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Bears’ stadium plan shifts toward possible public ownership model in Illinois
The proposal would finance the stadium in Arlington Heights, then lease it from an entity created by the village, removing it from local property tax rolls.
The Chicago Bears are advancing a new approach for a stadium project in Illinois that could change the team’s ownership structure, according to Bisnow. Under the proposal, the Bears would likely finance construction of a new stadium in suburban Arlington Heights and lease it from an entity created by the village, a structure that would take the stadium off local property tax rolls.
A separate plan that had been pursued earlier involved the Bears owning the stadium and negotiating payments to Arlington Heights and nearby school districts in place of taxes. Bisnow reports the Bears are also seeking a path that could keep the team in Illinois, where a related plan passed the Illinois Senate in May.
The proposal is not yet before the Illinois House, but could be taken up during the state legislature’s veto session next month. Bisnow says NFL Commissioner Roger Goodell and minority owner Pat Ryan met with Gov. JB Pritzker and other top legislators Thursday to discuss the Bears’ stadium plans.