NEWSLETTER
The Chicago Bears stadium situation continues to be a story that twists and turns in different ways than we would have expected at this time last year.
The Daily Herald’s Christopher Placek reports the Cook County Board of Review turned down the opportunity to lower the valuation of the Arlington Park property that was made by the Cook County’s assessor’s office. And for the Bears, this means another hurdle in their quest to build a stadium complex in suburban Arlington Heights.
Once home to Arlington International Racecourse, the 326-acre plot of land was purchased by the Bears for more than $197 million with the original intent being to construct a stadium project on the land. Cook County Assessor Fritz Kaegi values the property at $192 million, which carries a yearly tax bill of around $15 million. Meanwhile, the Bears had appraisals of the land at $60 and $71 million — numbers that would carry a significantly lower tax rate. Clearly, the Bears believe the county’s assessment is too rich for their liking.
The Bears have no one to blame but themselves for being in this situation. Paying $197 million for the property your people valued at being between $60 million (on the low end) and $71 million (on the high end) while expecting the valuation to stay the same isn’t sound or logical thinking. I’m not a real estate mogul. But it would make sense that a new deed on the land would come with a new valuation. And it looks like the Bears didn’t take that into consideration.
Go figure. A franchise known for sticking a new coach with old problems on the field looks to be in a situation where the new president is inheriting his predecessor’s mess. Why are the Bears like this?
What are the Bears going to do about a new stadium?
When it comes to the Chicago Bears’ next stadium, the only thing that seems certain is that the next building will have a fixed-roof dome on it. Otherwise, we’re dealing with a mostly blank slate. There have been all sorts of renderings floating around online. But there is no timetable, no firm number about projected costs, and no sure place to put the stadium.
What once felt like a predestined move to the suburbs isn’t looking as inevitable as it was in the past. And for the Bears to get tax breaks on that Arlington Park property, they’ll have to cut a deal with the local school districts — which has been another sticking point in this ordeal. Back in January, WGN reported suburban school districts and the team were about $100 million apart on the value of Arlington Park. No wonder the team branched out to other suburbs and municipalities in an attempt to find alternative stadium sites. The door is even open for the City of Chicago to remain the home of Bears football.
This is a different kind of Bears chaos. But it is still chaos, nonetheless.
Long story, short: We’ve still got a ways to go before this situation gets resolved. I hope you’re wearing your comfiest clothes while you continue following this story because it might be awhile.
