Cook County Treasurer Maria Pappas is hoping a new report will give lawmakers something to think about as they work on the bill that could determine if the Bears stay in Illinois.
Based on the estimated value of a new stadium, the Bears would get an annual tax break of $39 million. There are new questions on Tuesday about how taxpayers could be impacted by the so-called "mega-projects" bill.
Lawmakers this week are finalizing the bill, which would provide tax breaks for developers of big projects, including a new Bears stadium. Cook County Treasurer Maria Pappas is hoping a new report will give lawmakers something to think about as they work on the bill that could determine if the Bears stay in Illinois or move across the border to Indiana.
The Bears' campaign for a new domed stadium in Arlington Heights hinges on legislative support for a bill that would provide them with property tax certainty over the next 40 years.
"It's a complicated situation, because it's not finalized, and there are hundreds of unanswered questions in this, but the primary question is, 'What happens to Joe Homeowner? ' And there's no fiscal impact study here," Pappas said. So, researchers from Pappas' office looked into what impact the "mega-projects" bill would have, asking the question: How will taxpayers benefit if there's no expansion of the property tax base and only limited sales tax benefit?
Their report says the tax on the current undeveloped property in Arlington Heights was $3.6 million in 2024. Under the "mega-projects" bill, the tax would be frozen at that level with annual increase based on inflation. It would be coupled with a special annual payment to local taxing bodies estimated to be around $10 million. Based on the estimated value of a new stadium, the Bears would get an annual tax break of $39 million.
Pappas' message to Springfield is, "Put the brakes on and say, 'What's the fiscal impact, and what does that mean?
' That means, how much is the homeowner going to have to pick up if somebody gets a billion-and-a-half tax break? " Before the end of the legislative session on Sunday night, lawmakers are trying to balance helping the Bears and taxpayers to avoid the possibility that the team gives up on Arlington Heights and instead leaves Soldier Field for the offer from Indiana to build a stadium in Hammond, which is the only other site the team says it is considering.
"The real comparison is between a negotiated payment on a real development versus zero taxes on a vacant or stalled site. I wish someone would do a report on that, because that's the real question for Illinois people, Illinois taxpayers, to have to answer," said Illinois state Rep. Kam Buckner, D-Chicago. The governor's office reiterated on Tuesday that his goal is to pass something that encourages large developments and protects the taxpayers.
While the clock is ticking for lawmakers to revise and pass a megaprojects bill, in Springfield terms, there always seems to be enough time to get done the things that need to get done.
Arlington Heights Arlington Heights Illinois Property Tax Property Taxes Arlington Heights Il Bears Stadium Chicago Bears Stadium Bears Stadium News Chicago Bears Stadium News Hammond Indiana Jb Pritzker Springfield Illinois Chicago Bears Stadium Update Chicago Bears Moving To Indiana Bears Stadium Update Chicago Bears News Bears Arlington Heights Stadium Bears Arlington Heights New Bears Stadium Bears Chicago Bears News Maria Pappas Cook County Treasurer 19176763
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