New Illinois Law Gives Municipalities More Flexibility to Transfer Business District Funds (Springfield, IL) – Illinois municipalities will soon have greater flexibility in how they allocate economic development funds under a new law sponsored by State Sen. Patrick Joyce.
Gov. JB Pritzker signed Senate Bill 2769 into law Friday. The measure allows municipalities to transfer funds between business districts under their control, provided the transfer is approved by a two-thirds vote of the municipality’s governing body. The law takes effect Jan. 1.
Joyce, a Democrat from Essex, said the legislation will help local governments better respond to community needs while supporting local development projects.
“This law will provide municipalities with the flexibility to address the needs of its communities and support local projects,” Joyce said. “I would like to applaud the collaboration between my office and local Bourbonnais officials that led to this bill being signed into law.”
The legislation was introduced at the request of the Village of Bourbonnais.
Supporters say the new law gives municipalities greater discretion in using economic development funds by allowing money to be shifted between business districts instead of remaining restricted to a single district. They argue the change will help local governments direct resources to projects where they are needed most.
Bourbonnais Mayor Jeff Keast praised the legislation, calling it a practical update to the state’s economic development tools.
“This bipartisan solution is a significant win for communities like Bourbonnais and municipalities across Illinois,” Keast said. “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 is scheduled to take effect on Jan. 1.
New Illinois Law Gives Municipalities More Flexibility to Transfer Business District Funds
