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, marking 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 announced 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."
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The team 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.
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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.
