It’s a simple question I have.
How much does a “megaproject” have to spend to be so designated?
Below is what I found in the 375 page bill:
If the bottom number is only $100 million, then the Prairie Lithium Battery Farm would certainly qualify.
I could find no reference to the trigger in either the Daily Herald or Chicago Tribune.
Homeowners in the Crystal Lake High School District, Nunda Township, Nunda Township Road District, McHenry County College, McHenry County, McHenry County Conservation District, Prairie Grove School District would be short changed.
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UPDATE:
Better Government Association President Griesing explains the triggers in a Tribune op-ed piece.
Below is what seems most relevant:
Under the version of the megaprojects bill that the House passed this week, developers of projects costing at least $100 million could lock in privately negotiated tax cuts — so-called payments in lieu of taxes (PILOT) — for as long as 25 years. Projects worth $500 million could be eligible for 30-year agreements, and developments worth $1 billion would allow for 40 years of tax cuts guaranteed by cities, school districts and other taxing authorities.
This bill could shift hundreds of millions of dollars in tax burden from megaproject investors to their neighbors and even the state — without serious study of the knock-on impacts on property owners, local governments and the state budget.
As with Tax Increment Financing districts, The PILOT funds that would cover those property tax rebates are dollars that otherwise would go toward the schools, roads, buildings and services that the taxing bodies still must pay for. One way or another, homeowners, business owners and other taxpayers will need to cover the gap.
