Bears' PILOT bill could net Chicago billions in tax exemptions

[00:00:00]And we are learning more tonight about the mega project's legislation and what it could mean for the city of Chicago and taxpayers. NBC V's Paris Schutz is live outside Soldier Field right now with much more on how this mega project bill would provide billions and incentives for the city as the Bears are contemplating that move to Arlington Heights. Paris.

[00:00:22]>> Yeah, Allison. I'm right in front of a bunch of train tracks just west of Soldier Field. But imagine instead a giant entertainment complex and a bunch of highrises. Well, that's exactly what the developers behind 1 central are proposing, but they say they need state assistance to do it. So, the mega projects bill could provide exactly that.

[00:00:43]Arlington Heights is the focus of the Bears's mega projects legislation, but tucked into the massive bill, a provision that could raise billions in tax money to help build over train tracks or rail yards like the one central proposal. So the idea is to look at a projection of what the future tax revenue would be at those sites and uh property taxes and uh sales taxes and take a portion of that revenue and use it to sell bonds to finance the actual construction.

[00:01:14]>> State Senator Bill Cunningham is a sponsor of the mega projects bill. He says this provision would also apply to the Michael Ree site on the south side and the Amtrak rail yards off of Roosevelt Road and the Chicago River, not coincidentally where future White Socks owner Justin Ishbia wants to build a potential new stadium. But is a bill designed specifically for the Bears now becoming a Christmas tree loaded with goodies for everyone? I think one of the questions you heard raised multiple times, Paris, about uh the mega project proposal that uh is partially designed to help uh spur the Bears development in Arlington Heights is that there was nothing in that bill for Chicago. Um, Representative Buckner's idea in adding these elements to the bill that passed the House was to show that there is an economic development incentive in the legislative package that would specifically benefit Chicago. One Central's developer, Landmarks Development, says its project qualifies and cites a state sponsored study that concluded, quote, "One Central could generate billions in additional income growth and tax revenue, create thousands of jobs, build public infrastructure, and revitalize neighborhoods." But Chicago Mayor Brandon Johnson and groups like the Illinois Federation of Teachers, led by Stacy Davis Gates, have been critical of the mega projects bill.

[00:02:37]They say the tax money needs to go to schools and public services, not billiondoll developers.

[00:02:46]So, it's not just that provision. There are other things in here, things called star bonds and nova bonds that could collectively raise more than a billion dollars to go to developments in the city of Chicago. You heard some state senators from Chicago not on board with this legislation yet, but Senator Cunningham says he believes eventually they'll get to the finish line. Maybe not this week, maybe not next week, but before the session adjourns at the end of this month. Allison, >> so much great information. I wish they would have started this conversation a long time ago, but hopefully they get it done. Thanks so much.

[00:03:20]>> It's a little late in the game, isn't it? It is.

[00:03:22]>> Yeah, a little late in the game.

[00:03:23]>> Fourth quarter. All right.