IL SB2219

Amends the Illinois Municipal Code Section 11-74.4-3.5 regarding completion dates for redevelopment projects and retirement of related obligations.

Extends the completion deadline 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 for redevelopment projects meeting specific criteria, including one newly added for the City of Pinckneyville (ordinance adopted November 16, 1992).

Maintains existing completion date provisions for redevelopment projects based on ordinance adoption dates, including special provisions for 133 municipalities with specific adoption dates and circumstances.

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

Permits municipalities to extend project life to 35 years through ordinance adoption with proper notice to taxing bodies for projects meeting specified bond authorization amounts and dates.