SB3563: LIBRARY-BOND PERCENTAGE

Legislative Summary

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.