Prior to adjourning, the General Assembly sent the Governor a Tax Increment Financing (TIF) bill with several changes to the TIF law. The legislation surfaced as an amendment to HB 2518 (Rep. Croke/Sen. Turner) on Friday, May 19. The bill includes the following provisions:
- Extends TIFs for a number of communities, including the Village of Channahon, the City of Peoria, the City of Rock Island, the City of Champaign, the Village of Evergreen Park, the City of Chicago and the City of Sparta.
- 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.
- Changes the Tourism Preservation and Sustainability District Act to provide 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.
- 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 16, 2000 by the City of Chicago to create the Fullerton/Milwaukee redevelopment project area.
The Governor will next consider the legislation. ISACo did not take a position on the bill.