HB2361 Summary

• Amends the Tax Increment Allocation Redevelopment Act to extend the completion date for City of Sparta TIF #1 (ordinance adopted December 23, 1986) to allow up to 47 years instead of the standard timeframe.

• Specifies that termination procedures under Section 11-74.4-8 are not required for Sparta's TIF #1 prior to the 47th calendar year after 1986 (extending to 2033).

• Allows the City of Sparta to continue tax increment financing for the redevelopment project area for an extended period without triggering mandatory termination requirements.

• Takes effect immediately upon becoming law.