The real estate saga between the Chicago Bears and Cook County tax authorities took a turn this Wednesday as officials pegged the value of the team's proposed stadium site at nearly $124.7 million. According to the Chicago Sun-Times, this assessment significantly hikes the team's tax bill to an estimated $10-11 million, an increase that the Bears were likely not to anticipate as they deliberated the site's future development.
In what ended up becoming a split decision, the Cook County Board of Review finally ruled on the property, previously a racetrack, located in Arlington Heights. This ruling doubled the appraisals proposed by the Bears but came in substantially lower than the $160 million valuation sought by local school districts. The Bears' representatives have not yet publicly reacted to the decision and have a 30-day window to potentially appeal the Board's assessment, as detailed by NBC Chicago.
For months, the valuation of the former Arlington International Racecourse site has been the subject of a tug-of-war with the Bears, who pursued appraisals valuing the property at $60 million and $71 million. In contrast, local school districts which rely heavily on property taxes for funding, have maintained that the site is worth $160 million. Without reaching a consensus, the Board was forced to settle on a middle-ground figure.
Adding to the complexity, the Bears have been also to reconsider their options for a new stadium location. Recent dialogues between Bears management and Mayor Brandon Johnson's administration suggest the team's interest may be shifting back to the city of Chicago. With long-term development at the Arlington Heights location still requiring what the Bears call "property tax certainty," they might just to opt-out of their lease at Soldier Field with the costly fee it entails, as observed by the Chicago Sun-Times.
Negotiations have added pressure to the Bears' plans, with substantial investments at stake for the envisioned $2.5 billion domed stadium and surrounding district developments. Meanwhile, the Cook County Assessor's office and the Board of Review are finalizing the valuation for certification. Both the Bears and local school districts will soon need to decide if they will accept the decision or engage in what could potentially become a protracted legal battle.
