HB5635 Summary

• Amends the Illinois Municipal Code Section 11-74.4-3.5 to establish completion dates for tax increment financing (TIF) redevelopment projects and retirement of related municipal bonds.

• Sets a standard 23-year completion deadline for most redevelopment projects adopted on or after January 15, 1981, with the final payment to municipal treasurer occurring by December 31 of the 23rd calendar year after ordinance adoption.

• Creates specific extended completion dates for 94 individual municipalities and TIF districts, ranging from 32 to 35 years, with named cities and villages including Aurora, Milan, Libertyville, Hoffman Estates, and numerous others listed in subsection (c).

• Allows municipalities meeting specific financial criteria (such as issuing at least $8 million in bonds between December 19, 1989 and January 1, 1990) to elect 35-year completion dates by ordinance with notice to taxing bodies.

• Permits redevelopment projects within the State Sales Tax Boundary with bonds issued before July 29, 1991 to extend completion dates to December 31, 2013 by municipal ordinance.