Crespo Measure to Reinvigorate Local Economy Becomes Law
SPRINGFIELD, Ill. - A new law championed by state Rep. Fred Crespo, D-Hoffman Estates, will help reinvigorate the economy and create jobs by promoting local tourism and helping area convention centers compete for conferences and trade shows.
"Tourism creates jobs, increases spending in the community, generates larger profits for the businesses that employ our families, friends and neighbors and allows for the introduction of new revenue from outside sources," Crespo said. "Neighboring states are aggressively working to attract Illinois-based events and trade shows, so it is critical we do everything we can to help our local convention centers compete."
Senate Bill 508, which Crespo introduced in the House, creates a special grant for public event venues, like the Schaumburg Convention Center, in an effort to encourage more meetings, trade shows and conventions to occur in Illinois. Crespo's legislation allows for convention centers to receive reimbursement for incentives offered in order to ensure an event occurred or is retained in Illinois. Examples of qualified incentives could include reduced guest room rates or waivers for meeting rooms and equipment rentals.
Under the new law, convention centers in Schaumburg, Quincy, Springfield, Tinley Park, Peoria, Collinsville, Quad Cities (Moline) and Lombard would qualify for the grant, as well as the Indoor Sports Center located in Rockford.
"Senate Bill 508 provides Illinois mid-sized convention centers, including the Schaumburg Convention Center, an important tool to attract new business into Illinois," said Dave Parulo, President of Meet Chicago Northwest. "It also highlights the importance of the meeting and conventions industry in supporting jobs throughout the state."
"As a public servant, one of my top priorities is to foster policies that will create jobs and grow the economy," Crespo said. "This new law will not only help ensure that Illinois can stay competitive, but serves as an example of how the business community and units of government can work together to build a stronger economic climate."
Senate Bill 508, now Public Act 99-0476, was signed into law with an immediate effective date.