Illinois law sets deadlines for five redevelopment areas
Five listed Illinois redevelopment areas have project completion and financing repayment deadlines tied to the 35th year after approval.
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What it does
Five listed redevelopment areas in Aurora, Milan, West Frankfort, Libertyville, and Hoffman Estates have deadlines tied to the 35th year after approval to finish projects and repay related financing.
Argument forMore time could help the listed municipalities finish redevelopment projects and repay the financing tied to them before deadlines arrive.
Argument againstAllowing more time could keep redevelopment projects and their financing open longer, delaying when the listed areas reach their scheduled end.
More detail
Illinois law sets completion and financing repayment deadlines for five listed redevelopment areas. The listed areas are in Aurora, Milan, West Frankfort, Libertyville, and Hoffman Estates. The deadlines may run through December 31 of the year when taxes are levied in the 35th calendar year after the area was approved.
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