SB3724 Summary

• Amends the Tax Increment Allocation Redevelopment Act to extend the estimated completion date and retirement of obligations for a redevelopment project in the City of Jacksonville that was approved by ordinance adopted on September 8, 2003.

• Changes the completion deadline from the 35th calendar year to an extended timeline for the Jacksonville TIF project while maintaining the standard 35-year completion dates for most other municipalities.

• Adds Jacksonville's ordinance as item (262) to the list of municipalities with custom completion date provisions under Section 11-74.4-3.5 of the Illinois Municipal Code.

• Becomes effective immediately upon enactment.