Bears close on potential new stadium site in Arlington Heights

 

[February 16, 2023]  (The Center Square) – The Chicago Bears confirmed Wednesday that the team has closed on its purchase of the former Arlington Park horse race track in Arlington Heights.

The deal was reportedly for $197.2 million, per Pro Football Talk.

The team confirmed in 2021 that it had reached a deal to purchase 326 acres of property at the site with the ultimate goal of relocating the Bears from Chicago to a new stadium in the suburbs.

"Finalizing the purchase does not guarantee the land will be developed, but it is an important next step in our ongoing evaluation of the opportunity," the team said in a statement on its website. "There is still a tremendous amount of due diligence work to be done to determine if constructing an enclosed state-of-the-art stadium and multi-purpose entertainment district is feasible."

Artist renderings show a sweeping entertainment and residential district along with a domed stadium, but critics of the plan say taxpayers should not have to subsidize any part of the project.

Team officials said it would be one of the largest development projects in state history, creating 48,000 jobs and having a $9.4 billion economic impact to the region, though experts who have evaluated other NFL stadium projects are skeptical of teams' and local economic development officials' projections, as The Center Square previously reported.

Economists have shown that professional sports stadiums consistently and without exception do not bring the economic impacts that are promised.

"If a stadium is constructed, the Bears will not seek taxpayer funds for the structure," the team's Wednesday statement said. "The project would, however, require assistance to ensure feasibility, including securing property tax certainty and support for infrastructure commensurate with the public benefits the project will yield to the region."

A rendering of a proposed Bears stadium in Arlington Heights. - Rendering courtesy of Chicago Bears

The options include tax increment financing, special service areas, special assessments, the creation of a business district and business district tax for the project, a parking tax and "other taxes generated by the project."

In a statement released Wednesday, the Village of Arlington Heights noted that it has an obligation to residents.

“The Village of Arlington Heights is very excited about this unique opportunity and appreciative that the CBFC has chosen to make such a major investment in our community," the statement read. "However, we have an obligation to ensure that any project proposed will be in the best interests of our residents before any approvals are granted.”

A bill has been filed in Springfield by State Sen. Ann Gillespie, D-Arlington Heights, that would allow up to 40 years worth of tax breaks to major organizations like the Bears.

Gov. J.B. Pritzker, however, has said that he opposes financial incentives for the team in Arlington Heights.

“I am of the opinion that it's not our obligation as the state to step in and provide major funding, and I certainly don’t want to burden taxpayers with major support for a private business,” Pritzker said.

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