HB0227 Summary

• Amends the Illinois Municipal Code Section 11-74.4-3.5 to establish completion dates for tax increment financing (TIF) redevelopment projects and retirement of associated obligations.

• Sets standard completion deadlines of 23 years for most TIF projects established after January 15, 1981, and 35 years for projects in transit facility improvement areas.

• Provides specific extended completion dates (ranging from 28 to 47 years) for numerous individual municipalities based on their TIF ordinance adoption dates and circumstances.

• Allows municipalities to extend TIF project completion dates by ordinance with 14-30 days' written notice to taxing bodies that would constitute the joint review board.

• Takes effect upon becoming law.