O'HARE MODERNIZATION

Amends the O'Hare Modernization Act. Provides that, for the 2005 taxable year and for each of the 4 taxable years thereafter, the City of Chicago must pay to each taxing district other than a school district or a community college district the total amount of the property tax liability of the acquired parcels for the taxing district for the 2002 taxable year, increased or decreased for each year by the lesser of 5% or the annual increase in the Consumer Price Index. Provides that funds payable by the City under this provision must be paid exclusively from non-tax revenues generated at airports owned by the City and may not exceed the amount of those funds that can be paid for that purpose under certain provisions of federal law. Effective immediately.