Illinois 2023-2024 Regular Session

Illinois Senate Bill SB0162

Introduced
1/31/23  
Refer
1/31/23  
Refer
1/31/23  

Caption

TIF-JACKSONVILLE

Impact

The primary implication of this bill is the extension of timelines for municipalities to complete their redevelopment projects and to manage their financial obligations effectively. By allowing a longer period before the retirement of project financing and completion dates, municipalities may gain additional flexibility in managing their redevelopment efforts. This extension can be crucial in urban areas where development projects frequently face delays due to various factors including funding issues, regulatory hurdles, or community opposition.

Summary

SB0162 amends the Tax Increment Allocation Redevelopment Act of the Illinois Municipal Code to extend the estimated completion dates for redevelopment projects. Specifically, it pertains to an ordinance that was adopted by the City of Jacksonville on September 8, 2003. The bill seeks to provide additional time for municipalities to fulfill and retire obligations associated with financing redevelopment project costs, which can include the use of refunding bonds.

Contention

While the bill aims to facilitate redevelopment efforts, it could also lead to concerns regarding fiscal responsibility and the long-term implications of extending project timelines. Critics might argue that prolonging these deadlines could defer necessary financial accountability from local governments to their constituents. Additionally, there may be discussions around the effectiveness of tax increment financing as a tool for urban development and whether such extensions genuinely lead to economic revitalization, particularly if projects do not come to fruition in a timely manner.

Companion Bills

No companion bills found.

Previously Filed As

IL SB3724

TIF-JACKSONVILLE

IL SB2202

TIF-CITY OF SPARTA

IL SB1783

TIF-CITY OF PEORIA

IL SB2712

TIF-CITY OF OTTAWA

IL HB2989

TIF-VILLAGE OF FOX RIVER GROVE

IL HB2361

TIF-CITY OF SPARTA

IL HB4414

TIF - CITY OF HIGHLAND

IL SB2713

TIF-CITY OF PROPHETSTOWN

IL SB3515

TIF EXTENSION RESTRICTIONS

IL HB5253

TIF-VILLAGE OF FRANKLIN PARK

Similar Bills

IL SB3563

LIBRARY-BOND PERCENTAGE

IL HB2518

USE/OCC TX-AIRCRAFT

IL SB2712

TIF-CITY OF OTTAWA

IL SB2703

PROP TX-HISTORIC RESIDENCE

IL SB0696

LOCAL GOVERNMENT-TECH

IL HB3693

TIF-COMPLETION

IL HB5062

TIF-VILLAGE OF LANSING

IL SB0085

TIF EXTENSION RESTRICTIONS