IL HB4530

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

Establishes specific completion date deadlines for redevelopment projects based on when ordinances were adopted, ranging from 23 to 35 years depending on the municipality and adoption date.

Creates individualized provisions for 121 municipalities allowing extended completion dates for their specific TIF districts, with dates tied to particular ordinance adoption dates.

For redevelopment areas within the State Sales Tax Boundary where bonds were issued before July 29, 1991 or contracts entered before June 1, 1988, allows municipal ordinance to extend completion dates to December 31, 2013.

Permits municipalities with certain redevelopment projects adopted on or after December 16, 1986 to extend project life to 35 years through ordinance adoption with 14-30 days' notice to taxing bodies.