HB3924 Summary

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

• Establishes baseline 23-year completion deadline for most redevelopment projects, with extensions to 32-35 years available for specific municipalities under defined conditions (early adoption dates, financial distress status, bond authorization thresholds).

• Adds the City of Ottawa to the list of municipalities eligible for 35-year completion deadlines if ordinance was adopted on December 29, 1993.

• Permits municipalities with certain qualified bonds issued before July 29, 1991 to extend completion dates to December 31, 2013 by municipal ordinance.