ARLINGTON HEIGHTS (WBBM NEWSRADIO) - Arlington Heights trustees approved a lower property tax rate Monday night if a Chicago Bears stadium is built there.
It took almost two years to reach a deal.
Village trustees and Mayor Tom Hayes unanimously approved a deal made public last week that would lower the Bears’ property tax bill to $3.6 million a year for the next three years.
“We will only agree to a new Bears stadium in the Village of Arlington Heights if it’s a win-win for our community, if it provides a net fiscal positive for the Village of Arlington Heights,” Hayes said.
The team is still appealing its $8.9 million bill for the 2023 tax year and has moved its focus back to Chicago once this debate surfaced.
The new rate would stay if the Bears move ahead with plans to build a privately-funded stadium on the old Arlington Park site it bought in early last year.
Three school districts are set to vote on the plan this week.
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