IL SB2569

Amends the Illinois Municipal Code to extend the completion date for a tax increment financing (TIF) redevelopment project area established by the City of Springfield on December 29, 1981 to December 31 of the year in which payment is made with respect to ad valorem taxes levied in the 47th calendar year after the ordinance was adopted, rather than the standard 35-year limit.

Requires the City of Springfield to adopt an ordinance extending the life of the redevelopment project area to 47 years and provide notice to taxing bodies that would constitute the joint review board not more than 30 and not less than 14 days prior to adoption.

Consolidates material relating to completion dates from multiple sections of the Illinois Municipal Code into Section 11-74.4-3.5 and clarifies that no substantive changes are made to existing law except for the extended completion dates for Aurora, Milan, West Frankfort, Libertyville, Hoffman Estates, and Springfield.

Establishes varied completion date timelines for numerous Illinois municipalities' TIF projects, ranging from 23 to 47 years depending on when ordinances were adopted and specific project circumstances.