HB5509 Summary

• Amends Section 11-74.4-3.5 of the Illinois Municipal Code to extend the estimated completion date and retirement of obligations for the Village of Melrose Park's Lake Street Corridor Tax Increment Financing (TIF) District, originally established by ordinance on September 27, 2007.

• Adds the Melrose Park Lake Street Corridor TIF as item (222) to subsection (c) of Section 11-74.4-3.5, allowing a 35-year project life for real property tax increment allocation financing purposes.

• Takes effect immediately upon becoming law.