Arlington Heights OKs agreement to move forward with new Bears stadium
A rendering released by the Chicago Bears shows the view from the threshold of the proposed stadium of the Arlington Park entertainment district. The Bears released proposed development plans for the Arlington International Racecourse property in Arlington Heights on Sept. 6, 2022.
“I would be really careful how married our developers or our staff or anyone gets to the site plan,” Tinaglia said.” It’s hard to go backwards and start over – really expensive too.” “Given the early stage of the project, staff and the Chicago Bears believe it is too early to establish such commitments,” the memo says. “However, we both agree that it is important that all stakeholders understand the intent and goals of the Village and the Chicago Bears.”The Bears entered into a $197.2 million purchase agreement for the now-shuttered racecourse in September 2021. The purchase has not yet been finalized.
The most-discussed option for public funding of the project so far has been a tax increment financing district where property taxes would be frozen in the area at a particular level, with the difference in revenue over a set period of time going back into the project as opposed to being collected by taxing bodies.
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