IL SB2304

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

Sets the standard completion date as December 31 of the year in which payments are made with respect to ad valorem taxes levied in the 23rd calendar year after ordinance adoption for projects approved on or after January 15, 1981.

Extends the completion date to 35 calendar years for redevelopment project areas located within transit facility improvement areas established pursuant to Section 11-74.4-3.

Adds specific completion date provisions for over 140 individual municipalities and TIF districts, with varying timelines ranging from 28 to 47 years depending on adoption date, location, and other qualifying criteria.

Allows municipalities meeting certain conditions to extend redevelopment project area lifespans to 35 or 47 years through ordinance adoption after providing notice to taxing bodies.