summary
Introduced
01/29/2026
01/29/2026
In Committee
02/10/2026
02/10/2026
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 the July 1, 2003 by the Village of Summit. Effective immediately.
AI Summary
This bill amends the Tax Increment Allocation Redevelopment Act by extending the estimated completion date for a specific redevelopment project and the retirement of associated bonds for an ordinance adopted by the Village of Summit on July 1, 2003. Tax Increment Financing (TIF) is a tool used by municipalities to encourage economic development by capturing the increase in property taxes generated by new development to fund improvements within a designated redevelopment project area. This bill specifically allows the Village of Summit's TIF project, established by that 2003 ordinance, to continue for a longer period than originally planned, meaning the project's completion and the repayment of any debt incurred to finance it can be extended.
Committee Categories
Budget and Finance
Sponsors (1)
Last Action
Assigned to Revenue (on 02/10/2026)
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