The plan is a non-binding "framework" agreement between the village and the Bears defining how issues like zoning and taxation would be worked out for the proposed project.
SEE ALSO | Arlington Heights rejects petition to ban public money for Chicago Bears development
The Bears presented their plans for the property at the former Arlington Park race track site as part of a pre-development agreement to city council members in October. The plans include residential and lots of retail, including bars and restaurants, which some trustees are concerned would compete with the downtown area.
Chicago Bears present preliminary site plan for Arlington Heights race track site
"I don't think businesses in town could overcome this," Arlington Heights trustee Jim Tinaglia said. "It would be too difficult."
The Bears are expected to close on the Arlington Park property by the end of this year or early next year.
Mayor Tom Hayes said it is possible that the Bears won't end up in the suburb.
According to the Daily Herald, the mayor said it's "certainly possible" the village board would reject the team's proposal.
Bears release renderings of possible Arlington Park stadium district, seek public money for project