The Payment of Lieu of Taxes plan could benefit companies hoping to have megaprojects across the entire state, so it's not strictly for the Chicago Bears.

SPRINGFIELD, Ill. (WAND) — The Illinois House Revenue & Finance Committee approved a megaprojects bill after a lengthy discussion Thursday in a strong effort to keep the Chicago Bears from moving to Indiana.

The Payment of Lieu of Taxes plan could benefit companies hoping to have megaprojects across the entire state, so it's not strictly for the Chicago Bears.

House Bill 910 creates a tool for local governments and companies to negotiate predictable payment arrangements for major projects, while having schools and other taxing bodies at the table. 

Companies working on megaprojects could have their property taxes frozen for up to 40 years and negotiate an annual smaller payment based on a weighted vote of local taxing bodies during a public hearing.

"The job of the legislature here is not to pick the terms," said Rep. Kam Buckner (D-Chicago). "The job of the legislature is to set the rules of the road so that when a project is big enough to affect an entire region, negotiations are transparent, disciplined and fair."

Developers would be required to sign a labor agreement and commit to having 20% of contracts provided to minority-owned organizations. However, the bill also allows megaprojects to be eligible for a major sales tax exemption on construction materials for up to a decade. 

Some argue this plan would shift taxes to families and small businesses.

"That shift behaves like an economic cancer - eroding local investment, driving disinvestment, blight and pushing stable communities towards a fiscal cliff," said Brian Costin from Americans for Prosperity Illinois. 

The House Revenue Committee did not hear testimony from the Chicago Bears or Arlington Heights, but the Chief Financial Officer for Chicago made sure sponsors heard their concerns about the Monsters of the Midway using this bill to leave Soldier Field. They stress the Bears could use the same incentives to upgrade their current stadium on the museum campus.

"Return on investment into one of the state's most popular tourism corridors would be extraordinary, helping the footprint grow by millions of visitors every year," said Chicago CFO Steve Mahr.

Companies must commit to operating at the megaproject locations for at least 20 years. Developers would need to invest $500 million, $250 million and 50 new full-time employees, or $100 million and 100 full-time employees to be eligible for a megaproject.

"The conversations that I think have been had with leadership and the Bears also made it prudent to move something to at least put the pieces in play to keep them here and do the work that needs to happen," Buckner told reporters.

The bill passed out of the committee on a partisan 13-7 vote and now heads to the House floor for further consideration. Yet, the House adjourned without a floor vote on the proposal Thursday afternoon and won't return to Springfield until March 18.

Sponsors are hopeful the Bears will continue to work with Illinois leaders instead of taking the Indiana funding deal.

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