Arlington Heights Village Board votes to approve property tax deal with Chicago Bears

CHICAGO (WLS) -- The Arlington Heights Village Board voted to approve a property tax deal with the Chicago Bears on Monday night.

This deal could bring the team one step closer to moving to the suburbs.

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"We've got a long, long way to go, but we've made a lot of progress in the recent months, and so I'm looking forward to continued discussions," said Arlington Heights Mayor Tom Hayes.

The former home of the Arlington Park racetrack is now an empty field, waiting for its owners, the Bears, to decide what to do with it.

"Well, President Hayes, at least the loser Bears have a winning record in Arlington Heights," said one Arlington Heights resident. "They are undefeated here in getting favorable tax treatment from our board."

Some Arlington Heights leaders are hoping that an agreement with school districts to lower the site's property taxes by about two thirds, to about $3.6 million a year, will help with that decision.

"We're very excited about getting to this point in the process. I've been very encouraged about where things are in the process, but it's certainly not a done deal. But this was a necessary step," Hayes said earlier Monday.

The Bears bought the 326-acre land in Arlington Heights for about $200 million almost two years ago. They released drawings of a proposed stadium plan along with an entertainment district with bars restaurants and hotels.

But the property tax dispute led the team to focus instead on building a new stadium along the lakefront next to Soldier Field. And recently, they have said they are also reconsidering another South Side site, the former home of Michael Reese Hospital.

Some experts, however, believe they will eventually return their focus on the northwest suburban site. Marc Ganis with Sportscorp. LTD says it is more likely that the Bears will focus on an Arlington Heights stadium plan than one in Chicago.

In a statement, the Bears say they are still focused on a new home in the city, but in Arlington Heights, "establishing a framework for potential future development planning, financing and property tax certainty has been a priority since the land was purchased."

Experts say the term property tax certainty is the key before the team spends several billion dollars on a stadium.

"Once you build the stadium you can't move it. So, you've got to get tax certainty before you decide where you're going to build it," Ganis said.

The tax on this property would remain the same for the next three years, giving the Bears time to determine if they will build a stadium there.

An nearly nearly 60% reduction in the team's tax bill would stay the same, at least through 2030, if the Bears move ahead with stadium plans there.

The three school boards will vote on the proposal later this week.