summary
Introduced
01/15/2026
01/15/2026
In Committee
02/11/2026
02/11/2026
Crossed Over
Passed
Dead
Introduced Session
104th General Assembly
Bill Summary
Amends the Tax Increment Allocation Redevelopment Act of the Illinois Municipal Code. Extends the estimated date of completion of a redevelopment project and the retirement of obligations issued to finance redevelopment project costs for an ordinance adopted on July, 31 2006 by the City of Spring Valley. Effective immediately.
AI Summary
This bill amends the Illinois Municipal Code to extend the deadline for the completion of a redevelopment project and the retirement of obligations for the City of Spring Valley's tax increment financing (TIF) district, specifically for an ordinance adopted on July 31, 2006. Tax Increment Allocation Redevelopment Act, or TIF, is a program where local governments can finance redevelopment projects by using the increase in property taxes generated by new development. This bill allows the Spring Valley TIF District I to have its completion and obligation retirement dates extended, and it takes effect immediately upon becoming law.
Committee Categories
Budget and Finance
Sponsors (1)
Last Action
House Revenue & Finance Committee Hearing (10:00:00 2/26/2026 Room 114) (on 02/26/2026)
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