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(70 ILCS 3205/3) (from Ch. 85, par. 6003)
Sec. 3.
Legislative Finding and Declaration.
It is hereby found that as a result of deteriorating
infrastructure and sports facilities in the metropolitan area of Chicago,
there is a shortage of facilities suitable for use by professional
and other
sports teams and musical, theatrical, cultural, and other social
organizations.
It is further found that as a result of the costs to maintain, repair
or replace such infrastructure and facilities, and as a result of current
high financing costs, the private sector, without the assistance contemplated
in this Act, is unable to construct feasibly adequate sports facilities.
It is further found that the creation of modern sports
facilities and the other results contemplated by this Act would stimulate
economic activity in the State of Illinois, including the creation and
maintenance of jobs, the creation of new and lasting infrastructure and
other improvements, and the attraction and retention of sports and
entertainment events
which generate economic activity.
It is further found that professional sports facilities can be magnets
for substantial interstate tourism resulting in increased retail sales,
hotel and restaurant sales, and entertainment industry sales, all of which
increase jobs and economic growth.
It is further found that only three major league professional baseball
franchises play in stadium facilities the construction of which has not
been government-assisted and of those three the most recently constructed
facility was completed in 1914.
It is further found that government assistance was or is an essential
component in the financing of the construction of most recently built or
planned National Football League stadiums.
It is further found that the exercise by the Authority and governmental
owners of the additional powers conferred by this amendatory Act of the 91st
General Assembly (i) will materially assist the development and redevelopment
of government owned sports facilities and thereby alleviate in part the
deleterious conditions and confer the public benefits described in this Section
and (ii) is in the public interest and is declared to be for public
purposes.
(Source: P.A. 91-935, eff. 6-1-01.)
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