Bill > HB5496

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 any associated debt for an ordinance adopted by the Village of Lisle on March 2, 2015, which established the Downtown 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 improvements within a designated redevelopment project area. This bill essentially allows the Village of Lisle more time to finish its TIF project and pay off any bonds issued to finance it.

https://www.ilga.gov/Legislation/BillStatus?DocNum=5496&GAID=18&DocTypeID=HB&SessionID=114&GA=104