Illinois 2023-2024 Regular Session

Illinois House Bill HB2361

Introduced
2/14/23  
Introduced
2/14/23  
Refer
2/21/23  
Refer
2/14/23  
Refer
3/10/23  
Refer
2/21/23  

Caption

TIF-CITY OF SPARTA

Impact

The implications of HB2361 are significant for the City of Sparta and potential redevelopment projects across the state. By extending the timelines for completion and obligation retirement, municipalities can better address the challenges associated with large-scale redevelopment initiatives that may take longer than originally anticipated. This act can potentially lead to increased investment in urban areas that require revitalization, positively affecting local economies and communities through job creation and improved infrastructure.

Summary

House Bill 2361 amends the Tax Increment Allocation Redevelopment Act of the Illinois Municipal Code, specifically targeting the City of Sparta's Tax Increment Financing (TIF) District #1 established on December 23, 1986. The legislation allows for the extension of the estimated completion date of the redevelopment project, as well as the retirement of obligations that were issued to finance the costs associated with the project, thereby providing more time for the project to fulfill its intended objectives. This change is aimed at promoting long-term economic growth and revitalization efforts in the designated area.

Contention

While the bill is designed to facilitate redevelopment efforts, it may face scrutiny regarding its impact on local government financial management. Critics may argue that extended timelines for TIF projects could delay financial returns or obligate the municipality to prolonged debt. Moreover, transparency and accountability in how the extended funds are utilized will be critical to gaining public support and ensuring that the intended benefits of the bill are realized.

Companion Bills

No companion bills found.

Previously Filed As

IL SB3541

TIF CITY OF PARIS

IL HB3693

TIF-COMPLETION

IL HB1222

TIF REEXTENSION LIMITATION

IL SB0085

TIF EXTENSION RESTRICTIONS

IL HB2372

TIF-ELGIN

IL SB1483

TIF-ELGIN

IL HB4958

TIF-VILLAGE OF HOFFMAN ESTATES

IL SB3010

TIF VILLAGE OF SUMMIT

IL SB1432

MUNI CD-TIF SURPLUS FUNDS

IL HB5496

TIF-LISLE

Similar Bills

IA HF28

A bill for an act relating to the creation of land redevelopment trusts.(See HF 1008.)

IA SF45

A bill for an act relating to the creation of land redevelopment trusts.(See SF 655.)

IA SF144

A bill for an act relating to the creation of land redevelopment trusts.

IA SF655

A bill for an act relating to the creation of land redevelopment trusts.(Formerly SF 45.)

IA HF1008

A bill for an act relating to the creation of land redevelopment trusts. (Formerly HF 28.)

FL S1242

Community Redevelopment Agencies

NJ S1857

Excludes farmland from definitions of "redevelopment area" and "rehabilitation area" in "Local Redevelopment and Housing Law."

FL SB1242

Community Redevelopment Agencies: