SB2315 Summary

• Amends the Tax Increment Allocation Redevelopment Act to restrict newly designated redevelopment project areas from containing more than 20% of the area of a previously completed redevelopment project area that was finished within the 10 years prior to the new designation.

• Applies the 20% limitation only to redevelopment project areas designated after the effective date of the amendatory Act of the 100th General Assembly.

• Maintains all existing definitions and requirements for redevelopment project areas, blighted areas, conservation areas, and related tax increment financing mechanisms under Illinois Municipal Code Section 11-74.4-3.

• Takes effect immediately upon becoming law.