SB3563 Summary

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

• Adds new subsection (b-5) extending the completion date to the 32nd calendar year after ordinance adoption for the Village of Tremont's redevelopment project area established April 19, 2004.

• Adds 24 new specific municipalities to subsection (f-5) allowing extension of TIF project completion dates to 47 years, including cities like Ottawa, Rosemont, and Charleston, with required municipal ordinance adoption and notice to taxing bodies.

• Maintains existing completion date provisions for approximately 276 previously designated redevelopment project areas across Illinois municipalities.

• Updates source citations to reflect multiple prior amendments through Public Act 103-575 (effective December 8, 2023).