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Link to House Bill 958, Senate Amendment 2
www.ilga.gov/Legislation/...
Revenue from non-sports events like concerts would be determined by the terms of that lease between the sports team and the stadium authority.
The Chicago Bears Stadium bill was just filed. Senate Amendment 2 to HB958 creates the Municipal Stadium Authority Act, which would allow certain large Cook County municipalities to establish a public authority to help finance and build a professional sports stadium.
Former Chicago Ald. and current Cook County Board of Review Commissioner George Cardenas is formally jumping into the Chicago mayor’s race, with a kickoff announcement tomorrow in Back of the Yards on the South Side.
The potential Bears stadium and related facilities would be exempt from property taxes. Interest on bonds issued under the Act would be exempt from Illinois income tax. The municipality could also pursue STAR Bond districts near the stadium.
The main financing tool for the Stadium Authority is revenue bonds. Before issuing any bonds, the Authority must secure a 35-year lease with a professional sports team approved by the city council. The bonds would be repaid only from stadium revenues.
The Stadium Authority would be governed by a mayor-appointed board subject to FOIA and the Open Meetings Act. It must post quarterly financial reports and annual audits online and submit annual reports to the city and Auditor General.
To qualify, a municipality must be home-rule, have a population of at least 70,000, and be entirely located in Cook County. This would include Chicago, Cicero, Evanston, Schaumburg, and Arlington Heights.
Before any construction begins, the Stadium Authority must enter into a Project Labor Agreement and set a goal of awarding 20% of contracts to minority-owned businesses. It must also maintain labor peace agreements with relevant unions.
Four candidates filed today for Chicago School Board President:
Victor Henderson: attorney, Urban Prep board,
Sendhil Revuluri: ex-CPS Board VP under Lightfoot
Jessica Biggs: CPS Board member, ex-principal
Jennifer Custer: CPS Board member
Frank Calabrese
Frank Calabrese
Frank Calabrese
Frank Calabrese
Frank Calabrese
Frank Calabrese
Frank Calabrese
Frank Calabrese
Frank Calabrese
Frank Calabrese
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