Illinois SB 3041: TIF-VILLAGE OF SHERMAN-RTE 66

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104TH GENERAL ASSEMBLY 
State of Illinois 
2025 and 2026
SB3041

Introduced 1/28/2026, by Sen. Sue Rezin 

SYNOPSIS AS INTRODUCED:

65 ILCS 5/11-74.4-3.5

 Amends the Tax Increment Allocation Redevelopment Act of the Illinois Municipal Code. Extends the estimated date of completion of a redevelopment project and the retirement of obligations issued to finance redevelopment project costs for an ordinance adopted on July, 31 2006 by the City of Spring Valley. Effective immediately.

LRB104 19560 RTM 33008 b

A BILL FOR

SB3041LRB104 19560 RTM 33008 b

1 AN ACT concerning local government.

2 Be it enacted by the People of the State of Illinois, 

3represented in the General Assembly:

4 Section 5. The Illinois Municipal Code is amended by 

5changing Section 11-74.4-3.5 as follows:

6 (65 ILCS 5/11-74.4-3.5)

7 Sec. 11-74.4-3.5. Completion dates for redevelopment 

8projects.

9 (a) Unless otherwise stated in this Section, the estimated 

10dates of completion of the redevelopment project and 

11retirement of obligations issued to finance redevelopment 

12project costs (including refunding bonds under Section 

1311-74.4-7) may not be later than December 31 of the year in 

14which the payment to the municipal treasurer, as provided in 

15subsection (b) of Section 11-74.4-8 of this Act, is to be made 

16with respect to ad valorem taxes levied in the 23rd calendar 

17year after the year in which the ordinance approving the 

18redevelopment project area was adopted if the ordinance was 

19adopted on or after January 15, 1981.

20 (a-5) If the redevelopment project area is located within 

21a transit facility improvement area established pursuant to 

22Section 11-74.4-3, the estimated dates of completion of the 

23redevelopment