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IL HB4242

Bill

Official Source

Status

Introduced

1/23/2020

Primary Sponsor

Anthony DeLuca

Click for details

Origin

House of Representatives

101st General Assembly

AI Summary

  • Extends the tax increment financing (TIF) completion date for the Village of Park Forest's redevelopment project area originally established by ordinance on November 10, 1997
  • Amends Section 11-74.4-3.5 of the Tax Increment Allocation Redevelopment Act within the Illinois Municipal Code
  • Allows the estimated completion date and retirement of obligations to extend to the 35th calendar year after the original ordinance adoption (rather than the standard 23-year limit)
  • Takes effect immediately upon becoming law

Legislative Description

TIF-VILLAGE OF PARK FOREST

Last Action

Rule 19(b) / Re-referred to Rules Committee

6/23/2020

Committee Referrals

Rules6/23/2020
Property Tax2/27/2020
Revenue & Finance2/18/2020
Rules1/27/2020

Full Bill Text

No bill text available