Chicago Bears reach tentative deal on Arlington Heights property taxes
Note: The video in the player above is from a previous report. The Chicago Bears, village of Arlington Heights and local school districts reached a tentative agreement in a longstanding property tax dispute Monday, the latest chapter in the ongoing saga of where the team’s new stadium could be built. Arlington Heights Mayor Tom Hayes, writing in an email to NBC Chicago, explained the tentative agreement is subject to approval by the Arlington Heights village board and boards of the three impacted school districts. “We continue to believe Arlington Heights remains an incredible opportunity for the Chicago Bears Football Club,” the village and school districts said in a joint statement. “The Village and the School Districts have a common understanding with the team on how to create a framework for potential future development planning, financing, and property tax certainty in Arlington Heights that works for all parties. We look forward to future conversations.” The Bears released the following statement regarding the news: “The Chicago Bears remain focused on investing over $2 billion to build a publicly owned enclosed stadium on Chicago’s lakefront while reevaluating the feasibility of a development in Bronzeville. That being said, we remain significant landowners in Arlington Heights and establishing a framework for potential future development planning, financing and property tax certainty has been a priority since the land was purchased. We continue to have productive conversations with the village and school districts and are aligned on a framework should we choose to explore a potential development.” The Bears’ potential move to the suburb was dealt a setback in March as the team revealed it was focusing on building a new stadium along the Chicago lakefront. After the news was revealed, the village released a statement, saying the team’s “continued interest in Arlington Park has not changed.” At the village board meeting, officials brought to light what they called “fair” comparable property tax bills. The village’s short term proposal allow the Bears to pay $6.3 million the first year and $3.6 million the second year. In February, the Cook County Board of Review valued the Bears’ Arlington Heights land at nearly $125 million, meaning the team would see a slight reduction in their property tax bill, although the valuation was still double what the Bears hoped it would be. At a hearing the month prior, an attorney for the Bears contended last month that the property should be valued at $60 million after the team submitted two appraisals, one placing the value at $60 million and the other at $71 million. At the same hearing, an attorney for three suburban school districts – which rely on property taxes for their funding and intervened in the Bears’ appeal – argued the property is worth $160 million. That left a $100 million gap between the two sides, who negotiated for months but were given a deadline of Feb. 17 to reach a deal. They were unable to come to an agreement, putting the decision back in the hands of the Board of Review. The Bears purchased the site that once housed the Arlington International Racecourse for $197.2 million in February 2023, looking to build a multi-billion dollar stadium development on the site with restaurants, stores, a hotel, residential real estate and more. As the Bears moved to buy the site, during the triennial reassessment, the Cook County Assessor’s office increased the value of the property from $33 million to $197 million. That would have hiked the tax bill proportionally, nearly six-fold. The Bears’ attorney argued that increase amounted to “sales chasing,” in violation of state law. The Bears have long said they needed property tax “certainty” before developing the site, which would be a years-long process, and that their purchase of the land was not a guarantee that they would build.
Note: The video in the player above is from a previous report.
The Chicago Bears, village of Arlington Heights and local school districts reached a tentative agreement in a longstanding property tax dispute Monday, the latest chapter in the ongoing saga of where the team’s new stadium could be built.
Arlington Heights Mayor Tom Hayes, writing in an email to NBC Chicago, explained the tentative agreement is subject to approval by the Arlington Heights village board and boards of the three impacted school districts.
“We continue to believe Arlington Heights remains an incredible opportunity for the Chicago Bears Football Club,” the village and school districts said in a joint statement. “The Village and the School Districts have a common understanding with the team on how to create a framework for potential future development planning, financing, and property tax certainty in Arlington Heights that works for all parties. We look forward to future conversations.”
The Bears released the following statement regarding the news:
“The Chicago Bears remain focused on investing over $2 billion to build a publicly owned enclosed stadium on Chicago’s lakefront while reevaluating the feasibility of a development in Bronzeville. That being said, we remain significant landowners in Arlington Heights and establishing a framework for potential future development planning, financing and property tax certainty has been a priority since the land was purchased. We continue to have productive conversations with the village and school districts and are aligned on a framework should we choose to explore a potential development.”
The Bears’ potential move to the suburb was dealt a setback in March as the team revealed it was focusing on building a new stadium along the Chicago lakefront. After the news was revealed, the village released a statement, saying the team’s “continued interest in Arlington Park has not changed.”
At the village board meeting, officials brought to light what they called “fair” comparable property tax bills. The village’s short term proposal allow the Bears to pay $6.3 million the first year and $3.6 million the second year.
In February, the Cook County Board of Review valued the Bears’ Arlington Heights land at nearly $125 million, meaning the team would see a slight reduction in their property tax bill, although the valuation was still double what the Bears hoped it would be.
At a hearing the month prior, an attorney for the Bears contended last month that the property should be valued at $60 million after the team submitted two appraisals, one placing the value at $60 million and the other at $71 million. At the same hearing, an attorney for three suburban school districts – which rely on property taxes for their funding and intervened in the Bears’ appeal – argued the property is worth $160 million.
That left a $100 million gap between the two sides, who negotiated for months but were given a deadline of Feb. 17 to reach a deal. They were unable to come to an agreement, putting the decision back in the hands of the Board of Review.
The Bears purchased the site that once housed the Arlington International Racecourse for $197.2 million in February 2023, looking to build a multi-billion dollar stadium development on the site with restaurants, stores, a hotel, residential real estate and more.
As the Bears moved to buy the site, during the triennial reassessment, the Cook County Assessor’s office increased the value of the property from $33 million to $197 million. That would have hiked the tax bill proportionally, nearly six-fold. The Bears’ attorney argued that increase amounted to “sales chasing,” in violation of state law.
The Bears have long said they needed property tax “certainty” before developing the site, which would be a years-long process, and that their purchase of the land was not a guarantee that they would build.
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