HB2931 Summary

• Amends the Illinois Municipal Code Section 11-74.4-3.5 regarding completion dates for tax increment financing (TIF) redevelopment projects.

• Extends the completion date for the Village of Phoenix's TIF redevelopment project (ordinance adopted July 3, 1996) to December 31 of the year in which tax increment payments are made in the 35th calendar year after the ordinance adoption.

• Adds completion date extensions for the Village of Swansea (ordinance adopted May 19, 1997), Village of Saunemin (ordinance adopted August 13, 2001), Village of Romeoville (ordinance adopted January 10, 2005), City of Berwyn (two districts adopted January 28, 1997), and Village of Hanover Park (ordinance adopted May 3, 2001).

• Takes effect upon becoming law.