IL HB3313

Amends the Illinois Municipal Code Section 11-74.4-3.5 to extend the completion date for the City of Morris TIF District 1 from 35 years to 47 years for purposes of real property tax increment allocation financing.

Allows the City of Morris to adopt an ordinance extending the life of the redevelopment project area to 47 years, provided notice is given to taxing bodies that would constitute the joint review board 14-30 days prior to ordinance adoption.

Adds the Morris TIF District 1 (established December 29, 1986) to subsection (f-5) alongside the City of Springfield's TIF area as eligible for the extended 47-year completion date.

Takes effect upon becoming law.