HB4853 Summary

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

• Sets standard completion dates of December 31 in the year of payment based on the number of calendar years after ordinance adoption (23 years for general cases, 35 years for transit facility improvement areas, 32-33 years for specific municipalities like Downs and Wheeling).

• Provides extended completion dates of up to 35-47 years for numerous specifically named Illinois municipalities and TIF districts, with individualized deadlines based on their ordinance adoption dates.

• Allows the Village of Dalzell and several other municipalities to extend TIF project completion dates beyond standard timeframes through municipal ordinance adoption with required notice to taxing bodies.

• Takes effect upon becoming law and consolidates prior TIF completion date provisions from other code sections without making substantive changes except for five specified municipalities (Aurora, Milan, West Frankfort, Libertyville, and Hoffman Estates).