ARLINGTON HEIGHTS (WBBM NEWSRADIO) - The tentative agreement between the Chicago Bears and the Village of Arlington Heights would have the team pay $3.6 million in property taxes a year.
It’s more than twice what the team wants to pay. The Bears had argued for lowering the valuation of the old Arlington Park property the team bought for almost $200 million dollars early last year.
Documents the village released Thursday said the property value would remain the same as what the Board of Review set, but assessment would be lowered.
The settlement is only guaranteed for tax years 2025-2027 but could be extended if the Bears move ahead with constructing a privately owned stadium.
The agreement does not address the team’s bill for last tax year,which is $8.9 million.
Amid the protracted tax debate, the Bears have shifted their focus back to Chicago. The village and three school districts still must approve the memorandum of understanding.
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