Illinois 2023-2024 Regular Session

Illinois House Bill HB2989

Introduced
2/16/23  
Introduced
2/16/23  
Refer
2/28/23  
Refer
2/16/23  
Refer
3/10/23  
Refer
2/28/23  

Caption

TIF-VILLAGE OF FOX RIVER GROVE

Impact

By extending the completion date for redevelopment projects under the TIF structures, HB2989 allows municipalities like Fox River Grove to have more leniency in managing their financial obligations connected to redevelopment. This could promote higher investment levels and stimulate local economies as municipalities would not feel rushed to complete their projects prematurely. The bill reflects a growing trend to support longer-term economic development strategies at the local level.

Summary

House Bill 2989 amends the Tax Increment Allocation Redevelopment Act of the Illinois Municipal Code. Its primary objective is to extend the estimated completion date of a redevelopment project and the retirement of financial obligations linked to the project costs for an ordinance adopted on September 3, 2015, by the Village of Fox River Grove. The bill aims to provide more flexibility and time for local governments to manage their redevelopment initiatives effectively, ensuring that they can achieve expected developmental goals.

Contention

While the extension is seen as beneficial by local officials and real estate developers who may face delays, there are discussions about the potential implications of extending TIF timelines. Critics might argue that extending these dates could delay the return of tax revenues to the local government and inhibit the funding of other essential services and projects. Additionally, there may be concerns regarding transparency and accountability in how extended funds are utilized.

Companion Bills

No companion bills found.

Previously Filed As

IL SB3010

TIF VILLAGE OF SUMMIT

IL HB4958

TIF-VILLAGE OF HOFFMAN ESTATES

IL HB2372

TIF-ELGIN

IL SB1483

TIF-ELGIN

IL HB3693

TIF-COMPLETION

IL HB1222

TIF REEXTENSION LIMITATION

IL SB0085

TIF EXTENSION RESTRICTIONS

IL SB3541

TIF CITY OF PARIS

IL HB5496

TIF-LISLE

IL SB3039

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: