SB2990 Summary

• Amends the Illinois Municipal Code to add the Village of Palatine Downtown Area TIF District to the list of redevelopment project areas with extended completion dates for tax increment financing purposes.

• Establishes that the Village of Palatine's ordinance adopted on December 13, 1999 creating the Downtown Area TIF District shall have completion and obligation retirement dates not later than December 31 of the year in which payments are made with respect to ad valorem taxes levied in the 35th calendar year after the ordinance adoption.

• Maintains existing provisions for 222 other municipalities' TIF districts with varying completion date deadlines ranging from 23 to 47 years depending on when ordinances were adopted and specific conditions met.

• Contains effective date provision stating the act takes effect upon becoming law.