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 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 associated debt for an ordinance adopted by the City of Spring Valley on July 31, 2006, specifically for the Spring Valley TIF District I. Tax Increment Financing (TIF) is a tool used by local governments to redevelop and revitalize areas by capturing the increase in property taxes generated by new development to fund improvements within that area. The bill effectively allows the City of Spring Valley more time to finish its TIF project and pay off any bonds or obligations issued to finance it.
Committee Categories
Budget and Finance
Sponsors (1)
Last Action
Assigned to Revenue (on 02/10/2026)
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