IL HB5372

Amends the Tax Increment Allocation Redevelopment Act of the Illinois Municipal Code to extend the completion date for a redevelopment project ordinance adopted April 8, 1999 by the City of Farmer City.

Extends the estimated date of completion of the redevelopment project and retirement of obligations issued to finance redevelopment project costs for the City of Farmer City project 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 adoption (adding item 222 to subsection (c)).

Takes effect immediately upon becoming law.