The valuation scrum between the Chicago Bears and several suburban school districts over the Arlington Park site is heating up, with sides $100 million apart on what the former racecourse land is worth – throwing a wrench into the team's stadium plans. In the financial faceoff, the Bears have presented two appraisals valuing the property at a mere $60 million and $71 million, respectively, while the schools stand firm on a $160 million worth, CBS reported.
This tug-of-war unfolded during a meeting of the Cook County Board of Tax Review the past Tuesday, per The Chicago Sun-Times, marking the latest showdown in a tax dispute saga that affects not only the Bears' relocation hopes but also the future financials of area school districts, a definitive ruling from the tax board could mean either a windfall or a fiscal letdown for them.
Amidst this high-stakes appraisal game, there's a signal the Bears aren't putting all their eggs in one stadium basket with other cities vying for the team's attention: Naperville and Waukegan are calling dibs, both having reached out to woo the Bears as alternate hosts, their hands extended in potential enticement for relocation outside Arlington Heights.
Standing its ground, the Bears' camp argues that the Arlington Heights property, which they secured last year from Churchill Downs Inc., should be considered as unoccupied land, given that the grandstands demolition is finished, the playing field of negotiations gets trickier since the land's final price tag sets the stage for determining how much the team will pay in property taxes, which is no small change for either party involved.
With last year's tax settlement between Churchill Downs and the school districts resting at a $7.8 million property tax bill on a $95 million valuation, according to The Chicago Sun-Times, the current impasse could take several more weeks to breach. As of now, the Bears' vow for property tax certainty – critical to the project's advancement – hangs in the air, just like the potential looming silhouette of a $2.5 billion stadium.
