IL HB2363

Extends the tax increment allocation (TIF) financing completion date for the Village of Sherman's redevelopment project area (established September 17, 1986) from 35 years to 47 years after ordinance adoption.

Requires the Village of Sherman to adopt an ordinance extending the completion date and provide notice to taxing bodies that would constitute the joint review board 14-30 days before adoption.

Also extends the completion date to 47 years for redevelopment project areas established December 29, 1981 by the City of Springfield, subject to the same notice and ordinance requirements.

Applies only to real property tax increment allocation financing under Section 11-74.4-8 of the Illinois Municipal Code.

Takes effect immediately upon becoming law.