The village board of Arlington Heights has recently finalized an agreement which will see a significant reduction in the tax bill for Chicago Bears until the commencement of stadium construction. This is in regards to the team's impending purchase of the Arlington International Racecourse property, a transaction that is expected to finalize by the end of the year.
As part of the agreement, the Bears will pay a lower tax rate of 6% on the property value, which is estimated to be $70.8 million. This is a significant decrease from the 25% tax rate that is usually imposed on entertainment venues. This concession will remain in effect until the team begins construction on the new stadium, which is expected to be a multi-year project.
While this move may seem favorable to the Bears, it is also beneficial for Arlington Heights. If the team were to pull out of the project before construction begins, the village would still receive the 6% in property taxes. Furthermore, the agreement stipulates that if the Bears sell the property before construction starts, the new owner would be responsible for paying the back taxes at the 25% rate.
The village board members unanimously approved the agreement, expressing their excitement about the project. They believe it will bring significant economic benefits to the area, including jobs and increased tourism. The Bears' plan to relocate to Arlington Heights has been met with widespread approval, with residents and businesses looking forward to the positive impact it will have on the community.
However, many details about the project remain unknown, including the exact timeline for construction and the future of the historic Arlington International Racecourse property. The Bears have previously stated that they intend to keep the historic grandstand, but it remains to be seen how it will be integrated into the new stadium design. Despite the uncertainty, the recent agreement marks a significant step forward in the Bears' journey to Arlington Heights.