HB 5098

Abstract

Creates the Chicago Downtown Revitalization Task Force Act. Includes legislative findings. Creates the Chicago Downtown Revitalization Task Force. Includes provisions on Task Force membership, meetings, compensation, and administrative support. Requires the Task Force to (1) conduct an analysis of all taxes and economic incentives, monetary or otherwise, that impact downtown Chicago, including analyzing all taxes and incentives levied or administered directly by the State of Illinois as well as those authorized by State law but are implemented by units of local government, including the City of Chicago; (2) research and review trends impacting downtown Chicago, including, but not limited to, population growth, office occupancy rates, commercial office vacancy and valuation figures, retail sales, restaurant sales, hotel occupancy rates, and cultural event attendance; (3) examine national best practices in the area of post-pandemic revitalization of large urban centers and consider the applicability of such policies to downtown Chicago; (4) assess existing and potential industry clusters based on current and anticipated trends to consider policy solutions that may optimize the marketability and overall appeal of downtown Chicago to potential growth sectors; and (5) make recommendations regarding changes to existing policy or the implementation of new policies to enhance economic activity in and increase the overall vitality of downtown Chicago. Requires the Task Force to submit a report no later than 12 months after the effective date of the Act and periodically thereafter. Dissolves the Task Force 5 years after the effective date of the Act. Repeals the Act on January 1, 2031.