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Chicago Bears Arlington Heights stadium subsidy plan surfaces

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Chicago Local News — Chicago Bears Arlington Heights stadium subsidy plan surfaces that we obtained from news agencies. opinions and stunning details about the Chicago Bears Arlington Heights stadium subsidy plan surfaces that you have never heard before.

Chicago Bears Arlington Heights stadium subsidy plan surfaces

The measure is somewhat similar to tax-increment financing in that the tax value of property in a PILT district would be frozen for at least 20 years for normal purposes, with revenue from any development of the land used in part to compensate the developer for their expenses.

PILT is different from TIFs in that the initial tax payment would be negotiated with local taxing bodies, rather than being set at an appraised level. And only “megaprojects” that involve at least $500 million in investments would qualify.

“Illinois’ property tax system disproportionately discourages large-scale projects that generate significant economic activity relative to their burden on taxing districts, placing Illinois at a competitive…

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Posted by Natalia Chi

Chicago Popular; Chicago breaking news, weather and live video. Covering local politics, health, traffic and sports for Chicago, the suburbs and northwest Indiana.

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