Distressed TID (TIF) Bill Moving Through the Legislature.

On February 25th, the Senate Committee on Economic Development unanimously voted to recommend passage of the amended distressed TIF bill, SB 291. The Assembly has already passed a similar version of this bill, but without the amendments. The bill authorizes a city or village to designate a TID that was created before October 1, 2008, as “distressed” if certain conditions exist, a major condition being that project costs incurred on the TID exceed the revenues the municipality expects the TID to generate during its lifetime. If a TID meets the conditions to be designated distressed, the life of the TID can be extended ten years, and possibly forty years depending on how dire the TID circumstances.