TIF EXTENSION RESTRICTIONS

Amends the Tax Increment Allocation Redevelopment Act of the Illinois Municipal Code. Provides that, on and after the effective date of the amendatory Act, before the estimated dates of completion of a redevelopment project and retirement of obligations issued to finance development project costs (including refunding bonds) are extended to the 35th or 47th years, the municipality must submit to the Governor, President of the Senate, and Speaker of the House of Representatives written support for…