The Chicago Bears are approaching a pivotal point in their new state-of-the-art stadium project.
According to WGN and the Daily Herald, the value of the 326-acre Arlington Heights property (which the organization purchased for $197.2 million in a year ago) was set at $192 million, which means the Bears would have to pay about $15 million in taxes.
The Bears have until Saturday to reach an agreement with three school districts about the appraisal for the Arlington Heights property as they seek tax relief for the potential new stadium site.
On Thursday, we learned that the Bears are not going to be given tax relief for the valuation. The decision reportedly isn’t final but this is the initial decision. The Daily Herald had the report first: The three-member elected Board of Review unanimously endorsed County Assessor Fritz Kaegi’s valuation of $192 million for the undeveloped land, according to the report. That valuation carries a yearly tax bill of about $15 million, the reports says, which is much higher than the Bears believe the land is now worth.
According to a Chicago Tribune report late last month, the Bears presented two appraisals of the property, one for $60 million and one for $71 million, to the Board of Review.
Three suburban school districts, however — Palatine Community Consolidated School District 15, Arlington Heights-based Township High School District 214 and Palatine-based Township High School District 211 — have had the land valued at $160 million, the Tribune reported.
This is big news in the NFL world as one of the biggest money-making teams is set to build a new state-of-the-art stadium. While the belief was Arlington Heights would be the new home, the taxing issues continue to make it difficult.
Recently, a report indicated a newfound focus to the Chicago lakefront for the Bears’ new stadium, which would be on the Soldier Field south lot with the goal of hosting Super Bowls, Final Fours and other events, which was the plan in Arlington Heights, as well.
“The Arlington Heights property is incredible,” Bears president Kevin Warren said, via WGN. “Any time you have 326 acres near the city – and now we’ve cleaned everything so it’s a vacant piece of land – it’s a great piece of property.
“That said – to be able to have optionality with Chicago – I’ve made it very clear how I feel about Chicago. I think it’s the finest city in the world. I can’t think of another major metropolitan area that has beautiful lakefront that you can swim in, that’s clean, near a downtown. The architecture is phenomenal and just the history and tradition. It’s just something that feels right about the Bears in Chicago. But, this is a long journey and we’ll continue to work on it.”
There’s no doubt the Bears will construct a new stadium. Whether that’s in Arlington Heights or Chicago (or elsewhere) remains to be seen. But it certainly feels like all signs are pointing to the Bears staying on the lakefront.
