Bill > SB1483

This bill amends the Illinois Municipal Code specifically to extend the estimated completion date for a Tax Increment Financing (TIF) Redevelopment Project Area in the City of Elgin. Specifically, the bill adds a new provision (284) to Section 11-74.4-3.5, which allows the City of Elgin to extend the timeline for its Central Area TIF Redevelopment Project Area, which was originally established by an ordinance adopted on April 10, 2002. Tax Increment Financing (TIF) is a public financing method used by local governments to subsidize improvements to infrastructure or development in a specific area, with the future increased tax revenues from that area being used to finance the current improvements. By extending the completion date, the City of Elgin will have more time to complete its redevelopment project and retire any associated financial obligations. This type of legislative amendment is common for municipalities seeking additional time to implement complex urban renewal or economic development projects.

Budget and Finance

https://www.ilga.gov/legislation/BillStatus.asp?DocNum=1483&GAID=18&DocTypeID=SB&SessionID=114&GA=104