summary
Introduced
02/04/2026
02/04/2026
In Committee
02/17/2026
02/17/2026
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 May 5, 2003 by the Village of Hoffman Estates to create the Golf, Higgins, and Roselle Road TIF redevelopment project area. Effective immediately.
AI Summary
This bill amends the Tax Increment Allocation Redevelopment Act by extending the deadline for the completion of a redevelopment project and the retirement of associated debt for an ordinance adopted by the Village of Hoffman Estates on May 5, 2003, which established the Golf, Higgins, and Roselle Road TIF Redevelopment Project Area. 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 area. This specific change allows the Village of Hoffman Estates more time to finalize its project and pay off any bonds issued to finance it.
Committee Categories
Budget and Finance
Sponsors (1)
Last Action
House Revenue & Finance Committee Hearing (08:00:00 2/26/2026 Room D-1 Stratton Building) (on 02/26/2026)
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