Skip to code content (skip section selection)
(a) Only enterprise zones shall be entitled to receive benefits provided for in this chapter, not proposed enterprise zones. A proposed enterprise zone shall remain a proposed enterprise zone until it is declared and certified an enterprise zone under the Illinois Enterprise Zone Act and/or any federal enterprise zone act. Any proposed enterprise zone that is rejected by the proper state and federal authorities under the above acts, or which has not been approved and certified an enterprise zone by either authority within one year after being designated by the city council as a proposed enterprise zone may, thereafter, be repealed by the city council at any time before any such approval and certification.
(b) An enterprise zone and all incentives provided for such zone shall remain effective for a period of 30 calendar years, unless otherwise stated herein, or for a lesser number of years if such is (i) specified in the ordinance designating a proposed enterprise zone, or (ii) required in any federal enterprise zone act, for proposed enterprise zones which were declared enterprise zones under such act. Except as otherwise provided, an enterprise zone shall terminate at midnight on December 31st of the final calendar year of the enterprise zone's certified term. The city council can remove or amend the designation of any zone pursuant to the criteria and limitations set forth in the Illinois Enterprise Zone Act, if the zone was certified an enterprise zone under such act, and/or any federal enterprise zone act, if the zone was certified an enterprise zone under such an act.
(Prior code § 201-5; Amend Coun. J. 5-29-02, p. 85301; Amend Coun. J. 9-4-02, p. 92162, § 2)