Legislation that would help the Chicago Bears finance their proposed development in Arlington Heights by freezing the property tax assessment on the former Arlington International Racecourse property for up to 40 years was introduced in Springfield.
A rendering released by the Chicago Bears shows the view from the threshold of the proposed stadium of the Arlington Park entertainment district. The Bears released proposed development plans for the Arlington International Racecourse property in Arlington Heights on Sept. 6, 2022.
The Arlington Heights Democrat said she is sponsoring the proposal in part because she wants to see the concept, which she said mirrors a proposal from the Bears and other business interests, incorporated into a broader conversation about reforming a separate form of tax assistance for development known as tax increment financing. TIFs are a frequently used economic development tool that she contends often results in homeowners and small businesses paying higher real estate taxes.
The Bears declined to comment, and the Illinois Chamber of Commerce, which has been a vocal supporter of such a proposal, did not respond to a request for comment. “I think that what I would say to the Bears, what they should’ve first done is talk to people and the variety of different stakeholders before they decided to make a bunch of threats about leaving town,” Peters said. “This whole, long dragged-out process is going the way it is because the Bears themselves worked on it backward. And that’s on them.”
A commuter passes the former Arlington International Racecourse as he leaves the Arlington Park Metra train station in Arlington Heights in 2021. Arlington Heights Village Manager Randy Recklaus said it remains unclear “what the bill is going to be in its final form.”
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