IL SB3041

Amends Section 11-74.4-3.5 of the Illinois Municipal Code regarding Tax Increment Allocation (TIF) financing completion dates.

Adds a new provision (item 178) extending the estimated completion date for the Route 66 Crossing TIF District created by the Village of Sherman on October 13, 1999.

Extends the completion date and retirement of obligations for this TIF district to December 31 of the year in which payment is made with respect to ad valorem taxes levied in the 35th calendar year after the ordinance was adopted.

Takes effect immediately upon becoming law.