Bill > SB3039

This bill amends the Illinois Municipal Code to extend the deadline for the completion of a specific redevelopment project and the retirement of bonds used to finance it. Specifically, for an ordinance adopted by the Village of Lisle on March 2, 2015, to create the Downtown TIF District #3, the estimated completion date and the date by which obligations must be retired are being extended. Tax Increment Financing (TIF) is a tool used by municipalities to redevelop areas by capturing the increase in property taxes generated by new development to fund improvements. This bill adjusts the timeline for the Lisle project, allowing it more time to be completed and its financing to be settled.

Budget and Finance

https://www.ilga.gov/Legislation/BillStatus?DocNum=3039&GAID=18&DocTypeID=SB&SessionID=114&GA=104