Arlington Heights proposes tax cut for potential Bears stadium

Don’t look now, but Arlington Heights has put themselves back in the race for a new Chicago Bears stadium site.

According to the Chicago Tribune, Arlington Heights is proposing a tax cut compromise for a potential new domed stadium at the former Arlington International Racecourse, which was purchased by the Bears last February.

Arlington Heights proposed an agreement to accept the Cook County Board of Review’s assessed value of $124.7 million for the 2023 and 2024 tax years. This is in response to the disagreement between the Bears and local school districts involving the property tax bill.

Here are additional details from the Chicago Tribune about the tax breakdown:

The property would be assessed at the 25% commercial rate for half of 2023 and the 10% vacant property rate for the other half, resulting in a total tax liability of $6.3 million, according to Arlington Heights’ Feb. 27 proposal, which the village released publicly late Monday after an open records request by the Tribune.

For the 2024 tax year, the property would be assessed at the 10% rate, resulting in a tax bill of $3.6 million, according to the proposal. Both figures would be a big cut from taxes currently estimated to be near $10 million.

This move comes shortly after the Bears shifted their focus to building a new stadium on the Chicago lakefront just south of Soldier Field — where the organization announced they would commit $2 billion toward the stadium. According to the Chicago Tribune, the Bears remain interested in the Arlington Heights property, but their main focus remains the lakefront.

Could this have been a power play by Warren to use leverage for a secondary stadium site to get the original site he wanted all along? Or does Warren really have his sights set on a lakefront stadium? Guess we’ll have to wait and see.

Story originally appeared on Bears Wire