A measure sponsored by state Sen. Patrick Joyce that will allow for the transfer of funds between business districts under the control of a municipality was signed into law last Friday.
“This law will provide municipalities with the flexibility to address the needs of its communities and support local projects,” said Joyce. “I would like to applaud the collaboration between my office and local Bourbonnais officials that led to this bill being signed into law.”
Senate Bill 2769 allows for the transfer of funds between business districts under the control of a municipality. Transfers of funds will require a two-thirds vote from the municipality’s governing body. The measure was brought to Springfield based on a request from the Village of Bourbonnais.
Proponents of the law say it will give local governments more flexibility in how they use economic development funds. Instead of money being locked into one business district, they could redirect the funds to where it is needed most.
“This bipartisan solution is a significant win for communities like Bourbonnais and municipalities across Illinois,” said Bourbonnais Mayor Jeff Keast. “By eliminating restrictions on revenue sharing between business districts, we’re creating a more practical and flexible economic development tool that better reflects the way communities grow today.”
Senate Bill 2769 was signed into law recently and takes effect January 1.