IL SB0504

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

Sets a standard 23-year completion date for most redevelopment projects adopted on or after January 15, 1981, measured from the year the ordinance approving the project area was adopted.

Provides extended completion dates ranging from 28 to 35 years for 115 specifically named municipalities and TIF districts, including Chicago, Aurora, and numerous other Illinois cities and villages, with most extensions set for 35 years.

Allows redevelopment projects within the State Sales Tax Boundary for which bonds were issued before July 29, 1991, to extend completion dates to December 31, 2013, with termination procedures required by 2013.

Permits municipalities meeting specific criteria (projects adopted between December 16, 1986 and January 1, 1990 with at least $8 million in authorized bonds) to elect a 35-year extension through ordinance with 14-30 days' notice to taxing bodies.