The Village of Arlington Heights Board of Trustees Set to Vote on Property Tax Deal with Bears and Local School Districts
The Village of Arlington Heights Board of Trustees is set to vote on a tentative property tax deal that was brokered between the Chicago Bears and three local school districts.
Key Provisions of the Memorandum of Understanding
According to the proposal’s memorandum of understanding, the Bears would save about $5.4 million a year in property taxes under the new deal, lowering the annual tax load on the site from the initial estimate of $9 million to $3.6 million.
A 2027 Deadline for Commitment to Development
Although the drop in annual property taxes on the Arlington International Racecourse is a victory for Bears leadership, a 2027 deadline to commit to the development will be put in place if they move forward with the deal.
If the Bears don’t move forward with the Arlington Heights deal, payments would increase 2-5% starting in 2028.
Village of Arlington Heights’ Perspective
Arlington Heights Mayor Tom Hayes said the vote is a significant step forward that would establish a timeline for the Bears to decide on building a new stadium in the northwest suburbs.
“We don’t want this to go on forever so, it’s important to the Bears and village not to have vacant property, 326 acres of prime real estate,” Hayes said. “The Bears have indicated a desire to get a shovel in the ground next year so, we need to have some kind of timeline in place to hold everyone’s feet to the fire, so to speak.”
Next Steps
If the memorandum of understanding is approved by the village board, it would then move to the three local school districts and the Bears to sign off on final approval.
The Arlington Heights Board of Trustees meeting is set to begin at 7 p.m. CT.
How the Bears’ Stadium Plans Got to This Point
The following writing is an excerpt from a previous WGN News article. The full-length article can be found by clicking here.
Most recently, the Bears announced they are reconsidering the Michael Reese Hospital site as a possible location for a new stadium, according to Crain’s Chicago Business.
Frequently Asked Questions
Q: What is the proposed property tax deal between the Bears and local school districts?
A: The deal would save the Bears about $5.4 million a year in property taxes, reducing the annual tax load on the site from $9 million to $3.6 million.
Q: What is the 2027 deadline for commitment to development?
A: The Bears would need to commit to development by 2027 or payments would increase 2-5% starting in 2028.
Q: What is the next step if the memorandum of understanding is approved?
A: The document would then move to the three local school districts and the Bears to sign off on final approval.
Q: When is the Arlington Heights Board of Trustees meeting?
A: The meeting is set to begin at 7 p.m. CT.
Conclusion
The proposed property tax deal between the Chicago Bears and three local school districts has the potential to benefit both parties involved. The agreement would provide a significant reduction in property taxes for the Bears, while also ensuring a commitment to development of the site by 2027. The outcome of the vote will have a significant impact on the future of the Bears’ stadium plans and the community’s economy.
