Bill > HB2372

This bill amends the Tax Increment Allocation Redevelopment Act of the Illinois Municipal Code to extend the estimated date of completion and retirement of obligations for a specific Tax Increment Financing (TIF) district in the City of Elgin. Specifically, the bill adds a provision for a TIF district created by Elgin on April 10, 2002, known as the Central Area TIF Redevelopment Project Area. By extending the completion date, the city will have more time to complete its redevelopment project and pay off any related financial obligations. Tax Increment Financing is a public financing method used by local governments to fund infrastructure or development projects by capturing the potential increase in property tax revenues that might result from such improvements. This bill is part of a broader set of amendments that provide various Illinois municipalities with flexibility in managing their TIF districts by extending their timelines under specific conditions.

Budget and Finance

https://www.ilga.gov/legislation/BillStatus.asp?DocNum=2372&GAID=18&DocTypeID=HB&SessionID=114&GA=104