SB1415 Summary

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

• Extends the completion date for TIF projects in transit facility improvement areas from 23 years to 35 years after ordinance adoption

• Allows municipalities to adopt TIF financing for redevelopment areas in transit facility improvement zones that overlap with previously established TIF areas, with transition procedures for dissolving the older TIF designation

• Adds 169 numbered provisions establishing specific completion date extensions for individual municipalities based on their ordinance adoption dates and project characteristics, with periods ranging from 28 to 47 years

• Establishes special provisions for the City of Springfield allowing up to 47 years for real property tax increment allocation financing with proper notice to taxing bodies