HB2061 Summary

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

• Extends the completion date for redevelopment project areas located within transit facility improvement areas from 23 years to 35 years after ordinance adoption.

• Allows municipalities with overlapping transit facility improvement areas and pre-existing redevelopment project areas (established before August 12, 2016) to dissolve the old project and establish a new one under the 35-year timeline.

• Modifies specific completion date deadlines for individual municipalities and TIF districts, including extensions to 47 years for Springfield's redevelopment project area.

• Applies to real property tax increment allocation financing only and requires municipalities to provide notice to taxing bodies before adopting ordinances that extend project timelines.