IL HB5886

Amends the Tax Increment Allocation Redevelopment Act of the Illinois Municipal Code to extend completion dates for a redevelopment project ordinance adopted on December 15, 2003 by the City of Knoxville.

Extends the estimated date of completion of the redevelopment project and retirement of obligations issued to finance redevelopment project costs for the City of Knoxville to December 31 of the year in which tax payments related to the 35th calendar year after the ordinance adoption are to be made.

Adds the City of Knoxville ordinance as item (262) in Section 11-74.4-3.5(c) of the Illinois Municipal Code, establishing it among other municipalities with similar deadline extensions.

Takes effect immediately upon enactment.