School districts approve Arlington Park tax deal with Bears

The Arlington Heights School District 25 and Township High School District 214, have agreed to a property tax deal with the Chicago Bears that would see tax revenues from the Arlington Park property shared among the parties. The agreement paves the way for the team's potential move from Soldier Field to a new stadium at Arlington Park.

Under the terms of the deal, the districts would receive 60% of the property tax revenues generated by the site, while the Bears would receive the remaining 40%. The deal would be for a 23-year period, with the possibility of a seven-year extension if the Bears invest at least $1 billion in the property. This deal is seen as a win-win for all parties involved, as it provides financial certainty for the school districts while also encouraging the Bears to make substantial investments in the site.

The Arlington Heights School District 25 and Township High School District 214 are excited about the potential benefits this deal could bring. The shared revenue from the property taxes would be a significant boost to their budgets, allowing them to invest more in education and school infrastructure. Similarly, the Bears are also optimistic about the deal, as it provides them with a clear path forward for their proposed move to Arlington Park.

However, the deal is contingent on the Bears' purchase of the Arlington Park property and their decision to move their home games there. The team has been exploring the possibility of a move for some time, with Arlington Park being seen as a top contender. The Bears have not yet made a final decision on the move, but the tax deal provides a significant incentive.

While the tax deal has been approved by the school districts and the Bears, it still requires approval from the Arlington Heights Village Board. The board is expected to review the deal in the coming weeks. Despite the hurdles that still need to be overcome, the approval of the tax deal by the school districts and the Bears is a significant step forward in the potential move of the team to Arlington Park.