SB 1814

Abstract

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 ordinances adopted on November 21, 2000 and January 28, 2003 by the City of Effingham. Effective immediately. House Committee Amendment No. 1 Replaces everything after the enacting clause. Reinserts the provisions of the engrossed bill with the following changes: 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 February 4, 2008 by the City of Polo; and creates a tax increment allocation financing extension to the 47th year (currently, the 35th year) after the adoption of the ordinance of December 23, 1986 by the City of Beardstown if the City of Beardstown adopts an ordinance extending the completion date of the redevelopment project area to 47 years and provides notice to the taxing bodies that would otherwise constitute the joint review board. Effective immediately.