HB0231: MUNI CD & COUNTY CD-POPULATION

Legislative Summary

Amends the Tax Increment Allocation Redevelopment Act of the Illinois Municipal Code. Extends the estimated dates of completion of redevelopment projects and the retirement of obligations issued to finance redevelopment project costs for various ordinances adopted by the City of Chicago, the Village of Elkhart, the City of Robinson, the Village of Valmeyer, and the City of McHenry. Creates tax increment allocation financing extensions to the 47th year (currently, the 35th year) for ordinances adopted by the City of Pontiac if the City of Pontiac adopts a specified ordinance and provides notice to the taxing bodies that would otherwise constitute the joint review board of each redevelopment project area. Effective immediately.