HB2826: TIF-CITY OF WASHINGTON TIF #2

Legislative Summary

Amends the Tax Increment Allocation Redevelopment Act of the Illinois Municipal Code. Creates a tax increment allocation financing extension to the 47th year (currently, the 35th year) after the adoption of the ordinance of December 22, 1986 by the City of Washington creating the Washington Square TIF #2. Requires adoption of an ordinance by the City of Washington extending the completion date of the redevelopment project area to 47 years and providing notice to the taxing bodies that would otherwise constitute the joint review board. Effective immediately.