‘BEARS’ Act: Illinois invoice would require groups to satisfy efficiency requirements for taxpayer {dollars}

CHICAGO – An Illinois lawmaker launched a invoice this week that will hyperlink using taxpayer {dollars} for public sports activities stadium funding to the efficiency of the groups.

HB 2969

What we all know:

Illinois State Rep. Bob Morgan launched the ‘Balanced Earnings And File Requirements & Stadium Oversight Expectations Act,’ often known as ‘The BEARS Act.’ which might require skilled sports activities groups to have a .500 report or above in no less than three of 5 common seasons as a way to qualify for public financing for stadium building, renovation, or upkeep. 

If a workforce drops beneath .500, the invoice says the membership might be ineligible for future funding till they enhance their efficiency over three out of 5 seasons. 

Morgan mentioned the purpose of the invoice is to ensure taxpayer funds are solely given to groups that reveal a fundamental stage of competitiveness. 

Morgan additionally claimed that sports activities stadiums usually don’t supply a very good return on funding. The roles they create are often low-wage and short-term, and the financial advantages not often make up for the general public subsidies.

What they’re saying:

Morgan launched the next assertion regarding the invoice:

“Our main purpose with this invoice is to not punish groups, however to make sure that Illinois taxpayers’ {dollars} are spent responsibly. Nobody desires to see taxpayer {dollars} wasted by billionaire workforce homeowners that aren’t investing of their groups’ competitiveness. As households throughout Illinois are tightening their belts because of the rising price of residing, we should be cautious with how we spend restricted public {dollars}, particularly in relation to billion-dollar franchises. Illinois ought to be dedicated to making sure that public investments are directed to Illinois residents, and then to groups that, on the very least, are acting at a aggressive stage.”

“Whereas Illinois enters an unprecedented time, with state funding beneath fixed risk from the Trump administration, Illinois should be vigilant with each cent spent. Whereas I don’t assist utilizing taxpayer {dollars} for stadiums, this framework ensures that, if funds are spent, they go to groups providing the most effective return on funding.

“This isn’t about perfection; it’s about ensuring that the groups we put money into have a practical likelihood of being profitable and bringing worth again to the group.”