IL SB4017

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 location within 2 miles of existing public assembly, convention, and cultural facilities and within one-quarter mile of a commuter rail station

Requires NOVA urban district development users to make aggregate capital investments of at least $60,000,000 and allows a reduced 2-mile radius (instead of 30 miles) for determining whether businesses have existing Illinois locations

Expands the definition of "infrastructure" eligible for STAR bond financing to include railway improvements, transit stations and vehicles, district energy facilities, soil remediation, vertical circulation systems, and building enclosure systems

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

Removes the previous 50% cap on STAR bond proceeds derived from State sales tax increment that could be used to pay for total development costs in a STAR bond district