HB0465 Summary

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

• Adds Village of Pearl City to the list of municipalities with extended TIF completion date deadlines, allowing up to 35 years for a redevelopment project area ordinance adopted on February 5, 1996.

• Extends TIF completion dates for redevelopment project areas in transit facility improvement areas from 23 years to 35 years after ordinance adoption.

• Clarifies language referencing Public Act 99-792 (effective August 12, 2016) for municipalities with TIF areas in both transit facility improvement areas and previously established redevelopment project areas.

• Makes technical corrections to capitalization and reference standards throughout the statute.