VESTED PROPERTY RIGHTS ACT

Creates the Illinois Vested Property Rights Act. Provides a legislative purpose and findings. Provides that the submittal of an application to a unit of local government for a site-specific development plan establishes a vested property right. Provides that a local government may not change its zoning laws or regulations regarding a parcel of property after an application for a site-specific plan for that property has been submitted. Provides that, once vested, a property right remains vested for a period of 10 years, and that period may not be extended unless expressly authorized by the local government. Provides that nothing in the Act shall be construed to impair, affect, or invalidate any rights vested in connection with planned unit developments or subdivisions that have been approved prior to the date of enactment. Provides that the Act applies to all zoning classifications existing at the time of the effective date of this Act of the 93rd General Assembly, and all property rights shall vest at the time of this effective date. Preempts home rule powers. Contains other provisions.