(65 ILCS 100/2) (from Ch. 85, par. 6032)
Sec. 2.
Legislative finding and declaration.
It is hereby found that
as a result of aging sports facilities in the metropolitan area of Chicago
and the recent construction of modern facilities for professional sports
teams in competing metropolitan areas in other states, there is a shortage
in the Chicago metropolitan area of competitive modern sports facilities
suitable for use by professional sports teams, as well as for other events.
It is further found that while government has constructed and owned many
such sports facilities in Illinois and throughout the United States, it is
desirable where possible for ownership and management to remain private so
that public costs and burdens are reduced, efficiency enhanced, and
development encouraged. Sports facilities operated by private enterprise
face risks of a substantially different magnitude than most private
businesses because of high debt costs, long amortization schedules,
fluctuating patterns of utilization, changing trends in spectator and
tourist interest, and unpredictable prospects which
even optimum management sometimes cannot stabilize.
It is therefore necessary and appropriate for government to assist and
cooperate in stabilizing the risks and burdens associated with private
enterprises which engage in developing such facilities and to provide
limited assistance and incentives to such enterprises. The government
cooperation and incentives can realize the benefits of such facilities at
much lower public cost than if government must fully construct and operate
the projects.
It is further found that as a result of the costs to renovate or replace
aging sports facilities, the difficulty of remodeling such facilities to
include modern amenities, the intermittent utilization of such buildings as
contrasted with other commercial buildings, the current high costs of
taxable private financing, and the financial risk of promoting, developing
and establishing new privately financed professional sports facilities
without the assistance contemplated in this Act, the private sector is
unable to construct economically adequate, fully competitive modern
professional sports facilities.
It is further found that major professional sports and entertainment
stadiums and facilities can promote the public interest in redevelopment of
blighted neighborhoods and disadvantaged communities. Construction of such
facilities can be planned so as to stimulate urban renewal and community
redevelopment in neighborhoods afflicted with high unemployment, inadequate
and substandard housing, and other social problems. It is an appropriate
and desirable public purpose for government to facilitate, assist and
cooperate in the development of such facilities so as to bring economic
benefits to the local community and to help solve the social problems in
blighted neighborhoods and disadvantaged communities.
It is further found that the creation of the modern professional sports
facilities and the other results contemplated by this Act would stimulate
economic activity in the City of Chicago, County of Cook and State of
Illinois, including the creation and maintenance of jobs, the creation of
new and lasting infrastructure and other improvements, and the retention
and attraction of sports and entertainment events which generate economic
activity.
It is further found that professional sports facilities are magnets for
substantial intrastate and interstate tourism resulting in increased retail
sales, hotel and restaurant sales and entertainment industry sales, all of
which increase job availability, economic growth and State and local
government tax revenues and enhance Illinois interstate tourism, which is a
major industry in Illinois.
It is further found that in order to achieve the objectives of this Act
and to realize the full economic benefits associated with the construction
and operation of new professional sports facilities, it is desirable that
construction be undertaken as expeditiously as possible, it being further
found that immediate acquisition of a site or sites and construction of
such a facility or facilities is in the public interest.
It is further found that the areas expected to be impacted by the
professional sports facilities contemplated by this Act are severely
blighted and in need of commercial development.
It is further found that the creation of the modern professional sports
facilities and the other results contemplated by this Act constitute a
public purpose and a public use and benefit in the public interest.
(Source: P.A. 86-110.)
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