IL SB2703

Amends 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 default completion dates of 23 years for ordinances adopted after January 15, 1981, and 35 years for transit facility improvement areas, with specific exceptions for individual municipalities listed throughout the statute.

Allows municipalities to extend certain redevelopment project areas to 35 or 47 years through ordinance adoption with 14-30 days' notice to taxing bodies that would constitute the joint review board.

Provides special completion date provisions for approximately 283 specific municipal redevelopment projects, each with unique adoption dates and circumstances (ranging from the 1980s through 2016).

Maintains existing provisions for redevelopment projects with bonds issued before July 29, 1991, allowing extension to December 31, 2013, with termination procedures required in 2013.