IL SB3040

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.

Adds a new provision (item 178) extending the tax increment allocation financing completion date for an ordinance adopted on October 13, 1999 by the Village of Sherman to create the Rail Pointe TIF District.

The extension allows the estimated dates of completion and retirement of obligations for this specific TIF district to align with the standard 35-year completion timeline under real property tax increment allocation financing.

Takes effect immediately upon becoming law.