SB0088 Summary

• Requires municipalities adopting new tax increment financing (TIF) ordinances to specify dates for dissolution of the special tax allocation fund and termination of the redevelopment project area designation.

• Mandates all municipalities amend existing TIF ordinances within 90 days to include termination dates for the special tax allocation fund and redevelopment project area designation.

• Changes the notification deadline for terminating redevelopment project areas from November 1 to July 1 of the calendar year in which termination occurs.

• Modifies the definition of "recovered tax increment value" to provide that if a municipality fails to timely notify taxing bodies of TIF termination and the county clerk is notified of the failure, the recovered tax increment value applies beginning at least 60 days after notice is provided rather than immediately upon termination.