A $3.6 million tax deal could finally kickstart the Chicago Bears’ $5 billion stadium proposal in Arlington Heights.
Details of the agreement were outlined in a 12-page memorandum of understanding from Arlington Heights officials, the Daily Herald reported. The deal, negotiated over 18 months, addresses the tax obligations for the 326-acre property the Bears purchased in 2023 for $197 million.
The proposed agreement sets the site’s assessed value at $124.7 million, significantly lower than its purchase price. This assessment reduces the tax rate by classifying the property as “unimproved” real estate after the demolition of racetrack buildings. Instead of the typical 25 percent commercial assessment rate, the site will be taxed at 10 percent, allowing the Bears to pay $3.6 million annually through 2027.
However, the agreement includes conditions to motivate progress on development. If the team submits construction plans and applies for building permits, the $3.6 million tax rate will remain fixed. Otherwise, annual increases of 2 percent to 5 percent will be implemented.
Approval is still required from Arlington Heights and three local school districts: Northwest Suburban High School District 214, Palatine-Schaumburg High School District 211 and Palatine Township Elementary District 15. Their governing bodies will meet next week to vote on the agreement.
The memorandum also contains safeguards for Arlington Heights. Should the Bears decide to pursue a stadium project outside the community, the deal becomes void. Additionally, the terms only apply to a stadium development, excluding any other types of construction.
This agreement follows the unresolved appeal of last year’s tax bill, where the Bears argued for a valuation as low as $60 million, which would have reduced the tax obligation to $1.7 million.
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The Bears have yet to commit fully to Arlington Park, as the franchise continues exploring potential stadium locations, including the 49-acre Bronzeville Lakefront development. A domed Lakefront stadium near Soldier Field has also been pitched. However, the clarity and financial predictability offered by the memorandum could strengthen their focus on Arlington Heights.
— Andrew Terrell