Town Council in Arlington Heights, Illinois to decide on tax agreement with Chicago Bears

CHICAGO (WLS) — The Arlington Heights Village Board is set to vote Monday night on a tentative property tax deal with the Chicago Bears.

This deal could bring the team one step closer to moving to the suburbs.

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The former home of the Arlington Park racetrack is now an empty field, waiting for its owners, the Bears, to decide what to do with it.

Some leaders in Arlington Heights are optimistic that an agreement with school districts to reduce the property taxes of the site by around two thirds to approximately $3.5 annually could assist with the decision-making process.

“Reaching this stage in the process is very exciting for us. I have been greatly encouraged by the progress made so far, although it is not yet finalized. However, this step was crucial,” stated Arlington Heights Mayor Tom Hayes.

Nearly two years ago, the Bears acquired a 326-acre piece of land in Arlington Heights for roughly $200 million. They unveiled designs for a potential stadium layout as well as an entertainment district featuring bars, restaurants, and hotels.

But the property tax dispute led the team to focus instead on building a new stadium along the lakefront next to Soldier Field. And recently, they have said they are also reconsidering another South Side site, the former home of Michael Reese Hospital.

Some experts, however, believe they will eventually return their focus on the northwest suburban site. Marc Ganis with Sportscorp. LTD says it is more likely that the Bears will focus on an Arlington Heights stadium plan than one in Chicago.

In a statement, the Bears say they are still focused on a new home in the city, but in Arlington Heights, “establishing a framework for potential future development planning, financing and property tax certainty has been a priority since the land was purchased.”

Experts say the term property tax certainty is the key before the team spends several billion dollars on a stadium.

“Once you build the stadium you can’t move it. So, you’ve got to get tax certainty before you decide where you’re going to build it,” Ganis said.

Arlington Heights trustees will vote on the tax proposal Monday, and the three school boards will vote later this week. The tax on this property would remain the same for the next three years, giving the Bears time to determine if they will build a stadium there.

Monday’s special meeting is scheduled for 7 p.m.