Bill > HB4716

This bill amends the Illinois Municipal Code, specifically the Tax Increment Allocation Redevelopment Act, 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 Centralia on June 23, 2003, which established a Tax Increment Financing (TIF) District 3. 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 that development. This bill allows the City of Centralia more time to finish its project and pay off any loans or bonds issued to finance it.

https://www.ilga.gov/Legislation/BillStatus?DocNum=4716&GAID=18&DocTypeID=HB&SessionID=114&GA=104