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92_SB1945 SRS92SB0077XXbg 1 AN ACT to create the O'Hare International Airport 2 Expansion Property Tax Impact Study Act. 3 Be it enacted by the People of the State of Illinois, 4 represented in the General Assembly: 5 Section 1. Short Title. This Act shall be known as the 6 O'Hare International Airport Expansion Property Tax Impact 7 Study Act. 8 Section 10. The purpose of this Act is to direct a study 9 analyzing the impact of the expansion of O'Hare International 10 Airport on real property in the region surrounding O'Hare 11 International Airport. The study shall focus on the effect 12 of the loss of property taxes on those parcels acquired or to 13 be acquired by the City of Chicago or any entity for 14 expansion purposes, including, but not limited to airport 15 facilities and roadway improvements. 16 The report shall contain the following information, 17 including, but not limited to: 1) the units of local 18 government losing property tax dollars, 2) the dollar amount 19 of lost property taxes to each unit of local government, and 20 3) the classification of real estate of each parcel acquired 21 by the City of Chicago or any entity. The study shall 22 include the impact to property values of those parcels whose 23 boundaries abut the expanded airport boundaries. 24 Additionally, property values of real property surrounding 25 those parcels abutting the expanded airport boundaries shall 26 be analyzed. 27 Section 99. Effective Date. This Act shall take effect 28 upon becoming law.
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