SB1595 Summary

• Amends Section 11-74.4-3.5 of the Illinois Municipal Code regarding completion dates for tax increment financing (TIF) redevelopment projects.

• Establishes completion deadlines based on when redevelopment project area ordinances were adopted, with most areas having 23-35 year timeframes for project completion and debt retirement.

• Creates special provisions for redevelopment areas in transit facility improvement areas, allowing up to 35 years instead of the standard 23-year limit.

• Allows municipalities to extend certain redevelopment project areas to 47 years if they adopt an ordinance and provide notice to taxing bodies, applicable to specific municipalities listed in the statute.

• Permits municipalities with existing redevelopment areas established before August 12, 2016 to establish new TIF areas within transit facility improvement zones while maintaining the original project area rules until dissolution.