IL HB5556

Creates a New Opportunities for Vacation and Adventure (NOVA) urban district designation under the Statewide Innovation Development and Economy Act, with modified eligibility requirements including proximity to commuter rail stations and existing civic/cultural facilities

Establishes capital investment thresholds for NOVA urban districts requiring aggregate development user investments of at least $60,000,000, compared to $30,000,000 individual investments for standard STAR bond districts

Expands the definition of "infrastructure" to include transit stations, railway improvements, mobility systems, digital media/signage, district energy facilities, environmental remediation, and vertical circulation systems

Modifies the 30-mile radius restriction for development users to a 2-mile radius for NOVA urban districts, allowing businesses with closer existing locations to qualify

Amends the Property Tax Code to create the Megaproject Assessment Freeze and Payment Law, providing property assessment freezes for projects receiving megaproject certificates from the Department of Commerce and Economic Opportunity