Arlington Heights is the focus of the oft-debated Bears megaprojects legislation. But tucked into the massive bill – several provisions that could provide a potential windfall of billions of dollars directly for developments in the City of Chicago.
Most notably, an incentive that would catalyze large developments over railroad tracks, like the long-proposed One Central development over Metra and freight tracks just west of DuSable Lake Shore Drive and Soldier Field.
“So the idea is to look at projection of what the future tax revenue would be at those sites, and a property taxes and, sales taxes, and take a portion of that revenue and use it to sell bonds to finance the actual construction,” said State Sen. Bill Cunningham, who is a co-sponsor of the so-called PILOT bill, more commonly referred to as “Megaprojects Bill.”
Cunningham says the Payment In Lieu of Taxes bill would also apply to the former Michael Reese hospital site on the South Side and the Amtrak maintenance yards off of Roosevelt Road on the Chicago River.
Not coincidentally, the site is reportedly where future White Sox owner Justin Ishbia wants to build a new ballpark for the team.
The question now remains: is the PILOT legislation a bill designed specifically for the Bears becoming a Christmas Tree -loaded with goodies for everyone?
“I think one of the questions you heard raised multiple times about the mega project proposal that, is partially designed to help, spur the Bears’ development in Arlington Heights is that there was nothing in that bill for Chicago,” Cunningham said. “Adding these elements to the bill shows lawmakers that there actually is something in it for development in Chicago.”
One Central’s developer Landmarks Development says their project would provide a huge economic boost to the city, and cites a state sponsored study that concluded:
“ONE Central could generate billions of dollars in additional income growth and tax revenue, create thousands of jobs, build public infrastructure, and revitalize neighborhoods,” according to a statement from a spokesperson for the company.
There are further proposed tax incentives in the bill, with names like “STAR Bonds” and “NOVA Bonds” that could add up to billions that would help spur development in the city. Cunningham still says he’s optimistic the General Assembly can pass the Megaprojects legislation before the end of the month, when the legislative session in Springfield adjourns.
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