HB4395 Summary

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

• Establishes a 23-year completion deadline for TIF projects with ordinances adopted on or after January 15, 1981, measured from when tax increment payments are made in the 23rd calendar year after ordinance adoption.

• Provides extended completion dates for specific municipalities, including 32-year deadlines for Village of Downs (ordinance September 9, 1999) and 33-year deadlines for Village of Wheeling (ordinance May 20, 1985).

• Lists 133 specific municipalities with individualized completion date extensions based on their ordinance adoption dates, ranging from 28 to 35 years, including cities like Chicago, Aurora, and Naperville.

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