that has been acquired by a municipality which according to the redevelopment project or plan is to be used for a private use which taxing districts would have received had a municipality not acquired the real property and adopted tax increment allocation financing and which would result from levies made after the time of the adoption of tax increment allocation financing to the time the current equalized value of real property in the redevelopment project area exceeds the total initial equalized value of real property in said area."
Wait, wait -- there's more . . .
here's MY fav stanza:
"The redevelopment plan establishes the estimated dates of completion of the redevelopment project and retirement of obligations issued to finance redevelopment project costs. Those dates: shall not be later than December 31 of the year in which the payment to the municipal treasurer as provided in subsection (b) of Section 11‑74.4‑8 of this Act is to be made with respect to ad valorem taxes levied in the twenty‑third calendar year after the year in which the ordinance approving the redevelopment project area is adopted ... "
June 23rd - 2:35 a.m.
Every law you break
Every move you make
For the land at stake
If the park you take
We'll be watching you!
Every single day
Every vote you sway
Every lie you say
Every term you stay
We'll be watching you!
Grant Park must be
Open clear and free
City hearts just ache
With every dig you make
Every law you break
Every move you make
For the land at stake
If the park you take
We'll be watching you!
When parkland's gone, it's lost without a trace
Protect our green; don't develop one more space
It's ours, not yours and its land you can't replace
Give up this scheme; it's the depths of your disgrace
We keep crying Daley, Daley please . . .
Grant Park must be
Open clear and free
City hearts just ache
With every dig you make
Every law you break
Every move you make
For the land at stake
If the park you take
We'll be watching you!
Every law you break
Every move you make
We'll be watching you!
There is no hole where we won't go, to find and try you. So man on five you are hereby on notice.
Leaving the rest of us to wonder if Keller is really so thick and uptight that he couldn't notice that the thing was funny, or if maybe he's one of the people being made fun of, who benefit in some way from keeping the thing obscure.
Do any of the people who write this stuff ever communicate with living, human beings? Try reading that TIF act paragraph out loud without stopping for a breath.
"A municipality may by municipal ordinance amend an existing redevelopment plan to conform to this paragraph (3) as amended by Public Act 91‑478, which municipal ordinance may be adopted without further hearing or notice ... "
In the English: once the Illinois legislature authorizes a TIF extension, no local notice or public hearing is required to extend a TIF from 23 (read 24) to 35 (read 36) years.
"Prior to the adoption of an ordinance proposing the designation of a redevelopment project area, or approving a redevelopment plan or redevelopment project, the municipality by its corporate authorities, or as it may determine by any commission designated under subsection (k) of Section 11‑74.4‑4 shall adopt an ordinance or resolution fixing a time and place for public hearing."
65 ILCS 5/11‑74.4‑5(a)
"Redevelopment project" means any public and private development project in furtherance of the objectives of a redevelopment plan.
ILCS 5/11‑74.4‑3(o)