Amended Bears megaproject bill could have major impact on property tax payers

(The Center Square) – An Illinois megaproject bill about a new Chicago Bears stadium project passed through a House committee Thursday, but it did so with a warning from several legislators and an advocacy group that the bill could lead to a meteoric rise in property tax bills in multiple communities in the state.

The bill will next go to the House for a vote with sponsor Kam Buckner, D-Chicago, saying he didn’t know how quickly it would be taken up for a vote.

The bill would allow the Bears’ proposed $5 billion stadium project and any $500 million project in the state to pay a negotiated lower rate instead of the same property tax that other companies and residents pay and it would allow the construction of the facility to be done sales tax free for 10 years.

A project cannot include residential building to be eligible, meaning the Bears will likely have to shift away from plans for residential structures on the land, instead building commercial and industri...