A look at the Sears bill

House Bill 3435, which amends the Economic Development Area Tax Increment Allocation Act, was introduced in February. It would allow Hoffman Estates to extend the current deal that lured Sears to Hoffman Estates by 15 years beyond the current 23-year limit.

Sears would continue to get the lion’s share of property tax dollars collected from the development area in return for keeping at least 4,000 jobs at its headquarters.

There is only one other such economic development area in the state, in Joliet, and it isn’t active.

An EDA is similar to a tax-increment financing district, but unlike a TIF, the property within an EDA is not considered blighted.

While the current agreement expires at the end of 2012, that means taxes for fiscal year 2013 would be the first affected. The bill currently is in the House Rules Committee. Springfield lawmakers have the next two legislative sessions to pass it.

Former Hoffman Estates Village Trustee and current 44th District State Rep. Fred Crespo is the bill’s sponsor. He hasn’t had much of a chance to discuss the bill with his colleagues this session, he said.