HB2518 Summary

• Amends the Illinois Municipal Code to modify completion date requirements for tax increment financing (TIF) redevelopment projects, with specific deadlines varying by municipality and project establishment date.

• Extends the completion date to 35 years for redevelopment project areas located within transit facility improvement areas established under Section 11-74.4-3.

• Allows municipalities with previously established redevelopment project areas to adopt new TIF financing in transit facility improvement areas, with transitional provisions for dissolving old special tax allocation funds.

• Permits completion dates up to 47 years for specific redevelopment project areas in municipalities including Springfield, Morris, Cahokia, Charleston, Beardstown, and others, subject to municipal ordinance adoption and notice to taxing bodies.

• Authorizes the Sangamon County Board to establish a tourism preservation and sustainability district for the Bank of Springfield Center with an initial term of up to 20 years if created between July 1, 2023 and December 31, 2023.