admin
The Chicago Bears have struck a preliminary deal to resolve a property tax issue with the municipality of Arlington Heights, Illinois, which puts them one step closer to their objective of constructing.
A new stadium with domes that will cost $4.7 billion. On the location of the former Arlington Park horse racing track, the Bears possess 326 acres.
Arlington Heights Mayor Tom Hayes said the deal now just has to be approved by the village council and the boards of the three affected school systems.
That shouldn’t be an issue, according to a statement released after the deal. “We still think Arlington Heights is a great place for the Chicago Bears Football Club.”
The Arlington Heights town and school districts told NBC Chicago in a statement. The team is in agreement with the Village and the school districts over how to establish.
A mutually beneficial framework for future growth planning, funding, and property tax certainty in Arlington Heights. We’re excited for further discussions in the future.
That does not, however, imply that the Bears will construct their new, multibillion-dollar stadium there.
In their own statement, the Chicago Bears said that they are still committed to spending more than $2 billion to construct.
A publicly owned enclosed stadium on the city’s lakefront while reassessing the viability of a Bronzeville development.
Nevertheless, since the land was acquired, creating a framework for prospective future development planning, finance, and property tax certainty has been a top concern.
As a result, we continue to own a sizable amount of land in Arlington Heights. We are in agreement on a framework in case.
We decide to investigate a possible development, and we are still having fruitful discussions with the village and school districts.
The Chicago Bears’ proposal for almost $2 billion in public support from the state of Illinois is another minor issue.