SB0162 Summary

• Amends the Tax Increment Allocation Redevelopment Act of the Illinois Municipal Code by modifying Section 11-74.4-3.5 regarding completion dates for redevelopment projects.

• Extends the estimated date of completion and retirement of obligations for a redevelopment project in the City of Jacksonville based on an ordinance adopted on September 8, 2003, allowing it to extend beyond standard timelines.

• Adds the City of Jacksonville ordinance (September 8, 2003) as item (247) to subsection (c), which permits a 35-year completion date for tax increment financing purposes.

• Takes effect immediately upon becoming law.