IL SB2839

Amends the Illinois Municipal Code to require redevelopment plans to establish a fund allocation process that includes joint review board members before adoption.

Authorizes municipalities to use tax increment financing (TIF) revenue to fund grants to small businesses employing fewer than 50 people, with such grants classified as "redevelopment project costs."

Extends maximum completion dates for redevelopment project areas to the 35th calendar year for areas adopted on or before June 30, 2023, and to the 33rd calendar year for areas adopted after July 1, 2023 (increased from the current 22-year limit).

Requires municipalities to provide at least 90 days' notice before extending completion dates, creating overlapping project areas, or transferring surpluses between areas, with joint review boards able to issue approval or disapproval reports during that period.

Allows an inflation adjustment based on the Consumer Price Index for All Urban Consumers to be subtracted from the tax increment calculation, and requires surplus funds to be distributed as soon as possible after calculation rather than annually within 180 days.