IL HB2757

Establishes the Chicago Downtown Revitalization Task Force to address post-pandemic economic challenges in Chicago's Central Business District, where commercial office occupancy remains below 50% of pre-pandemic levels and vacancy rates have reached nearly 20% with over 8 million additional square feet of sublease space available

Task Force membership includes 4 legislative appointees, state agency directors, the Mayor of Chicago, and Governor-appointed representatives from commercial real estate, restaurant, retail, hotel, residential property, cultural institutions, labor unions, and tax policy experts

Duties include analyzing all state and local taxes and economic incentives affecting downtown Chicago, researching trends in population, office occupancy, retail and restaurant sales, and hotel occupancy, and examining national best practices for urban center revitalization

Initial report due to the Governor and General Assembly within 12 months of the Act's effective date, with periodic follow-up reports required for the duration of the Task Force

Task Force members serve without compensation; the Department of Commerce and Economic Opportunity provides administrative support; Task Force dissolves 5 years after the Act takes effect, with the Act repealed January 1, 2032