Touching the heart: Letting you leave is really difficult as…
The Cook County Board of Review informed the Chicago Bears on Wednesday that it had decided to maintain the property’s value at $192 million, which would nearly quintuple their tax burden. This decision comes as the team continues to fight over its Arlington Heights property taxes.
This decision increases the pressure on the Bears and the three local school districts—whose budgets are based on those property taxes—to settle their protracted dispute over the precise value of the 326-acre land.
The Bears paid $197.2 million in February 2023 for the land that originally hosted the Arlington International Racecourse with the intention of developing it into a multibillion dollar stadium complex that would include retail, dining, residential real estate, and other amenities.
In the meantime, the property’s value was raised from $33 million to $197 million by the Cook County Assessor’s Office as part of the triennial reassessment. Cook County property taxes are delayed by one year, therefore Churchill Downs, the previous owner, will be responsible for paying the first bill at the higher value. The school districts, who were involved in the appeal, and Churchill Downs struck a $95 million one-year arrangement. The Bears took on responsibility for the measure and are currently in the process of negotiating with the districts.
The Bears’ attorney stated during the Board of Review hearing on January 30 that the team presented two appraisals, one valued at $60 million and the other at $71 million. The Bears’ attorney asked the Board of Review to lower the land’s value to $60 million, claiming the Assessor’s Office overvalued it in comparison to other sales of comparable size.
The school districts’ counsel stated during that same hearing that the site was valued at $160 million according to their appraisal, leaving a $100 million difference between the two parties. The appraisal is scheduled to be sent to the assessor’s office for certification at the end of the month, and the Board of Review’s window to accept a settlement closes on Saturday.
The Bears may file a case in Cook County Circuit Court or appeal to the Property Tax Appeal Board after the valuation is certified if a settlement cannot be reached; however, both would probably be drawn-out procedures.
“I believe the Bears will have to budge much more than they want to if they want Arlington Heights to happen.” NBC Sports The Bears of Chicago
Even after they bought the land, the Bears stated that they needed “certainty” in property taxes before they could begin construction. Additionally, the organisation has resumed talks with Mayor Brandon Johnson, who took office after the Bears acquired the Arlington Heights land, in an effort to discuss the idea of remaining in the city of Chicago.
“I believe that the impasse in negotiations between the Bears and the school districts indicates that the team is at least seriously exploring options to remain in the city,” Schrock stated. “I believe that direction has more momentum now than it did a year ago.”
Longtime Bears analyst David Haugh stated, “This is all part of the long, slow dance that many of us expected between the Bears and their next home.”
In essence, the question is: who will blink first? Haugh added, “And I think the Bears want people to think they’re ready to wait it out.
“How did the Bears get up in this situation in the first place? Their desire was to possess their own stadium. That’s how NFL owners advance in their careers. The McCaskey family wants to be allowed to retain the revenue from their own stadium,” he continued. “Leverage is the game here.”
If they ever decide to sell the team, the valuation will soar since you own all that land, Schrock said. “Once it’s all built, they’re going to make that money back in concerts and tourism.” “It will ultimately come down to how much the Bears value it, in my opinion. And are they prepared to forgo some food in exchange for payment up front?
A Bears representative cited remarks made by the team’s lawyer during the hearing last month when asked to comment on the Board of Review’s ruling.
The school districts’ spokeswoman declined to comment.
