Lawmakers to mull Bears' stadium bills this week originally appeared on NBC Sports Chicago
The Illinois House’s executive committee will hold hearings on several amendments pertaining to a proposed Chicago Bears stadium construction project in suburban Arlington Heights.
According to the General Assembly’s website, the committee will meet on Wednesday and Thursday mornings to debate amendments to House Bill 0610.
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Those amendments would allow for a tax to be levied on all tickets sold to the new stadium, with revenues going to Arlington Heights and surrounding communities to help fund infrastructure projects.
The amendments also call for a property tax assessment freeze for the 326-acre site of the former Arlington International Racecourse, which the Bears purchased for nearly $200 million.
The legislation was sponsored by Des Plaines Rep. Martin Moylan.
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According to the text of the legislation, a $3 tax would be added to each ticket sold to the new stadium, with 30% of tax revenues going to Arlington Heights. Palatine and Rolling Meadows would each receive 14% of revenues, while a collection of other local and county governments would split the remaining revenues under the proposal.
A more-contentious issue has emerged with property taxes, with the Bears and local lawmakers squabbling over the appraised value of the proposed stadium site.
Earlier this year, Cook County Assessor Fritz Kaegi’s office assessed the property’s value at $197 million, nearly the exact amount the Bears paid for the property.
According to calculations by the Daily Herald, the Bears’ property tax bill on the site would skyrocket from $2.8 million per year for the next two years to $16.2 million per year.
Since then, the Bears have been negotiating with local school districts on an altered valuation of the property, with the districts proposing a valuation of $95 million.
According to the Herald, that would carry a cost of $7.9 million per year.
The Bears countered with a $52.5 million valuation, citing the extensive work needed to prepare the site for stadium construction. Their annual tax payment would be $4.3 million under that proposal.
Under provisions of the amendment, property certified by Illinois officials as “megaproject property” would be eligible for an assessment freeze, which would prevent the property from being reassessed at a higher value during an established incentive phase.
It is unclear whether the measure will go up for a full vote in the House.
The Bears have pledged not to request public funds for stadium construction, but have said that they would request funds to help pay for infrastructure improvements around the stadium in order to build an entertainment and shopping complex at the site.
