IL SB1814

Amends the Illinois Municipal Code Section 11-74.4-3.5 to establish completion dates for tax increment financing (TIF) redevelopment projects and retirement of related obligations.

Adds two new provisions allowing the City of Effingham to extend TIF project completion dates: ordinances adopted November 21, 2000 and January 28, 2003 are granted extended deadlines under subsection (c).

Establishes baseline completion deadline of December 31 in the 23rd calendar year after ordinance adoption for most redevelopment projects, with variations for transit facility improvement areas (35 years) and specific municipalities with unique circumstances.

Provides extension options for certain redevelopment project areas through municipal ordinance adoption with notice requirements to taxing bodies and joint review boards.

Takes effect upon becoming law.