Framework of new Bears, megaprojects legislation announced
(The Center Square) – The sponsor of a new plan to keep the Chicago Bears in Illinois says his proposal will prevent local taxing bodies from getting stadium development money off the backs of taxpayers.
State Rep. Dan Ugaste, R-Geneva, is drafting a payment-in-lieu-of-taxes bill he hopes to file by the end of this week or early next week.
Ugaste told The Center Square that the bill language will prevent a stadium development’s equalized assessed value from leading to higher property taxes for residents.
“You just don’t remove the portion that allowed it to increase by that much, but you actually put a firm statement in saying it can’t happen,” Ugaste said.
The Geneva Republican said local taxing bodies would not be allowed to use the entire development cost in property tax levies.
“You have to protect the local taxpayers from that or else they end up picking up the tab for something that just isn’t right,” Ugaste said.
If local taxing bodies needed money from the development, Ugaste said they would have the PILOT payment.
“That’s when they get the money. They don’t get it off the backs of other taxpayers,” Ugaste said.
The legislative framework allows for sales tax and revenue bonds, but Ugaste said he was not aware of any potential taxpayer exposure.
“The sales tax revenue generated by the development would go to pay off the bonds in the event of default,” Ugaste said.
The proposal would set thresholds for statewide megaprojects at $500 million and $1 billion, put referendums on the general election ballot and prevent back door bond rollovers.
A spokesperson for Illinois Senate President Don Harmon provided The Center Square with a statement in response.
“We look forward to reviewing the representative’s idea,” said Harmon’s spokesman, John Patterson.
State Sen. Rachel Ventura, D-Joliet, said the mayors of Chicago and Arlington Heights have both welcomed the Bears, and lawmakers would like the team to be a good community partner.
“I hope that the Bears choose to stay in Illinois, but we also have to make sure that it’s right for the taxpayers as well,” Ventura told The Center Square on Monday.
Ugaste said he had not talked directly with the Bears, but the team’s challenges and those of other megaprojects show there’s a big property tax problem in Illinois.
Sunny
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