Several bills pertaining to the Chicago Bears’ proposed stadium will be debated by committees in the Illinois General Assembly this week.
, a $3 tax would be added to each ticket sold to the new stadium, with 30% of tax revenues going to Arlington Heights. Palatine and Rolling Meadows would each receive 14% of revenues, while a collection of other local and county governments would split the remaining revenues under the proposal.
A more-contentious issue has emerged with property taxes, with the Bears and local lawmakers squabbling over the appraised value of the proposed stadium site. Earlier this year, Cook County Assessor Fritz Kaegi’s office assessed the property’s value at $197 million, nearly the exact amount the Bears paid for the property. the Bears’ property tax bill on the site would skyrocket from $2.8 million per year for the next two years to $16.2 million per year.
Since then, the Bears have been negotiating with local school districts on an altered valuation of the property, with the districts proposing a valuation of $95 million.The Bears countered with a $52.5 million valuation, citing the extensive work needed to prepare the site for stadium construction. Their annual tax payment would be $4.3 million under that proposal.
Under provisions of the amendment, property certified by Illinois officials as “megaproject property” would be eligible for an assessment freeze, which would prevent the property from being reassessed at a higher value during an established incentive phase.
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