IL HB5062

Amends the Tax Increment Allocation Redevelopment Act by extending the completion date for the Village of Lansing's redevelopment project area (established December 20, 1988) from 35 years to 47 years for real property tax increment allocation financing purposes.

Requires the Village of Lansing to adopt an ordinance extending the completion date and provide notice to taxing bodies that would constitute the joint review board 14-30 days prior to adoption.

Adds the Village of Lansing project to subsection (f-5) of Section 11-74.4-3.5 as an eligible redevelopment area for the extended 47-year timeline.

Effective immediately upon enactment.