SB2703 - PROP TX-HISTORIC RESIDENCE

6 Co-Sponsors

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 Village of Melrose Park, City of Knoxville, the City of Chicago, and the City of St. Charles. Creates tax increment allocation financing extensions to the 47th year (currently, the 35th year) for various ordinances adopted by the Village of Melrose Park, Village of Lansing, and Village of South Holland 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 December 31, 2024.