HB2995 Summary

• Amends the Tax Increment Allocation Redevelopment Act of the Illinois Municipal Code to extend the completion date for the Enos Park Neighborhood TIF District in Springfield.

• Allows the City of Springfield's TIF district established on December 16, 1997 to have completion dates extending not more than 47 years instead of the standard 23-year limit.

• Requires the City of Springfield to adopt an ordinance extending the redevelopment project area to 47 years and provide notice to taxing bodies 14-30 days before adoption.

• Takes effect immediately upon becoming law.