HB2770 Summary

• Amends the Illinois Municipal Code Section 11-74.4-3.5 to establish completion dates and deadlines for tax increment allocation (TIF) financing redevelopment projects across Illinois municipalities.

• Adds a new subsection (119) extending the completion date for the City of Chicago's 95th and Western Redevelopment Project Area (ordinance adopted July 13, 1995) to December 31 of the year when ad valorem taxes are levied in the 35th calendar year after the ordinance adoption.

• Establishes varying completion date extensions for 119 municipalities and redevelopment projects based on their specific ordinance adoption dates, ranging from 23 to 35 years, with different requirements for bond authorizations and amounts.

• Maintains existing provisions allowing municipalities to extend TIF project completion dates by municipal ordinance, with notice requirements to taxing bodies that would constitute the joint review board.

• Makes technical changes to existing law by consolidating material from prior sections while clarifying that no substantive changes are intended except for specific municipalities listed in the extension provisions.