SB1822 Summary

• Amends the Illinois Municipal Code to modify tax increment financing (TIF) provisions, including expanding definitions and procedures for redevelopment project areas and transit facility improvement areas.

• Clarifies that redevelopment project areas within transit facility improvement areas can include non-contiguous parcels of real property and extends completion dates from 23 years to 35 years for such areas.

• Updates language regarding transit facility improvement areas to allow for Red and Purple Modernization Program, Red Line Extension Program, and Blue Line Modernization and Extension Program eligibility, with specific geographic boundaries.

• Modifies redevelopment project cost definitions for transit facility improvement areas to include costs related to construction, reconstruction, rehabilitation, and repair of existing or proposed transit facilities, whether located inside or outside redevelopment project area boundaries.

• Adds multiple municipalities to the list of redevelopment project areas eligible for extended completion dates of 35+ years, including several new entries for municipalities in Peoria, Bellwood, and other Illinois cities.