HB2989 Summary

• Amends the Tax Increment Allocation Redevelopment Act in the Illinois Municipal Code to extend completion dates for a specific redevelopment project.

• Extends the estimated date of completion and retirement of obligations for the Village of Fox River Grove's Downtown TIF #2 District, created by ordinance adopted on September 3, 2015.

• Allows the project completion date and bond repayment deadline to extend to December 31 of the year when ad valorem tax payments are made in the 35th calendar year after the ordinance was adopted, rather than earlier deadlines.

• Takes effect immediately upon becoming law.