Bill > HB3662

This bill amends the Illinois Municipal Code to extend the estimated dates of completion for redevelopment projects and the retirement of related financial obligations for several specific municipalities. Specifically, the bill adds new provisions allowing extended timelines for Tax Increment Financing (TIF) districts in eight different cities and villages: Lewistown, Elgin, Carbondale, Pittsfield, Fairview Heights, Vienna, Lyons, and Bridgeview. These extensions will give these municipalities additional time to complete their urban redevelopment projects and pay off bonds issued to finance these projects. TIF is a financial tool that allows cities to invest in infrastructure and economic development by using future property tax revenue gains to fund current improvements. By extending the completion dates, the bill provides these municipalities with more flexibility in managing their long-term urban development and economic revitalization efforts. The bill takes effect immediately upon becoming law, which means the new timeline extensions can be implemented right away by the affected municipalities.

Budget and Finance, Government Affairs, Justice

https://www.ilga.gov/legislation/BillStatus.asp?DocNum=3662&GAID=18&DocTypeID=HB&SessionID=114&GA=104