SB2683 Summary

• Amends the Illinois Municipal Code Section 11-74.4-3.5 to extend the completion date for the City of Charleston's redevelopment project area established on December 20, 1986 from 35 years to 47 years for real property tax increment allocation financing purposes.

• Requires the City of Charleston to adopt an ordinance extending the redevelopment project area's life to 47 years and provide notice to taxing bodies that would constitute the joint review board between 14-30 days prior to adoption.

• Also extends the completion date for the City of Springfield's redevelopment project area established on December 29, 1981 from 35 years to 47 years under similar conditions requiring ordinance adoption and advance notice to taxing bodies.

• Takes effect upon becoming law.