* Rep. Marty Moylan (D-Des Plaines) and 13 co-sponsors have introduced HB4040. From an analysis…
HB 4040 maintains the foundation of the mega project/PILOT concept that was proposed in HB 3565. It adds additional layers of oversight for local stakeholders and the General Assembly to ensure that the Arlington Megaproject – and potential future megaprojects – proceed in a manner that is in the best interest of the local community and the state of Illinois. Additionally, HB 4040 ensures that the Bears will reimburse the City of Chicago over $150 million for the LGDF money that was reallocated from the city and used to pay down the Soldier Field renovation debt. The legislation also secures significant new funding for capital projects and infrastructure improvements in Arlington Heights and the surrounding communities that will face additional infrastructure challenges as a result of the Arlington Megaproject
I. Arlington Megaproject Oversight Board
HB 4040 creates a Megaproject Oversight Board with the power to approve or den incentive agreements and zoning actions in the Arlington Megaproject. Voting members of the oversight board include representatives from Arlington Heights, Rolling Meadows, Salt Creek Rural Park District, school districts 214, 211 and 15, and legislators from Senate District 27 and House Districts 54 and 53. Additional advisor members or the oversight board include representatives from other area municipalities, Cook County, state agencies, and legislators in the region.
II. Admissions Tax to reimburse the City of Chicago
A $3 admissions tax is imposed on all entertainment and sporting events within the Arlingtor Megaproject. This revenue will be used to reimburse the City of Chicago for the LGDF funding it lost because of the Soldier Field renovation debt. The City of Chicago’s LGDF share has been reduced by at least $5 million per ear since 2001. and those reductions are exoected to continue for a most ten more ears. The admissions tax will ensure the Bears repay the over $150 million that has been reallocated from the City of Chicago to service the Soldier Field debt. After the City of Chicago is fully reimbursed, subsequent admission tax revenue will be deposited into the Common School Fund to support education initiatives statwide.
III. Infrastructure Improvements in Arlington Heights and the surrounding communities
State tax revenue originating within the Arlington Megaproject from sales tax, hotel tax, liquor tax and sports wagering tax will be deposited into a new Arlington Megaproject Infrastructure Fund. The balance of this fund will be distributed on a monthly basis to the local governments who will see additional infrastructure challenges as a result of the Arlington Megaproject: 35% to Arlington Heights, 10% to Cook County, 10% to Palatine, 10% to Rolling Meadows, 7% to Buffalo Grove, 7% to Elk Grove Village, 7% to Mount Prospect, 7% to Prospect Heights, and 7% to Wheeling. Revenue received from this fund must be used for capital projects and infrastructure improvements.
IV. General Assembly must expressly approve all megaprojects
Because of the unique nature and statewide impact of megaprojects, any future projects must receive express authorization from the General Assembly before proceeding. HB 4040 expressly authorizes the Arlington Megaproject and requires express authorization on megaprojects going forward.
This is not a Bears initiative, from what I’m told.
via Capitol Fax.com http://capitolfax.com
April 20, 2023 at 05:19PM