WeVote
Log In

Bill

Bill

SB 2574

Public works contracts; increase the threshold for performance and payment bonds.

2025 Regular Session Introduced by David Parker

SB 2574 would appropriate state funds for MPEA debt service, corporate purposes, incentives, and a Choose Chicago grant for FY starting July 1, 2025.

Died In Committee
#accountability #efficiency #transparency
0
WeVote Research Nonpartisan
Bill Summary · SB 2574

Summary — SB 2574

Status: Died In Committee (per provided record)
Introduced: February 25, 2025 (by Sen. Elgie R. Sims, Jr.; some records show receipt March 13, 2025)
Subject areas: Appropriations for Metropolitan Pier and Exposition Authority; Accountability / Efficiency / Transparency

Note on source material: The bill header provided (title referencing public‑works bond thresholds) appears inconsistent with the full text included. The actual bill text supplied is an appropriations measure for the Metropolitan Pier and Exposition Authority (MPEA) and McCormick Place-related funds. This summary reflects the text provided.

Purpose and intent

SB 2574, as introduced, is an appropriations bill that allocates state funds to the Metropolitan Pier and Exposition Authority (MPEA) for debt service and other corporate and promotional purposes related to McCormick Place and related tourism promotion for the fiscal year beginning July 1, 2025.

Key provisions and dollar amounts

  • Appropriates $244,990,700 from the McCormick Place Expansion Project Fund to the MPEA for debt service on McCormick Place Expansion Project Bonds and related trustee and legal expenses.
  • Appropriates $15,000,000 to the MPEA from the Metropolitan Pier and Exposition Authority Incentive Fund for the authority’s corporate purposes, explicitly including incentive grant funds.
  • Appropriates $18,032,800 to the Metropolitan Pier and Exposition Promotion Fund for a grant to Choose Chicago (a tourism/travel industry promotion organization).
  • Effective date: The act would take effect July 1, 2025.

Who/what is affected

  • Metropolitan Pier and Exposition Authority: primary recipient for debt service and corporate/incentive funding.
  • McCormick Place Expansion Project: debt service funding supported by the appropriation.
  • Choose Chicago: direct recipient of a promotional grant via the Promotion Fund.
  • State budget/Other State Funds: the appropriations are charged to state-designated MPEA-related funds rather than the General Revenue Fund.

Fiscal impact

  • Total specified in the bill: $278,023,500 (sum of the three appropriations listed).
  • Funds are targeted to existing MPEA funds. The bill does not create new taxes or bonds but funds debt service and promotional/incentive activity.

Legislative/procedural history (as provided)

  • Introduced by Sen. Elgie R. Sims, Jr. (bill text shows “Introduced 2/25/2025”).
  • Recorded actions include readings and referrals to committees (Assignements; Accountability, Efficiency, Transparency; State Affairs).
  • Final listed status in the provided material: Died In Committee (2025-03-04). Note: the action dates in the provided log appear inconsistent; verify official status with the Illinois General Assembly records.

Notes and recommendations

  • There is a mismatch between the bill title supplied (about public works contract bond thresholds) and the bill text (an MPEA appropriations act). Before relying on this summary for official purposes, consult the Illinois General Assembly bill docket or legislative clerk for the authoritative version and final status of SB 2574.

Compiled from official sources — confirm details with the bill’s official record.

Sign in to ask a question.