SB2344: STATEWIDE INNOVATION DEVELOP

Legislative Summary

Creates the Statewide Innovation Development and Economy Act. Provides that the purpose of the Act is to promote, stimulate, and develop the general and economic welfare of the State of Illinois and its communities and to assist in the development and redevelopment of major tourism, entertainment, retail, and related projects within eligible areas of the State, thereby creating new jobs, stimulating significant capital investment, and promoting the general welfare of the citizens of this State, by authorizing municipalities and counties to issue sales tax and revenue (STAR) bonds for the financing of STAR bond projects and to otherwise exercise the powers and authorities granted to municipalities to provide incentives to create new job opportunities and to promote major tourism, entertainment, retail, and related projects within the State. Provides that the Office of the Governor, in consultation with the Department of Commerce and Economic Opportunity, shall have final approval of all STAR bond districts and STAR bond projects established under this Act, which may be established throughout the 10 Economic Development Regions in the State as established by the Department of Commerce and Economic Opportunity. Provides that regardless of the number of STAR bond districts established within any Economic Development Region, only one STAR bond project may be approved in each of the 10 Regions, excluding projects located in STAR bond districts established under the Innovation Development and Economy Act. Provides that each STAR bond district in which a STAR bonds project has been approved may only receive 50% of the total development costs up to $75,000,000 in State sales tax increment. Provides that a STAR bond district under the Act may not be located either entirely or partially inside of a municipality with a population in excess of 2,000,000. Effective immediately.