Resolution Overview for “Memorandum of Understanding” for Chicago Bears Development in Arlington Heights

Here is the resolution approving the “Memorandum of Understanding” among the Village of Arlington Heights; Palatine Township Elementary District 15; Palatine-Schaumburg High School District 211; Township High School District 214; CBFC Development, LLC (the Chicago Bears Football Club Development, LLC). The resolution is expected to go to vote at a special Arlington Heights Village Board Meeting involving the Chicago Bears Football Club, LLC, Monday, December 9, 2024 at 7:00 p.m. at Village Hall.

In the resolution, the details of the development include information that CBFC is exploring plans for the redevelopment of the property with a mixed-use transit-oriented development, to be comprised of several buildings, including an enclosed NFL-quality football stadium, and other buildings to be used for entertainment and hospitality uses, which may include one or more hotels, other commercial and retail uses, a fitness center, a sportsbook facility, a hall of fame, a performance venue, restaurants, and residences, along with open space, parks, other compatible uses and improvements, and sufficient utilities (collectively, known as the “Project”).

WHEREAS, CBFC Development, LLC (“CBFC”) is the record title owner of those certain parcels of real property located entirely within the Village, consisting of approximately 326 acres, bounded generally by Wilke Road to the east, Euclid Avenue to the south, Rohlwing Road and Illinois Route 53 to the west, and Northwest Highway to the north, and known as the former Arlington International Racecourse property (“Property”); and

WHEREAS, all or a portion of the Property is located within the jurisdictional boundaries of Community Consolidated School District 15, Township High School District 211, and Township High School District 214 (collectively, the “School Districts”); and

WHEREAS, CBFC is exploring plans for the redevelopment of the Property with a mixed-use transit-oriented development, to be comprised of several buildings, including an enclosed NFL-quality football stadium, and other buildings to be used for entertainment and hospitality uses, which may include one or more hotels, other commercial and retail uses, a fitness center, a sportsbook facility, a hall of fame, a performance venue, restaurants, and residences, along with open space, parks, other compatible uses and improvements, and sufficient utilities (collectively, the “Project”); and

WHEREAS, the Village, the School Districts, and CBFC have a shared interest in pursuing and facilitating the responsible, comprehensive redevelopment of the Property in a manner that will: serve as a regional destination, reflective of the historic importance and renown of the Property; protect the public health, safety, and welfare of the Village, its current and future residents, and its current and future businesses and property owners; properly and fully support the School Districts with payment of the operating and capital costs necessary to serve students who will reside on the Property; and promote and provide sustained economic growth for the Village, surrounding communities, the County of Cook, and the
State of Illinois; and

WHEREAS, the Village, the Boards of Education of the School Districts, and CBFC, in partnership and good faith, desire to enter into a Memorandum of Understanding to set forth their respective rights and responsibilities concerning the Project, residential development on the Property, financial and taxation considerations, and legislative initiatives, all in a manner that protects and enhances the Village, the School Districts, and the surrounding community, and supports the feasibility of the Project (“Memorandum of Understanding”)

WHEREAS, the Village President and Board of Trustees have determined that it will serve and be in the best interests of the Village and its residents to enter into the Memorandum of Understanding with the School Districts and CBFC;

NOW, THEREFORE, BE IT RESOLVED BY THE PRESIDENT AND BOARD OF TRUSTEES OF THE VILLAGE OF ARLINGTON HEIGHTS, COOK COUNTY, ILLINOIS, as follows:

SECTION 1. RECITALS. The facts and statements contained in the preamble to this Resolution are found to be true and correct and are hereby adopted as part of this Resolution.

SECTION 2. APPROVAL OF MEMORANDUM OF UNDERSTANDING. The Village President and Board of Trustees hereby approve the Memorandum of Understanding in substantially the form attached to this Resolution as Exhibit A, and in a final form to be approved by the Village Manager and the Village Attorney.

SECTION 3. EXECUTION OF MEMORANDUM OF UNDERSTANDING. The Village Manager is hereby authorized to execute, on behalf of the Village, the Memorandum of Understanding and all necessary documentation related thereto.

SECTION 4. EFFECTIVE DATE. This Resolution will be in full force and effect from and
after its passage and approval as provided by law.

^^ MOBILE? USE VOICE MIC ^^

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