IL HB2216

Amends the Tax Increment Allocation Redevelopment Act of the Illinois Municipal Code by modifying Section 11-74.4-3.5 regarding completion dates for redevelopment projects.

Creates a tax increment allocation financing extension for an ordinance adopted on August 17, 1999 by the City of Ottawa, extending the completion date for the redevelopment project and retirement of obligations.

Adds the City of Ottawa ordinance as item (170) to subsection (c), allowing completion dates not later than December 31 of the year in which payment is made with respect to ad valorem taxes levied in the 35th calendar year after the ordinance adoption.

Takes effect immediately upon becoming law.