HB0003 Summary

• Amends the Tax Increment Allocation Redevelopment Act to extend the completion date for two City of East St. Louis redevelopment project areas established on December 29, 1986 and January 23, 1991 from 35 years to 47 years.

• Requires the City of East St. Louis to adopt an ordinance extending the life of these redevelopment project areas to 47 years for purposes of real property tax increment allocation financing.

• Requires the City of East St. Louis to provide written notice to taxing bodies that would constitute the joint review board, with notice given between 14 and 30 days prior to ordinance adoption.

• Takes effect immediately upon becoming law.