HB5794 Summary

• Amends the Tax Increment Allocation Redevelopment Act to extend the completion dates for 2 redevelopment project areas in the City of Pontiac from 35 years to 47 years.

• Applies to Pontiac's TIF I (Main Street TIF) and TIF II (Interstate TIF), both established on December 29, 1986.

• Requires the City of Pontiac to adopt an ordinance extending the life of each redevelopment project area to 47 years and provide notice to taxing bodies 14-30 days before adoption.

• Takes effect immediately upon becoming law.