REDEVELOPMENT-ABATEMENT

Amends the Neighborhood Redevelopment Corporation Law. Provides that, upon approval of the governing body of a city, village, or incorporated town, after it complies with notice, hearing, and other requirements, the general real estate taxes on the improvements on real property of a neighborhood redevelopment corporation or its immediate successor in that city, village, or incorporated town shall be abated for a period not in excess of 10 years after the date upon which the corporation becomes owner of that real property. The tax on that property, however, exclusive of improvements, may continue to be imposed and collected but shall be frozen at the amount of taxes owed, or that would have been owed, for the property as unimproved in the year prior to the year it was acquired by the neighborhood redevelopment corporation. For the next ensuing period not in excess of 15 years, general real estate taxes on the property shall be abated in an amount not to exceed 50% of the taxes imposed by each taxing district. The parties may agree, by contract, to payments in lieu of taxes. After a period of not more than 25 years, tax abatements are eliminated. Limits the provisions to property located in St. Clair County. For St. Clair County, changes the Law with respect to what constitutes a "slum and blighted area", who may appoint members of the Commission and the number of Commissioners, and how certificates of convenience and necessity are approved. Amends the Property Tax Code to authorize the abatements. Effective immediately.