Summary as Introduced
Amends the Illinois Employment First Act. Makes a technical change in a Section concerning the short title.
Staff Analysis
HB 910 creates the Capital Area Tourism Authority for the benefit of the general public and the promotion of business, industry, commerce, and tourism in the City of Springfield, Sangamon County, and the State of Illinois. The bill is often referred to as the "Chicago Bears Stadium Bill," but it has a much broader application for economic development projects.
The bill creates the Capital City Downtown Medical District Commission. Sets forth the duties and purpose of the Commission. Amends the Property Tax Code. Creates the Megaproject Assessment Freeze and Payment Law within the Code. Provides that the Department of Commerce and Economic Opportunity may issue megaproject certificates in connection with projects that satisfy certain minimum investment requirements and other requirements. Provides that property that receives a megaproject certificate from the Department of Commerce and Economic Opportunity is eligible for an assessment freeze. Provides that sales of building materials that will be incorporated into a megaproject and that are purchased during the incentive period are eligible for the same building materials exemption available to High Impact Businesses under the Retailers' Occupation Tax Act. Provides that, to be eligible for megaproject incentives, the company and the local municipality must enter into an incentive agreement. Provides that, in addition to other requirements, the incentive agreement must require the company to pay, or be responsible for the payment of, an annual special payment to the local municipality. Provides that no person who participates personally and substantially in the negotiation of a megaproject agreement on behalf of a local municipality or taxing district may, within a period of one year after the effective date of the agreement, knowingly accept employment or receive compensation or fees from a company that is a party to the agreement. Amends the Illinois State Auditing Act. Provides that the Auditor General shall conduct a compliance audit in accordance with specified provisions of the Statewide Innovation Development and Economy Act. Amends the State Finance Act, the Illinois Municipal Code, the Metro-East Park and Recreation District Act, and the Local Mass Transit District Act. Provides for the transfer of the local sales tax increment to the STAR Bonds Revenue Fund. Amends the Statewide Innovation Development and Economy Act. Creates a New Opportunities for Vacation and Adventure Urban District (NOVA urban district). Sets forth the requirements to be certified as a NOVA urban district. Amends the Illinois Income Tax Act. Creates a credit for rehabilitation costs for qualified historic properties in the Capital City Downtown Medical District. Creates a capital city jobs tax credit. Repeals the Mid-Illinois Medical District Act. The legislation is expected to be further amended in the Senate. ISACo has no position on the bill.