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In September 2021, the
Bears signed a purchase agreement to buy the former Arlington
International Racecourse property. The team has unveiled plans
for a multi-billion dollar stadium complex and commercial and
residential development.
State Sen. Ann Gillespie, D-Arlington Heights, has filed a bill
that would allow up to 40 years worth of tax breaks to major
organizations like the Bears.
During an appearance in Peoria Tuesday, Gov.
J.B. Pritzker said he loves the Bears, but it is a private
business.
“I am of the opinion that it's not our obligation as the state
to step in and provide major funding, and I certainly don’t want
to burden taxpayers with major support for a private business,”
Pritzker said. The latest proposal comes in the
wake of an earlier tax subsidy plan that was floating around.
According to a report, a measure would create a new type of tax
subsidy called payment in lieu of taxes, or PILT. The property
tax in a PILT district would be frozen for 20 years and part of
the revenue from the developments would offset costs for the
developers. PILTs differ from tax-increment financing because
the tax amount can be negotiated.
Brain Costin, Illinois deputy state director for Americans for
Prosperity, said the Bears are trying to use their power to
protect billionaires and big businesses and not hardworking
Illinois taxpayers.
“It’s not good economics because you have government getting
into the business of picking winners and losers and a lot of
times they pick wrong,” Costin told The Center Square. “It's bad
politically, it's bad economically, it's just plain bad for the
state of Illinois.”
Kevin Bessler reports on statewide issues in Illinois
for the Center Square. He has over 30 years of experience in radio
news reporting throughout the Midwest. |
