The measure is considerably much like tax-increment financing in that the tax worth of property in a PILT district could be frozen for at the least 20 years for regular functions, with income from any growth of the land utilized in half to compensate the developer for his or her bills.
PILT is completely different from TIFs in that the preliminary tax cost could be negotiated with native taxing our bodies, fairly than being set at an appraised degree. And solely “megaprojects” that contain at the least $500 million in investments would qualify.
“Illinois’ property tax system disproportionately discourages large-scale initiatives that generate vital financial exercise relative to their burden on taxing districts, putting Illinois at a aggressive drawback to different states,” says a reality sheet distributed by a consultant of the Bears. The actual fact sheet particularly factors to the state’s failure to draw any electrical automobile battery plant—an obvious suggestion that the Bears could be solely one among many potential beneficiaries of the invoice.
The workforce failed to right away reply to a request for remark however earlier had indicated it was within the idea. The Bears have mentioned they want a subsidy not for the stadium itself however adjoining actual property that may be developed for procuring, leisure and probably housing.
The pinnacle of 1 main enterprise group, the Illinois Chamber of Commerce, confirmed in a telephone name that the chamber is usually supportive of the invoice.
In a telephone interview, CEO Todd Maisch mentioned the chamber is “extremely inclined to be in favor of the laws,” which has been drafted however not but launched. Earlier than completely signing off, Maisch mentioned he’d wish to see closing language and would like that another growth breaks be added, akin to for the long-blighted south suburbs.
Additionally mentioned to be in assist is the Illinois Highway & Transportation Builders Affiliation, an influential Springfield commerce group that’s near organized labor. CEO Mike Sturino was not instantly accessible for remark, however language within the invoice ensures that building work on any PILT mission will likely be carried out beneath a mission labor settlement that typically ensures cost of the union wage to all staff.
The Bears consultant underlined that dozens of different states have laws on their books much like the PILT proposal right here.
No sponsor but has been chosen for the invoice, nevertheless it’s believed the Bears have run it by prime legislative leaders. There are two key questions: Will town of Chicago, which hopes to retain the Bears at Soldier Area, outright oppose the measure? And can native public faculty districts go alongside because the draft seems to depart negotiations for the quantity of tax that will likely be paid to not them however to the sponsoring municipality?
The draft additionally would permit native governments to make use of the elevated taxes they do get beneath a PILT settlement as a income stream to challenge bonds, maybe for infrastructure.
Response to earlier reviews of the Bears’ lobbying in Springfield has been combined within the Arlington Heights space, with some officers expressing normal assist however others saying the Bears-owning McCaskey household is rich and doesn’t want a public break.
The workforce is predicted to announce quickly whether or not it’s going to shut on the Arlington Heights property, the previous web site of Arlington Worldwide Racecourse.