IL SB3041

Extends the completion date for a Tax Increment Financing (TIF) redevelopment project in the City of Spring Valley that was originally established by ordinance on July 31, 2006.

Amends Section 11-74.4-3.5 of the Illinois Municipal Code (Tax Increment Allocation Redevelopment Act) to allow the extended timeline.

Extends both the estimated date of completion of the redevelopment project and the date for retirement of obligations issued to finance redevelopment project costs.

Introduced by Senator Sue Rezin on January 28, 2026, during the 104th General Assembly.

Takes effect immediately upon becoming law.