HB5607 Summary

• Amends the Illinois Municipal Code Section 11-74.4-3.5 to extend tax increment allocation (TIF) financing completion dates for specific municipalities.

• Adds the City of Fairfield to the list of municipalities eligible for extended TIF project completion dates, with an ordinance adopted on December 22, 1992 permitted to extend completion and obligation retirement to December 31 of the 35th calendar year after ordinance adoption.

• Consolidates completion date provisions from Sections 11-74.4-3 and 11-74.4-7 into a single comprehensive section listing 109 different municipal TIF extension scenarios with specific adoption dates.

• Becomes effective immediately upon enactment.