HB1193 Summary

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

• Sets standard completion deadline of December 31 in the year when ad valorem tax payments are made in the 23rd calendar year after ordinance adoption for redevelopment projects adopted on or after January 15, 1981.

• Extends completion deadlines to the 35th calendar year for redevelopment projects located within transit facility improvement areas established under Section 11-74.4-3.

• Provides extended completion timelines (28-35 years) for 162 specifically named municipalities and redevelopment projects, including Chicago, Aurora, Naperville, and numerous other Illinois cities and villages.

• Allows municipalities meeting specific criteria to extend project completion dates up to 47 years by ordinance with advance notice to taxing bodies that would constitute the joint review board.