Bill > SB4017

This bill amends the Statewide Innovation Development and Economy Act to create "New Opportunities for Vacation and Adventure Urban Districts," or NOVA urban districts, which are specific types of STAR bond districts with defined capital investment and job creation requirements, and also amends the Property Tax Code to establish the Megaproject Assessment Freeze and Payment Law, which allows properties receiving a megaproject certificate from the Department of Commerce and Economic Opportunity (DCEO) to be eligible for an assessment freeze, meaning their property value for tax purposes will be frozen at its base year level during an incentive period, provided certain conditions are met, including making a minimum investment and creating a specified number of new full-time jobs, and also includes provisions concerning megaproject incentive agreements that outline the terms and conditions for these projects, including special payments in lieu of full property taxes and operational requirements.

https://www.ilga.gov/Legislation/BillStatus?DocNum=4017&GAID=18&DocTypeID=SB&SessionID=114&GA=104