WeVote
Log In

Bill

Bill

SB 1483

Hemp products; regulated retail facility registration, fee.

2025 Regular Session Introduced by Jennifer Boysko and 1 co-sponsor

Extends Elgin's 2002 TIF deadlines, allowing longer time to complete the redevelopment project and retire related obligations/bonds.

Left in Agriculture, Chesapeake and Natural Resources
0
WeVote Research Nonpartisan
Bill Summary · SB 1483

SB 1483 — TIF: Elgin (Summary)

Status: Rule 3-9(a) / Re‑referred to Assignments
Introduced: February 20, 2025
Primary sponsor (Illinois version): Sen. Cristina Castro
Statute amended: Illinois Municipal Code — Tax Increment Allocation Redevelopment Act (65 ILCS 5/11‑74.4‑3.5)

Note: The provided bill text file includes unrelated material from an Arizona SB 1483 (an appropriation for home and community‑based services). This summary addresses the Illinois bill titled “TIF‑ELGIN,” which amends Section 11‑74.4‑3.5 of the Illinois Municipal Code.

Main purpose / intent

To extend the statutory deadline that controls (1) the estimated date of completion of a specific redevelopment project and (2) the date by which obligations issued to finance that project must be retired — specifically for the redevelopment ordinance adopted by the City of Elgin on April 10, 2002. In short: allow Elgin more time under Illinois’ Tax Increment Financing (TIF) rules to complete the project and retire related bonds.

Key provisions

  • Amends 65 ILCS 5/11‑74.4‑3.5 (Completion dates for redevelopment projects).
  • Explicitly extends the allowable estimated date(s) of:
    • completion of the Elgin redevelopment project approved April 10, 2002, and
    • retirement of obligations (including refunding bonds issued under Section 11‑74.4‑7) that finance redevelopment project costs for that ordinance.
  • The amendment follows the statutory pattern of creating municipality‑ or ordinance‑specific exceptions to the general limits on the number of years a TIF may capture tax increment or carry outstanding obligations.
  • The change references the mechanics used elsewhere in Section 11‑74.4‑3.5 (i.e., the relationship between the ordinance adoption year and the applicable calendar year cap for TIF payments/retirements) but applies an extension specifically to Elgin’s 4/10/2002 ordinance.

Who or what is affected

  • City of Elgin: can continue project activities and manage/retire TIF obligations under an extended schedule.
  • Taxing districts whose property tax revenues are affected by the TIF (school districts, county, library, etc.): an extension may delay the return of incremental tax revenues to these bodies.
  • Bondholders and investors in TIF obligations: potential effects on timing of principal/interest payments and refunding flexibility.
  • Developers and property owners inside the Elgin TIF area: extended availability of increment funding supports ongoing development or completion of projects.

Procedural / timeline notes

  • Filed/Introduced in early 2025 (document lists Feb 20, 2025 as received/filed; Sen. Cristina Castro identified as filer).
  • Current procedural status (per file): Rule 3‑9(a) / Re‑referred to Assignments (June 2, 2025).
  • As with other amendments to Section 11‑74.4‑3.5, implementation takes effect according to the Act’s effective date rules once enacted and signed.

Fiscal and policy implications (summary)

  • Extending completion/retirement deadlines typically allows a municipality to continue capturing tax increment and to issue or manage outstanding obligations for a longer period. This can support completion of long‑term redevelopment projects but delays when incremental tax revenues are released back to other local taxing bodies.
  • The amendment appears narrowly targeted to a single Elgin ordinance (April 10, 2002) rather than changing statewide TIF limits generally.

If you want, I can:
- Extract and display the exact statutory language added for Elgin (if a more complete bill text is available), or
- Compare this amendment to other recent city‑specific TIF extensions to show precedent and likely fiscal magnitude.

Compiled from official sources — confirm details with the bill’s official record.

Sign in to ask a question.