* Greg Hinz…

The state of Illinois potentially will be on the hook for more than $5 billion in equity and financing costs if a provision to speed construction of a megaproject near Soldier Field is approved by the General Assembly in this weekend’s extended spring session.

Elements of the deal for the huge One Central project have been in the discussion stage for weeks, with Bob Dunn of Landmark Development meeting with House Speaker Mike Madigan, Deputy Gov. Dan Hynes and other officials.

But actual language didn’t surface until Friday afternoon, when it was included in a must-pass budget implementation bill.

(If you want to read it for yourself, click here and go to pages 876, 904, 922, 941 and 978.)

The provisions would create a new Civic Transit and Infrastructure Fund. It would collect and disburse tax funds owed to a private developer “pursuant to the public private partnership entered into by the public agency on behalf of the state of Illinois to the Public-Private Partnership for Civic and Transit Infrastructure Project Act enacted in this amendatory act.” […]

Under the bill, the state would begin to pay $200 million a year to the private developer starting in 2023—presuming a contract is negotiated, and the big transit station that Dunn promises is operational then. The state would give him $200 million that year, with annual payments rising to $445 million in 2045.

*** UPDATE *** Pritzker administration…

There is no cost to the state in the BIMP. The Governor has not committed to developing this project. This allows Landmark to explore whether it’s viable for them to get federal backing. If they can, then we could consider whether or not we would like to do an agreement.

None of these provisions go into effect unless and until a separate agreement is reached. The BIMP allows GOMB to negotiate a P3 with Landmark and gives Landmark time to apply for federal RIFF funding in the event a deal can be reached in the future.