SB0696 Summary

• Amends the Illinois Municipal Code Section 11-74.4-3.5 to establish and modify completion dates for tax increment financing (TIF) redevelopment projects and retirement of related obligations.

• Sets standard TIF completion dates at 23 years for most projects adopted after January 15, 1981, and 35 years for projects in transit facility improvement areas.

• Provides extended completion timelines (28-35 years) for specific municipalities based on their TIF adoption dates, including Chicago, Rosemont, Waukegan, and numerous other Illinois cities and villages.

• Allows certain redevelopment project areas to extend completion dates to 47 years with municipal ordinance adoption and notice to taxing bodies, applicable to specific projects in Springfield, Morris, Cahokia, and other municipalities.

• Consolidates previously scattered TIF completion date provisions into a single comprehensive section without substantive legal changes except for specific deadline extensions for Aurora, Milan, West Frankfort, Libertyville, and Hoffman Estates.