ARLINGTON HEIGHTS (WBBM NEWSRADIO) - The Chicago Bears are proposing a relatively new form of financial arrangement for the redevelopment of the Arlington Park racetrack property.
It’s called payment in lieu of taxes.It was developed by the federal government to compensate local units of government, including school districts, for tax-exempt properties.
There would be a negotiated payment instead of property taxes.
Crains reported the amount would presumably be less than property taxes, which would increase as improvements are made.
“(The Bears are) floating this idea to our state legislators to see what their thoughts are on it and to see if they're receptive to it," Arlington Heights Mayor Tom Hayes told the Daily Herald. "It's a creative way to address some of the financing issues.”
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