HB2934 Summary

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

• Creates two new subsections (119) and (120) extending TIF completion dates for the Village of Fairmont City for ordinances adopted on August 4, 1999 and October 20, 1999.

• The extension allows redevelopment project completion dates and obligation retirement dates to be extended to December 31 of the year in which the 35th calendar year payment to the municipal treasurer is made after the ordinance adoption date.

• Makes technical changes to existing TIF provisions including correcting grammatical issues (capitalizing "If" at the start of subsections and changing punctuation from semicolons to periods).

• Takes effect immediately upon becoming law.