HB4394 Summary

• Amends Section 11-74.4-3.5 of the Illinois Municipal Code to specify completion dates for redevelopment project areas and retirement of related obligations, including tax increment bonds.

• Establishes a general 23-year completion deadline for redevelopment projects adopted on or after January 15, 1981, with the completion date tied to when tax increment revenue payments are made to municipal treasurers.

• Creates extended completion dates of 32-35 years for specific municipalities including the Village of Downs (32 years), Village of Wheeling (33 years), City of Lawrenceville (28 years), and numerous other designated cities and villages with individual adoption dates and conditions.

• Allows extension of completion dates to December 31, 2013 for certain redevelopment areas where bonds were issued before July 29, 1991, or contracts entered into before June 1, 1988 within the State Sales Tax Boundary.

• Permits municipalities to extend redevelopment project completion dates to 35 years through ordinance adoption with 14-30 days' written notice to taxing bodies, subject to specific bond authorization requirements.