Bears Stay in Illinois
A new stadium deal in Arlington Heights avoids a move to Indiana by granting tax exemptions.
By Amanda Delgado ·
Chicago sports teams have long debated their geographic future. The Chicago Bears are now close to a deal that keeps the franchise in Cook County, Illinois.
According to Crain's Chicago, the agreement centers on a new stadium in Arlington Heights. This location sits outside Chicago proper. The deal prevents the team from moving across state lines to Indiana.
The legislative process for this project has faced recent obstacles. A measure passed by the Illinois state Senate in late spring previously stalled in the House. Lawmakers in the House had voted for a conflicting plan. This disagreement delayed action until the final hours of the session.
The new bill allows a municipality to finance and operate large stadium projects. It grants these facilities authority to collect additional sales tax revenue generated by the venue. The plan also includes Chicago in this category.
A key financial feature of the agreement is the tax structure. The publicly owned facility would not pay property tax. The franchise seeks this arrangement to secure tax certainty. The Bears have pursued this specific benefit since selecting Arlington Heights as their site.
Source: FOX 32 Chicago
