Done deal: ChicagoBears close on $197.2 million purchase of Arlington_Park, a milestone in the NFL franchise's potential city-to-suburbs relocation
The organization announced Wednesday it has closed on its $197.2 million purchase of the shuttered 326-acre Arlington Park property -- a milestone in the charter NFL franchise's long-sought city-to-suburbs relocation.
It comes as the Bears try to shore up support in Springfield for a new financing mechanism that would give the team a massive property tax break -- which has already prompted resistance from local school districts. Arlington Heights Mayor Tom Hayes called the Bears' closing a"major milestone" in a process that's spanned a year-and-a-half, but acknowledged there's much due diligence still to be done by the team and the village.
"This support, along with the team's investment, will be crucial to ensuring the local and Illinois economies receive a dramatic, long-lasting influx of investment and new tax revenue of a magnitude never experienced before in the region," the Bears' letter reads.
The Bears said the surrounding community would continue to be an integral part of the planning process, and that they will continue to have an"open dialogue" with residents, business owners, schools, elected officials and other stakeholders.
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