SB1483 extends the completion date for the Elgin Central Area TIF Redevelopment Project Area.
SB1483 amends the Tax Increment Allocation Redevelopment Act to extend the estimated completion date and retirement of obligations for the Elgin Central Area TIF Redevelopment Project Area, which was established by an ordinance adopted on April 10, 2002. The bill specifies that the estimated dates of completion and retirement of obligations cannot exceed December 31 of the year in which the payment to the municipal treasurer is due for ad valorem taxes levied in the 28th calendar year after the ordinance's adoption.
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