HB4823 Summary

• Amends the Tax Increment Allocation Redevelopment Act (TIARA) to extend the estimated completion date and obligation retirement date for the City of Marion's redevelopment project established by ordinance on April 23, 1990.

• Changes the deadline for the City of Marion's TIF project from the standard timeframe to December 31 of the year in which payment is made with respect to ad valorem taxes levied in the 35th calendar year after the ordinance was adopted.

• Adds the City of Marion's April 23, 1990 ordinance as item (45) in subsection (c) of Section 11-74.4-3.5, establishing it as a specifically enumerated exception to standard TIF completion date rules.

• Makes the extension applicable to both the completion of the redevelopment project and the retirement of all obligations issued to finance redevelopment project costs, including refunding bonds.

• Takes effect immediately upon becoming law.