IL HB5253

Amends Section 11-74.4-3.5 of the Illinois Municipal Code regarding completion dates for tax increment financing (TIF) redevelopment projects.

Extends the estimated completion date and retirement of obligations for the Village of Franklin Park's Downtown Franklin Avenue redevelopment project area (ordinance adopted October 16, 2000) to allow the 35th calendar year after project adoption instead of a shorter timeframe.

Adds the Village of Franklin Park project as item (262) to subsection (c) of the completion dates section, making it eligible for the extended timeline available to certain designated municipalities.

Effective immediately upon passage.