IL HB1425

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

Creates a TIF financing extension for an ordinance adopted on May 2, 2002 by the Village of Crestwood, allowing completion dates to extend to December 31 of the year in which payments are made with respect to ad valorem taxes levied in the 35th calendar year after ordinance adoption.

Adds item (119) to subsection (c) to specifically address the Village of Crestwood's redevelopment project completion and bond retirement dates.

Makes technical grammatical changes throughout the section, changing lowercase "if" to capitalized "If" at the beginning of numbered subsections and replacing semicolons with periods.

Takes effect immediately upon becoming law.