The deal, brokered by Arlington Heights village officials, must still earn positive votes from the elected village board and boards of education in Northwest Suburban High School District 214, Palatine-Schaumburg High School District 211 and Palatine Township Elementary District 15, according to the Herald.
In a statement Monday, the Bears said, "The Chicago Bears remain focused on investing over $2 billion to build a publicly owned enclosed stadium on Chicago's lakefront while reevaluating the feasibility of a development in Bronzeville. That being said, we remain significant landowners in Arlington Heights and establishing a framework for potential future development planning, financing and property tax certainty has been a priority since the land was purchased. We continue to have productive conversations with the village and school districts and are aligned on a framework should we choose to explore a potential development."
Officials from the three school districts and village released a joint statement Monday.
"We continue to believe Arlington Heights remains an incredible opportunity, and we have a common understanding with the team on how to create a framework for potential development, financing, and property tax certainty in Arlington Heights that works for all parties," officials wrote. "We look forward to future conversations."
Specifics of the agreement weren't released, but it's said to contain language around property tax assessments and payments under two scenarios: if the Bears build a stadium on the sprawling property, and if they don't, the Herald reported.
Arlington Heights Mayor Tom Hayes said he is encouraged about the significant progress made in recent weeks, and hopes the agreement will be approved in the "near future."
Earlier this year, Hayes confirmed that the Bears received and responded to a draft of the proposed settlement, and Village Manager Randy Recklaus added that discussions continued to take place throughout the summer.
The Bears' appeal of a Cook County Board of Review decision that set the Arlington Park property value at $124.7 million is now pending before the Illinois Property Tax Appeal Board. If the county panel's decision stands, the Bears would get a tax bill of $8.9 million.
The team wants the value reduced to $60 million, which would lower the bill to $1.7 million.
It's unknown when the four elected boards would vote on the memorandum of understanding, but Arlington Heights trustees next meet on Dec. 2, the District 15 board on Dec. 11, and the District 214 and 211 boards on Dec. 12.
Earlier this month, it became clear the Bears were considering yet another alternative to their proposed stadium on the city's lakefront: the former site of the Michael Reese Hospital, which has been closed for 16 years.
In the past, the Bears have rejected the site, saying it was too narrow and presented engineering and security challenges because of Metra tracks on the property.
In April, the Bears released plans for a new state-of-the art stadium on the lakefront next to Soldier Field, their current home.
They offered up more than $2 billion of their own money to build it, but said they also needed at least that much in public funding.
And that plan has gone nowhere among lawmakers in Springfield.