Subsidy Bill For Bears' Stadium In Arlington Heights Off Table: Report

ARLINGTON HEIGHTS, IL — A proposed bill that would force the Chicago Bears to reimburse the City of Chicago over $150 million if the team moves to Arlington Heights, among other things, is being pushed to the fall state legislative session. The bill, sponsored by State Rep. Marty Moylan (D-Des Plaines), would freeze property taxes at Arlington International Racecourse.

Moylan told Crain's Chicago Business that moving the measure to the fall would give him more time to find support. In February, the Bears closed on the $197.2 million property agreement at Arlington and are kicking around the idea of moving the NFL team there after building a new, state-of-the art stadium and entertainment complex.

Earlier this month, the Bears filed paperwork with the Village of Arlington Heights requesting to demolish the former horse racetrack. The phased demolition would start by knocking down the interior of the grandstand at the 326-acre property. Daily Herald reported Tuesday that the cost to demolish Arlington would be $3.8 million.

RELATED: Bears Ready To Demolish Arlington International Racecourse

Moylan's measure, HB 4040, ensures the Bears will reimburse Chicago over $150 million for the Local Government Distributive Fund money that was reallocated from the city and used to pay down renovation debt at Solider Field.

In addition, an "Arlington Megaproject Oversight Board" would be created "with the power to approve or deny incentive agreements and zoning actions" at the property. Arlington Heights, Rolling Meadows, Salt Creek Rural Park District, along with school districts 214, 211 and 15, and Senate District 27 and House Districts 54 and 53 would all be represented on the board.

Moylan is also proposing an "Arlington Megaproject Infrastructure Fund" that would have a balance distributed monthly to local governments, including 35 percent to Arlington Heights, 10 percent to Cook County, 10 percent to Palatine, 10 percent to Rolling Meadows, 7 percent to Buffalo Grove, 7 percent to Elk Grove Village, 7 percent to Mount Prospect, 7 percent to Prospect Heights and 7 percent to Wheeling.

Last week, Daily Herald reported that the Bears and three local school districts remain millions apart on what they think the Arlington Park property is worth. This comes as Cook County Assessor Fritz Kaegi announced earlier this month a reassessment of the value of the property, which could include an increase of $15 million per year in property taxes.

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