SB2445 Summary

• Amends the Illinois Municipal Code to extend the completion date for the City of Edwardsville's tax increment financing (TIF) redevelopment project area established by ordinance on April 15, 1997 to December 31 of the 35th calendar year after adoption.

• Allows the City of Edwardsville to extend the estimated completion date and retirement of bonds issued to finance redevelopment project costs, including refunding bonds, by up to 35 years from the original ordinance adoption date.

• Consolidates material relating to TIF completion dates from existing sections and adds specific provisions for municipalities with particular ordinance adoption dates and bond authorization amounts.

• Requires municipalities to provide written notice to taxing bodies that would constitute the joint review board for the redevelopment project area at least 14 but not more than 30 days before adopting an ordinance to extend project completion dates.