The Chicago Bears have reached a tentative agreement regarding a property tax dispute for the 326-acre former Arlington Park property owned by the Chicago Bears Football Club with three school districts that are located near the potential Chicago Bears Stadium site in Arlington Heights.
The three school districts are …
Township High School District 214,
Palatine-Schaumburg High School District 211, and
Palatine Township Elementary District 15.
The tentative agreement of the “memorandum of understanding” involves property tax assessments and payments under two scenarios …
1) The Chicago Bears build a stadium
2) The Chicago Bears don’t build a stadium
The “memorandum of understanding” deal, negotiated since July 2023, was brokered by Arlington Heights village officials.
For the deal to come to fruition, a confirmation of votes is required from …
the elected Village Board of Arlington Heights (next board meeting Dec. 2/village board election upcoming April 2025), and
boards of education in Northwest Suburban High School District 214 (next board meeting Dec. 12), Palatine-Schaumburg High School District 211 (next board meeting Dec. 12) and Palatine Township Elementary District 15 (next board meeting Dec. 11).
Bears, Arlington Heights reach tentative deal on property taxes (CBS Chicago). YouTube Tips ⓘ
According to a Chicago Bears statement today, Monday, November 25, 2024, “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,” the statement reads. “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.”
Bronzeville refers to the former Michael Reese site.
Also, officials from the three school districts and village released a joint statement Monday.
“We continue to believe Arlington Heights remains an incredible opportunity, and we have a common understanding with the team on how to create a framework for potential development, financing, and property tax certainty in Arlington Heights that works for all parties.”
Former team President and CEO Ted Phillips, and the Chicago Bears unveiled plans for a $5 billion stadium and mixed-use redevelopment at Arlington Park in September 2022. The Chicago Bears completed its purchase of the former Arlington Park racetrack for $197.2 million in February 2023, about the time Kevin Warren became President and CEO of the Chicago Bears.
There was a shocker when the Cook County Board of Review set the Arlington Park property value at $124.7 million, and that decision that is now pending before the Illinois Property Tax Appeal Board. If the county panel’s decision stands, the Bears would get a tax bill of $8.9 million.
The Chicago Bears rapidly demolished existing structures on the former Arlington Park property, and are seeking a reduced property value to $60 million, which would lower the property tax bill to $1.7 million.
“We have 326 acres there. It’s beautiful land. You can actually see downtown from there. It’s closer to the (Halas Hall) facility. The majority of our season ticket holder base are up kind of north from that standpoint. The biggest thing is that we need to figure out the tax situation.”
— Kevin Warren, President/CEO Chicago Bears at The Economic Club of Chicago/Sept. 5, 2024
When new President and CEO Kevin Warren succeeded Phillips, the officials in the school districts and the village were not strongly receptive to a Chicago Bears stadium at the former Arlington Park property — or they seemed tentative, disorganized and amateurish. Business owners in Arlington Heights, especially, criticized the interaction of the Village of Arlington Heights with the Chicago Bears. Then the Chicago Bears attention appeared to shift to building a stadium in Chicago, while Arlington Park was placed on the back burner. Nevertheless, Kevin Warren has made public comments indicating Arlington Heights is still a possibility if the tax issues are resolved.
Warren listed a lot of positives regarding the Arlington Heights property on September 5, 2024 at an event at The Economic Club of Chicago, indicating Arlington Park is beautiful land, the Chicago skyline is visible from Arlington Park, that Arlington Park is closer to Chicago Bears headquarters and practice facilities (Halas Hall), and that a majority of the season ticket holders are up north.
Earlier at the Lincoln Forum luncheon Tuesday, June 11, 2024, Warren didn’t sound as optimistic about a Chicago Bears stadium in Arlington Heights. At the Lincoln Forum luncheon, when asked about Aurora Mayor Richard Irvin’s hopes and plans for a Chicago Bears stadium in Aurora, Warren responded, “Aurora is a really special place, we’re the largest land owner in Arlington Heights (we own 326 acres) and it’s a great piece of land … and are focus right now, has been on Chicago, and will remain on Chicago.”
^^ MOBILE? USE VOICE MIC ^^
facebook …
Please ‘LIKE’ the ‘Arlington Cardinal Page. See all of The Cardinal Facebook fan pages at Arlingtoncardinal.com/about/facebook …
Help fund The Cardinal Arlingtoncardinal.com/sponsor
THANKS FOR READING CARDINAL NEWS