SPRINGFIELD, Ill. (WTVO) — A Republican lawmaker has introduced new legislation he says would help Illinois compete for major development projects, including a potential Chicago Bears stadium, while protecting homeowners from higher property taxes.
State Rep. Dan Ugaste, R-Geneva, recently filed House Bill 5802. The proposal would allow certain large-scale developments, or “megaprojects,” to qualify for a freeze on property tax assessments. The measure comes as Illinois policymakers continue debating ways to keep the Bears from relocating future stadium plans outside the state.
According to the bill synopsis posted by the Illinois General Assembly, projects certified as megaprojects by the Illinois Department of Commerce and Economic Opportunity could become eligible for an assessment freeze and other incentives. The proposal also includes provisions related to special payments and tax treatment for qualifying developments…