IL SB3039

Amends the Tax Increment Allocation Redevelopment Act to extend the completion date for the Village of Sherman's redevelopment project from 35 years to 47 years after the September 17, 1986 ordinance adoption.

Requires the Village of Sherman to adopt an ordinance extending the completion date to 47 years for real property tax increment allocation financing purposes.

Requires the Village of Sherman to provide notice to taxing bodies that would constitute the joint review board between 14 and 30 days prior to adopting the extension ordinance.

Also extends the completion date to 47 years for certain City of Springfield redevelopment project areas established December 29, 1981, with similar notice requirements to taxing bodies.

Takes effect immediately upon becoming law.