IL SB1483

Extends the completion date for a Tax Increment Financing (TIF) redevelopment project in the City of Elgin that was originally established by ordinance on April 10, 2002

Allows the estimated completion date and retirement of obligations for the Central Area TIF Redevelopment Project Area to extend to 35 years after the original ordinance adoption

Amends Section 11-74.4-3.5 of the Illinois Municipal Code, which governs completion dates for TIF redevelopment projects

Adds Elgin's April 2002 TIF district to the list of specifically enumerated TIF districts eligible for extended completion timelines under state law