The Chicago Bears and a trio of school districts that will be impacted by the proposed redevelopment of Arlington International Racecourse are deadlocked over how much the Bears should pay in property taxes.
School districts that get property tax revenue from the Arlington International Racecourse property are negotiating land values with the Chicago Bears football team, which purchased the land in February 2023 and plans a $15 million mixed-use redevelopment.the football team’s proposed redevelopment of Arlington International Racecourse in Arlington Heights are deadlocked over how much the Bears should pay in property taxes for the site.
The superintendents have said the school districts would likely see an increase in student population should the football team move forward with the proposed sprawling, approximately $5 billion mixed-use commercial and residential development. But, school leaders said, district resources could take a hit if the team prevails in its request for a lowered property tax bill or frozen taxes via establishment of a tax increment financing district.
Kaegi’s reassessment of the land value would raise the team’s property tax bill to $16 million, up from $2.8 million when the property was in use as a racetrack.In the meantime, the school districts suggest the land valuation be $95 million, according to the correspondences.
“There is no property in the surrounding Northwest Suburban Area that pays property taxes anywhere close to this,” he wrote. “The time is now to close the deal on this immediate short-term tax issue in a way that is mutually beneficial and enables all parties to focus together on the future and give this project the best chance of moving forward.
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