SB2896 amends the Illinois Municipal Code to redefine redevelopment project costs and clarify tax increment allocation financing.
SB2896 amends the Illinois Municipal Code to redefine redevelopment project costs, specifying which costs are eligible for tax increment allocation financing. It clarifies that certain costs, such as those related to demolishing historic resources or providing direct financial support to retail entities, are not eligible. The bill also specifies that redevelopment project costs cannot include costs for constructing new municipal public railroad facilities.
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- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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