TIF-VILLAGE OF SHERMAN

Amends the Tax Increment Allocation Redevelopment Act of the Illinois Municipal Code. Creates tax increment allocation financing extensions for ordinances adopted on October 13, 1999 by the Village of Sherman to create the Route 66 Crossing TIF District and the Rail Pointe TIF District. Creates a tax increment allocation financing extension to the 47th year (currently, the 35th year) after the adoption of the ordinance of September 17, 1986 by the Village of Sherman. Requires adoption of an ordinance extending the completion date and providing notice to the taxing bodies that would otherwise constitute the joint review board. Effective immediately.