Introduction to the Bears’ Stadium Project
The Bears’ $5B stadium project has been a topic of discussion in Arlington Heights, with the team’s relocation to the suburb being a significant factor in the project’s development. The project, which includes a new stadium, retail and offices, housing, and hotels, is expected to bring in significant tax revenue for the village. However, the project’s success hinges on the passage of a tax bill that is still waiting for action in Springfield.
Background on the Tax Bill
The tax bill, known as the Megaproject Bill, provides tax certainty for municipalities like Arlington Heights and the owners of huge developments, like the Bears. The bill allows them to negotiate tax agreements, which is essential for the project’s success. According to Mayor Jim Tinaglia, "To do it in the normal way where the Cook County Assessor assess it on the value, it’s unaffordable." The bill has some support in Springfield, but it is not a priority in the October veto session.
Economic Impact of the Stadium Development
A new economic impact study released by Arlington Heights estimates that the stadium development could bring the village $15 million in tax revenue each year. This is in line with the Bears’ economic impact study, which estimated $18 million in annual revenue for the village. Mayor Tinaglia compared the possible sprawl to Wrigleyville, saying "$15 million is a big number for any community and that’s just a starting point. This is a property that’s going to grow well past its boundaries."
The Role of the Megaproject Bill
The Megaproject Bill is crucial for the project’s success, as it allows the village and the Bears to negotiate tax agreements. The Bears say they will pay more than $2 billion for the stadium, which will cover about a third of the 326-acre site. However, the project’s success depends on the passage of the bill, which is still waiting for action in Springfield. Mayor Tinaglia expressed confidence that the bill will eventually pass, saying "I’m not super confident it’s something that’s high on the list of priorities down in Springfield right now. I think that’s what we heard tonight. There’s a lot to do down there, but I know it will get done."
Next Steps for the Project
In the meantime, the village is studying how much it will have to spend on infrastructure costs. A project will not be approved if there’s not a net benefit. Officials say they also need to work out agreements with the Illinois Department of Transportation, Metra, Union Pacific, and other agencies.
ARLINGTON HEIGHTS, Ill. (WGN) — It doesn’t appear the tax bill Arlington Heights is counting on for the Bears stadium project will be a priority in Springfield’s October veto session, but the Mayor Jim Tinaglia says he’s confident it will eventually pass.
Conclusion
The Bears’ $5B stadium project is a significant development that could bring in substantial tax revenue for Arlington Heights. However, the project’s success hinges on the passage of the Megaproject Bill, which is still waiting for action in Springfield. While there is some support for the bill, it is not a priority in the October veto session. The village is studying the project’s infrastructure costs and working out agreements with various agencies. The project’s success will depend on the passage of the bill and the village’s ability to negotiate favorable tax agreements.
FAQs
Q: What is the Megaproject Bill, and how does it impact the Bears’ stadium project?
A: The Megaproject Bill provides tax certainty for municipalities like Arlington Heights and the owners of huge developments, like the Bears. It allows them to negotiate tax agreements, which is essential for the project’s success.
Q: How much tax revenue is the stadium development expected to bring in for Arlington Heights?
A: The stadium development is expected to bring in $15 million in tax revenue each year, according to a new economic impact study released by Arlington Heights.
Q: What is the next step for the project, and what needs to be done before it can move forward?
A: The village is studying the project’s infrastructure costs and working out agreements with the Illinois Department of Transportation, Metra, Union Pacific, and other agencies. The project will not be approved if there’s not a net benefit.
Q: Is the Megaproject Bill a priority in the October veto session in Springfield?
A: No, it does not appear that the tax bill is a priority in the October veto session. However, Mayor Jim Tinaglia expressed confidence that the bill will eventually pass.
