HB4958

Illinois HB4958 amends the Tax Increment Allocation Redevelopment Act to extend the completion dates for certain redevelopment projects in the.

Illinois HB4958 amends the Tax Increment Allocation Redevelopment Act by extending the estimated dates of completion for redevelopment projects in the Village of Hoffman Estates. Specifically, the bill modifies Section 11-74.4-3.5 of the Illinois Municipal Code to allow for the extension of these dates. The changes apply to projects established under specific ordinances, including those adopted on May 5, 2003, to create the Golf, Higgins, and Roselle Road TIF. The bill also includes provisions for the retirement of obligations issued to finance redevelopment project costs.