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In another turn of events surrounding the Bears’ stadium saga, Arlington Heights said Monday that the team’s “continued interest in Arlington Park has not changed,” despite news that the Bears They committed to building a new stadium in Chicago.
“The possibility that the Chicago Bears could find a different location has remained an option from day one and this project has never been considered a ‘done deal’ in Arlington Heights,” the town said in a statement. “The final outcome of their current discussions with the city of Chicago is unknown. What the Village does know is that the Arlington Park property offers the Chicago Bears the unique potential to own and build a mixed-use development on 326 acres, in a key area location that is easily accessible by public transportation and is centrally located for visitors and season ticket holders The Village remains committed to ensuring that any development of the former Arlington Park site, which is unparalleled in the entire “Northern Illinois, will provide extensive benefits to our community and create a new regional destination befitting the property’s great legacy. Village leaders will not approve any plan that does not meet these expectations.”
Arlington Heights said it plans to continue working with the team and area school districts, and while it is “disappointed” the two groups “have yet to resolve short-term property tax differences,” the village noted that negotiations have brought the parties closer. an agreement.
“We have all experienced the many twists and turns this project has taken over the past three years and today we find ourselves in a very similar situation. The Village’s focus remains on finding a path to a successful redevelopment of the former Arlington Park site. “The property remains an important asset to the community and the region, and has tremendous potential,” Mayor Tom Hayes said in a statement. “The Village has always acted in good faith and in partnership with the Chicago Bears and the school districts throughout this discussion, while protecting the interests of our community, and we will continue to do so as the process moves forward.”
Meanwhile, the Bears confirmed on Monday that they have shifted their focus to a new stadium in the city. A source familiar with the plan. he told NBC Chicago the new priority will be a publicly owned domed stadium near Soldier Field.
Bears president and CEO Kevin Warren confirmed The team’s new intention to stay in Chicago. in a sentencesaying the team is “committed to contributing more than $2 billion to build a stadium and improve open spaces for all families, fans and the general public to enjoy in the city of Chicago.”
“The future Chicago Bears stadium will bring a transformative opportunity to our region: boosting the economy, creating jobs, facilitating mega-events and generating millions in tax revenue,” Warren continued. “We look forward to sharing more information when our plans are finalized.”
Chicago Mayor Brandon Johnson also released a statement about the Bears’ new plan.
“I have always said that significant private investment and a strong emphasis on public benefit are my requirements for public-private partnerships in our city,” the statement read in part. “The Chicago Bears’ plans are a welcome step in that direction and a testament to Chicago’s economic vitality.”
The Chicago Bears’ push to build a new stadium has shifted focus toward a publicly owned domed stadium on Museum Campus, near Soldier Field on the city’s lakefront, according to a source familiar with the plan.
The announcement represents a huge twist.
The Bears still own the Arlington Park property and pay more than $6 million a year to play at Soldier Field, according to their lease, which runs through the end of the 2033 season.
The team purchased Arlington Park last year for nearly $200 million and soon after began demolishing buildings at the site. The Bears said many times after purchasing the land that they needed property tax “certainty” before developing the land, and that the purchase did not guarantee they would develop the land. For months it was assumed that these were simply cautious talks on the team’s part and that Arlington Park would be the obvious choice for the team’s next home. After all, they owned the land. But they hit a roadblock with property taxes in the form of legal negotiations with local school districts over the value of the land.
Initially, the Bears argued the property should be appraised at $60 million, while the school districts argued it was worth $160 million. The Bears and the school districts couldn’t close that $100 million gap, so the decision went to the Cook County Board of Review. Last month, the Review Board set the value at almost 125 million dollars and ruled that the property should be taxed at the 25% rate for a commercial property, not the 10% rate for vacant land. Officials said they decided on the 25% rate since the buildings remained in place until December.
The Bears can now appeal the decision to the Board of Property Tax Appeals or file suit in Cook County Circuit Court. Each option is likely to be a lengthy process, so there won’t be definitive property tax “certainty” for some time yet.
The property tax dispute was one of the factors that helped put a stadium in Chicago back on the table.
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