HB4536 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 obligations.

• Establishes a 35-year completion deadline for TIF projects in transit facility improvement areas, extended from the standard 23-year deadline.

• Allows municipalities with overlapping transit facility improvement areas and existing redevelopment project areas established before August 12, 2016 to adopt new TIF designations while maintaining separate provisions for previously established areas.

• Provides specific completion date extensions (ranging from 28 to 47 years) for 146 named Illinois municipalities and specific redevelopment projects based on their ordinance adoption dates and circumstances.

• Takes effect upon becoming law.