ARLINGTON HEIGHTS (WBBM NEWSRADIO) -- A state legislator has proposed a measure that would give the Chicago Bears a tax break for decades if the team builds a stadium in Arlington Heights.
State Senator Ann Gillespie has proposed freezing the property tax assessment for the old Arlington Racecourse property for up to 40 years. The plan would require the Bears to invest at least $500 million in developing the site, putting in a new stadium and other mixed-use structures, the Chicago Tribune reported.
If the Bears are going to get that tax deal, it needs to be done in a way that protects homeowners and small business people who pay property taxes so they don’t pay a lopsided share of the load, Gillespie said.
There has been no comment from the Bears on the matter.
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