HB2518 - USE/OCC TX-AIRCRAFT

8 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 Channahon, the City of Peoria, the City of Rock Island, the City of Champaign, and the Village of Evergreen Park. Extends the estimated date of completion of a redevelopment project and the retirement of obligations issued to finance redevelopment project costs for an ordinance adopted on December 23, 1986 by the City of Sparta to create TIF #1. Provides that specified termination procedures under the Act are not required for the City of Sparta's TIF #1 redevelopment project area prior to the 47th calendar year after the year in which the ordinance approving the redevelopment project year was adopted. Amends the Tourism Preservation and Sustainability District Act. Provides that a petition, resolution of intent, district plan, and ordinance to create a tourism preservation and sustainability district may include an initial term of up to 20 years if the ordinance is adopted on or after July 1, 2023 and on or before December 31, 2023 by the Sangamon County Board for improvements to the Bank of Springfield Center. Effective immediately.