(a) For the purposes of this section, “tax incentive classification” means the following Cook County tax incentive classifications requiring City approval: Class 6b; Class 6b (special circumstances); Class 6b TEERM; Class 6b SER; Class 6b CEERM; Class 7a; Class 7b; Class 7c; Class 7d; Class 8; Class 8 TEERM; and Class 8 CEERM.
(b) For each application seeking City approval of a tax incentive classification filed on or after November 1, 2020, each applicant shall enter into a redevelopment agreement with the City as a condition of the City supporting such tax incentive classification. A substantially final version of each such redevelopment agreement shall be attached to the ordinance or resolution seeking approval of a tax incentive classification.
(c) In the event that the applicant breaches such redevelopment agreement required under this section, the City may pursue a revocation of the tax incentive classification in accordance with applicable law.
(d) Beginning August 1, 2021, each applicant who has received City approval of a tax incentive classification subject to subsection (b) of this section shall submit to the Department an annual report no later than August 1 of each year, which shall include:
(1) An affidavit from the applicant detailing the current status of the project and certification that it meets any obligations or compliance requirements specified in the ordinance or resolution adopted by the City approving such tax incentive classification or any redevelopment agreement entered into by the City and applicant, as applicable;
(2) A jobs report providing anonymized information on each employee, including their status as full-time or part-time; the ZIP code of the employee's primary residency; and the employee's total employment tenure in months;
(3) Any reports, affidavits, or other statements required to be filed with Cook County or the Cook County Assessor for the applicable annual period; and
(4) Such other reports as may be specified in the ordinance or resolution adopted by the City approving the tax incentive classification, any redevelopment agreement entered into by the City and the applicant, or as may be otherwise agreed to in writing by the applicant in connection therewith.
(e) Upon receipt of the annual reports and sworn statements required under this section, the Department shall forward such reports and sworn statements, no later than October 1 of each year to the Committee on Economic, Capital and Technology Development and the alderman of each ward in which the applicable property receiving the tax incentive classification is located.
(Added Coun. J. 9-9-20, p. 20063, § 1; Amend Coun. J. 10-27-21, p. 39525, § 3; Amend Coun. J. 9-18-24, p. 16421, § 1)