State Announces Sale of Thompson Center
On Wednesday, Governor Pritzker and Central Management Services (CMS) announced the final closing and transfer of property title of the James R. Thompson Center in Chicago. Additionally, it was announced that JRTC Holdings will redevelop the property for its eventual occupation and use by Google.
The State originally planned to sell the building to JRTC Holdings with the intent of purchasing a portion of the remodeled office space for continued State use. Now, under the new deal, the State will move much of its Chicago workforce and operations to 115 S. LaSalle Street. The State of Illinois is set to receive $105 million in the deal in the form of cash and title to the building at 115 S. LaSalle St.
Google's investment in the Loop is a major boost for the area with Crain's Chicago Business calling the move “one of the biggest downtown real estate deals in the past decade.”
Read the full press release here.
Congress Passes CHIPS Act of 2022
Yesterday, the US Congress passed the CHIPS Act of 2022 via H.R.4346. The legislation passed the House with bipartisan support by a vote of 243-187-1. On Wednesday, the measure had passed the Senate by a vote of 64-33. Some of the provisions of the Act are as follows.
- It appropriates $52 billion in grants for domestic semiconductor manufacturing under the Creating Helpful Incentives to Produce Semiconductors (CHIPS) for America Act, which was enacted but not funded 18 months ago;
- It creates an investment tax credit for semiconductor manufacturing;
- For both of the above, it establishes “guardrails” on the grants and the investment tax credit to ensure that these benefits support semiconductor manufacturing investment in the United States;
- It authorizes (but does not appropriate)support for basic research and R&D at the National Science Foundation, the Department of Commerce’s Regional Technology Hubs, and the National Institute of Standards and Technology (NIST);
- It includes language to develop processes to ensure research security;
- It provides $1.5 billion in funding for a Public Wireless Supply Chain Innovation Fund(including open architected networks)and$500 million for an American International Technology Security Fund, which will support secure and trusted telecommunication development and use of open, interoperable, software-based technologies.
The CHIPS Act was attached to some unrelated provisions, such as US Supreme Court security funding, for procedural reasons and to ease passage.
the US Chamber put together a coalition of national, state and local business groups and Chambers in support of the Act. The Illinois Chamber, alongside local chambers from across the state, signed onto a letter of support early this summer.
Help Prevent Prescription Drug Cost Increases
Illinois lawmakers came very close to passing legislation that would have increased the cost of prescription drugs, and we need to make sure they don’t try it again. Had these bills (SB 2008 & HB 3630) become law, they would have hurt businesses by making it more expensive to provide healthcare to employees. The bills would have:
- Cost our state, businesses, and families over $1 billion every year.
- Mandated a new $8.85 fee on nearly every prescription filled.
- Limited employer choice and flexibility in partnering with Pharmacy Benefit
Managers (PBMs), which most employers contract with to lower drug costs and manage prescription drug benefits. PBMs save nearly $1,000 per patient every year and improve health outcomes for employees.
Lawmakers should address the root causes of high prescription drug costs – like skyrocketing prices set by big drug companies – instead of implementing misguided government mandates that do nothing to improve access or affordability. Click here to learn how you can take a stand for common-sense alternatives.
