The Chicago Bears released a statement Monday after reaching a tentative agreement with the village of Arlington Heights and local school districts in a long-running property tax dispute.
The tentative agreement is subject to approval by the Arlington Heights Village Council and the boards of the three affected school districts, Arlington Heights Mayor Tom Hayes told NBC Chicago.
The Bears released the following statement regarding the news:
“The Chicago Bears remain focused on investing more than $2 billion to build an enclosed public stadium on Chicago’s lakefront while re-evaluating the feasibility of development in Bronzeville. That being said, we remain important landowners in Arlington Heights and establish a framework for potential future development planning, financing and property tax certainty have been a priority since purchasing the land. the village and school districts and are aligned with a framework if we choose to explore potential development.
In a separate statement, the village of Arlington Heights and school districts said in part: “We continue to believe that Arlington Heights remains an incredible opportunity for the Chicago Bears Football Club…”
“The village and school districts have a shared understanding with the team on how to create a framework for future development planning, financing and property tax certainty in Arlington Heights that works for all parties” , continues the press release. “We look forward to future conversations.”
The Bears’ potential move to the suburbs suffered a setback in March when the team announced it was focusing on building a new stadium on Chicago’s lakefront. After the news broke, the village released a statement saying the team’s “continued interest in Arlington Park has not changed.”
The team purchased the site that formerly housed Arlington International Racetrack for $197.2 million in February 2023, with plans to build a multibillion-dollar stadium on the site with restaurants, stores, a hotel, residential real estate and more.
As the Bears decided to purchase the site, during the triennial reappraisal, the Cook County Assessor’s Office increased the value of the property from $33 million to $197 million. This would have increased the tax bill proportionately, almost six times. The Bears’ attorney argued the increase amounted to a “sales chase,” in violation of state law.
The Bears have long said they needed property tax “certainty” before developing the site, which would take years, and that their purchase of the land was no guarantee they would build .
