IL HB4354

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 tax increment allocation financing extensions for two ordinances adopted by the Village of Maywood on March 27, 1997: the Roosevelt Road TIF District and the Madison Street/Fifth Avenue TIF District.

Adds items (178) and (179) to subsection (c) of Section 11-74.4-3.5, allowing these two Maywood TIF districts to extend their completion dates and obligation retirement deadlines to December 31 of the year in which tax payments are made in the 35th calendar year after the ordinance adoption.

Takes effect immediately upon becoming law.