IL Business District Law
by Nancy Hill
On Friday, July 29, 2010, Governor Pat Quinn signed into law significant amendments to the Business
District Development and Redevelopment Act. Municipalities
with existing Business District and those considering complementing
their economic development efforts with this tool should be aware of
Public Act 96-1394 improves
the ability for municipalities to issue Business
District obligations, outlines a more specific adoption process,
including notice requirements and an opportunity for public input,
and further defines eligible project costs. Eligible Business
District Project Costs are now more similar to, but still different
than, Tax Increment Financing (TIF) Redevelopment Project Costs. New construction is still an
eligible Business District Project Cost.
For municipalities with Business Districts already in
place, the law provides that opportunity to apply the changes of
P.A. 96-1394 into its Business District by ordinance - no public
hearing is required.
of P.A. 96-1394 are available at www.ilga.gov.
contact an Ehlers Financial Advisor to learn how you may be able to
take advantage of the changes to the Business District Act.
Look for information on the
up-coming Ehlers 2011 IL Seminar in a future issue of The Advisor and
on the Ehlers website.
Government in the Village
On May 21, 2009, the Village of Glencoe's Board adopted a
resolution which formalized the adoption of a standard set of
procedures and established responsibility for complying with legal
requirements set forth in IRS regulations.
Glencoe, IL is a AAA-rated
client in the northern suburbs of Chicago. The Village's
Finance Director, Dave Clark, has sought out the post-issuance
compliance area by having his Board adopt a resolution that requires
an annual reporting from the Compliance Officer about record-keeping
Read more about the Village of Glencoe and contact
Ehlers to learn
more about arbitrage services and post issuance compliance.
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Financial Opportunities in Tough Economic Times
governments face a host of difficult financial challenges today,
including a nationwide credit crunch, decreased property and sales
tax revenues, stifled development and tight cash flow.
But at the same time,
government incentives combined with some good fiscal strategies are
bearing financial fruit for many Illinois local governments.
Ehlers seminar highlighted many of those
opportunities, and provided tools, resources, and
examples of Illinois
local governments successes.
Click here to continue reading.
Are Build America
Bonds Right for Your Project?
America Bonds have become a popular option for financing municipal
projects. But are they the right financing tool for you?
Fund Balance Policies -
Protecting Your Credit Rating
health of your fund balance is critical to municipal fiscal health
and protection of your credit rating.
"Recalibration" Could Impact Your Credit Rating
past two years, Standard & Poor's and Moody's Investors Service
have had increasingly divergent opinions on municipal bond credit.
However, beginning in April 2010, Moody's announced it will
"recalibrate" its municipal ratings to the global rating
scale which could increase some municipal credit ratings.
IL Municipal League 97th
past years, the Illinois Municipal League is hosting it's
annual conference September 23-25, 2010. With
topics ranging from Compliance for Small to Mid-Size
Municipalities to Social Networking Issues, this 97th
Annual Conference proves to have something for everyone.
to stop by the Ehlers' booth in the Exhibit Hall so we
can say hello to you, and don't forget to reserve your room if
you haven't done so already!
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