HB5117 Summary

• Amends the Tax Increment Allocation Redevelopment Act of the Illinois Municipal Code to extend completion and bond retirement dates for the Village of Warren's redevelopment project approved by ordinance on August 22, 2011.

• Adds the Village of Warren ordinance as item (222) to Section 11-74.4-3.5(c), allowing estimated project completion and obligation retirement dates to extend to December 31 of the year when payment is made for ad valorem taxes levied in the 35th calendar year after the ordinance was adopted.

• Takes effect immediately upon becoming law.