Revenues received by the municipality from any property, building, or facility owned, leased, or operated by the municipality or any agency or authority established by the municipality in furtherance of an economic development project under this Act may be used to pay economic development project costs or reduce outstanding obligations of the municipality incurred under this Act for economic development project costs. The municipality may place those revenues in the special tax allocation fund, which shall be held by the municipal treasurer or other person designated by the municipality.
65 ILCS 110/70
Payment of project costs; revenues from municipal property
Known as the Economic Development Project Area Tax Increment Allocation Act
The act spans §§ 65-110-1 to 65-110-75 (20 sections).
P.A. 89-176, eff. 1-1-96.
Official source: Illinois General Assembly. Reproduced from public-domain Illinois statutes; confirm against the official source for the current text. Not legal advice.