No legislation has been filed, and no sponsors have been named for the measure that would create a new class of tax incentive called a PILOT. That stands for payment in lieu of taxes.
A key issue with the Bears' proposal is whether Arlington Heights-area schools would be involved in negotiating any payments. Any development that would add families to the area would increase school enrollment - and by extension the need for funding, now largely supplied through property taxes. But now, supporters of the incentive, including the Illinois Chamber of Commerce, are trying to round up support - using the argument that without state support for the Bears, the team could pack up and leave.
In September, the Bears laid out the groundwork to seek some sort of public subsidy for a massive, mixed-use stadium development they are exploring on the Arlington Heights site. The team said it wouldn't seek public funding for stadium construction, but would ask for "additional funding and assistance" for a broader, mixed-use development it called one of the largest in Illinois history.
Canada Canada Latest News, Canada Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: fox32news - 🏆 547. / 51 Read more »