Illinois takes steps to keep Bears out of Indiana. What happened?
Are the Chicago Bears staying in Illinois? That's what lawmakers hope as they unveil new changes to the so-called "megaprojects" bill.
The saga of the Chicago Bears and their potential move to Indiana continues as Illinois lawmakers unveil amended legislation aimed at keeping the team in the state. Seemingly still a minor step in the right direction, the legislation is a prerequisite for the team to build a new domed stadium in suburban Arlington Heights. Here's what happened in Illinois this week.
What does the amended bill mean for the Chicago Bears ? The Illinois House unveiled a new version of property tax legislation aimed at winning over lawmakers concerned about the move. More specifically, the changes target worries about shifted property tax burdens to local residents and the team's departure from Chicago's Soldier Field, which still has nearly $500 in unpaid bonds.
While the original bill would allow the Bears or other "megaproject" developers to negotiate a payment in lieu of taxes, the amended version would contribute 50% of such payments to property tax relief. Of that amount, 60% would go to property tax rebates for homeowners residing in megaproject districts, while 40% would be deposited into the state’s existing property tax relief fund. This incentive plan would end in five years, at which time lawmakers would revisit its effectiveness.
Will amended legislation pass in Illinois? The legislation was discussed at length in the Illinois House Tuesday, but still has a far way to go before it makes its way to Gov. JB Pritzker's desk.