Illinois HB2969 establishes criteria for public financing of professional sports stadiums, requiring teams to demonstrate competitive success.
Illinois HB2969, the Balanced Earnings And Record Standards (BEARS) and Stadium Oversight and Expectations Act, mandates that professional sports teams must achieve a 0.500 winning record in at least 3 out of the last 5 regular seasons to be eligible for public financing for stadium construction, renovation, or maintenance. Teams in existence for fewer than 5 years must achieve a 0.500 record in at least 2 out of their first 5 seasons. The Illinois Sports Facilities Authority must verify team performance and publish a report before any public hearing on public financing.
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