Bill Title: Amends the Tax Increment Allocation Redevelopment Act of the Illinois Municipal Code. Extends the estimated date of completion of a redevelopment project and the retirement of obligations issued to finance redevelopment project costs to not later than December 31 of the year in which the payment to the municipal treasurer is to be made with respect to ad valorem taxes levied in the 32nd calendar year after the year in which the ordinance approving the redevelopment project area was adopted if the ordinance was adopted on April 19, 2004 by the Village of Tremont. Extends the estimated dates of completion of redevelopment projects and the retirement of obligations issued to finance redevelopment project costs to the 35th calendar year after the year in which various ordinances were adopted by the Village of Franklin Park, City of Jacksonville, City of Prophetstown, City of Ottawa, City of Salem, Village of Malta, City of Highland, City of Chicago, City of Des Plaines, City of Sullivan, and City of Oak Forest. Creates tax increment allocation financing extensions to the 47th year (currently, the 35th year) for various ordinances adopted by the City of Ottawa and Village of Rosemont if those municipalities adopt a specified ordinance and provide notice to the taxing bodies that would otherwise constitute the joint review board of each redevelopment project area. Effective immediately.

Spectrum: Moderate Partisan Bill (Democrat 5-1)

Status: (Passed) 2024-08-09 - Public Act . . . . . . . . . 103-1016 [SB3563 Detail]

Text: Latest bill text (Chaptered) [HTML]

---

Sponsors

Name	Type	Sponsorship	District	Financial	Encyclopedia	Biography
Senator John Curran [R]	Primary	Sponsored Bills	SD-041	FollowTheMoney	Ballotpedia	VoteSmart
Senator Linda Holmes [D]	Cosponsor	Sponsored Bills	SD-042	FollowTheMoney	Ballotpedia	VoteSmart
Senator Laura Murphy [D]	Cosponsor	Sponsored Bills	SD-028	FollowTheMoney	Ballotpedia	VoteSmart
Senator Mary Edly-Allen [D]	Cosponsor	Sponsored Bills	SD-031	FollowTheMoney	Ballotpedia	VoteSmart
Representative Lance Yednock [D]	Primary	Sponsored Bills	HD-076	FollowTheMoney	Ballotpedia	VoteSmart
Representative Laura Faver Dias [D]	Cosponsor	Sponsored Bills	HD-062	FollowTheMoney	Ballotpedia	VoteSmart

Social Comments on IL SB3563