Overview
- The Cook County Treasurer's office released a study on Tuesday that estimates the megaprojects law could let the Chicago Bears save about $39 million a year, or more than $1.5 billion over 40 years, by freezing assessed values and using negotiated PILOTs.
- HB910 passed the Illinois House and is pending in the state Senate with negotiators debating amendments and a legislative deadline of May 31 to reach a deal.
- The treasurer's report warns the bill would limit growth of the property tax base, potentially divert billions from schools and local governments and shift costs to homeowners if negotiated payments do not cover added public services.
- Supporters including Gov. J.B. Pritzker argue the bill is needed to keep the Bears and spur big development, while lead negotiator Rep. Kam Buckner and other officials dispute key assumptions in the treasurer's analysis and stress a negotiated deal is the alternative to no stadium.
- Beyond the Bears, the bill would apply to other $100 million-plus projects, creating a precedent that could freeze assessments for 25 to 45 years and affect future local budgets and borrowing.