Nearly five years after the Bears first announced their bid to buy the former Arlington International Racecourse with the aim of turning the site into a new stadium, the Illinois General Assembly will begin considering a bill to push the plan ahead.
Nearly five years after the Bears first announced their bid to buy the former Arlington International Racecourse with the aim of turning the site into a new stadium, the Illinois General Assembly will begin considering a bill to push the plan ahead.
The bill would give the team tax certainty if they build a new stadium in Illinois.HB 910 would allow any megaproject involving an investment of $500 million or more to negotiate a freeze on its property tax assessment.The bill passed out of committee Thursday afternoon by a 13 to 7 vote along party lines and will now be considered by the Illinois House. Democrats continued to express some skepticism about the bill and indicated there could be additional changes as it works its way through the state legislature. The negotiation would have to involve the impacted local taxing districts — in this case, the Village of Arlington Heights, Cook County, and the various school districts in the area. The project would also earn an exemption from state and local taxes for building materials.The first hearings on the bill were supposed to begin a week ago, but were canceled with just a few hours' notice to tweak the bill's text.That happened on the same day as the Indiana House of Representatives advanced a bill clearing the way for a new Bears stadium along Wolf Lake in Hammond. The Indiana legislation would invest $1 billion worth of taxpayer money into a Bears stadium — something that Illinois is not offering the team.The Indiana State Senate is expected to hold a final vote on the bill Thursday, after whcih it will be sent to Indiana Gov. Mike Braun. Illinois Gov. JB Pritzker said this week that he is optimistic the Bears will stay in Illinois amid ongoing talks about a deal for a new stadium in Arlington Heights. The governor said there is 'broad agreement' about the property tax-related legislation.
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