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* Daily Herald, Thursday, May 11…
The Chicago Bears and three Arlington Heights-area school districts are millions apart on what they think the team’s new Arlington Park property is worth and how much the team should pay in taxes, according to documents obtained by the Daily Herald.
During the parties’ closed-door negotiations after Cook County Assessor Fritz Kaegi’s reassessment of the 326-acre site, the schools suggested a $95 million value for the land, for which the Bears would be responsible for paying $7.9 million in annual property taxes for the next two years.
But new Bears President and CEO Kevin Warren called that proposed settlement a “nonstarter” and not “viable,” especially considering where negotiations began in January, according to a May 4 letter he sent to the superintendents of Palatine Township Elementary District 15, Northwest Suburban High School District 214 and Palatine-Schaumburg High School District 211. […]
The Bears countered with a land value of $52.5 million and annual tax payments of $4.3 million.
Kaegi’s reassessment would hike the property value from $33.5 million to $197 million, which is just below the $197.2 million the Bears paid Churchill Downs Inc. for the old racetrack.
* Daily Herald, Friday, May 12…
After new Chicago Bears President and CEO Kevin Warren called the property tax and assessment settlement proposed by three school districts a “nonstarter,” the superintendents fired back with a letter of their own Friday that doubles down on their offer. […]
But given a “substantial gulf” between the two sides, the school district superintendents told Warren Friday they don’t see the need to make a counteroffer. […]
The school districts said they now intend to proceed with resolution of the 2022 assessment year on its own, which will help inform both the schools and the Bears on an “appropriate” assessment for tax years 2023 and 2024, when the Bears will have full responsibility for the taxes.
* Tribune…
With one week remaining in the Illinois legislature’s spring session, a revised version of proposed legislation to aid the Chicago Bears’ move to Arlington Heights has surfaced in Springfield.
Like the previous proposal, the new bill would freeze the property tax assessment on the former Arlington International Racecourse, where the Bears have proposed a new stadium as part of a $5 billion mixed-use development, and create a $3 admission tax to help pay off debt incurred to fund renovations of Soldier Field two decades ago. […]
Democratic state Rep. Marty Moylan of Des Plaines said the new bill, filed Wednesday, reflects negotiations that have taken place since he filed a measure last month. That proposal caught some local officials and fellow lawmakers off guard. […]
Joining Moylan as a co-sponsor on the measure is freshman state Rep. Mary Beth Canty, a fellow Democrat who just completed a term as an Arlington Heights village trustee.
Rep. Canty’s full statement…
Throughout negotiation on a new Chicago Bears stadium in Arlington Heights, my focus has been on the impact on our communities – the Village of Arlington Heights itself as well as neighboring communities that would be affected just as much. Every affected community needs a seat at the table. The latest proposal is a step forward, but by no means final. My sponsorship of this legislation reflects my support for continued discussions with all stakeholders engaged. I hope to continue these conversations in the months ahead.
posted by Rich Miller
Monday, May 15, 23 @ 10:14 am
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I still don’t know if Arlington Heights residents are going to be allowed to vote on a Bears stadium proposal, even in an advisory vote. The mayor said critics would get “input” but if all he means is submitting comments and talking at Village board meetings, it’s meaningless.
Comment by lake county democrat Monday, May 15, 23 @ 10:21 am
Everything that’s disgusting with Illinois politics come into the fore
Hopefully this gets sent to the dustbin but don’t have much faith in legislative branch
Comment by halving_fun Monday, May 15, 23 @ 10:30 am
Everything that’s disgusting with Illinois politics come into the fore
Hopefully this gets sent to the dustbin but don’t have much faith in Illinois
Comment by halving_fun Monday, May 15, 23 @ 10:30 am
Ugh.
Corporate welfare at the cost of children. Way to go.
Here’s the update too… to the real;
The Washington Commanders sale price is $6.05 Billion (with a B) which makes the Bears net worth, of $5.6- 5.8 Billion (again, with a B), greater too, likely well north of $6 Billion (you know the drill) without a building a huge windfall, by a sale of a team with a stadium that’s valued less than the Bears, now eclipsing $6 Billion in its sale.
The worst case? The Bears will gain $400 million *in worth* on a vote by the NFL owners to the Commanders’ sale.
On a vote. Merely… existing… $400 million, more valuable.
So… let’s recap…
According to Forbes in 2022, the Commanders were worth $5.6 billion, and now sold for $6.05, today
The Bears were worth $5.8 billion in that same assessed value analysis, and the Bears did not own a building like the Commanders do.
Don’t tell me that the Bears are now worth less than the Commanders, and that’s without a building.
If these “Sponsors” of legislation want to hurt Arlington Heights schools, the city of Chicago (bonds), and not recognize another windfall, close to half a billion dollars in actual value, the who exactly is benefiting from helping the Bears?
It’s an odd flex to want to help a business getting a $400+ million windfall by nearly existing to hurt the schools in some people’s districts.
The Billionaire Bears - no bailout
It’s that “simple”
Comment by Oswego Willy Monday, May 15, 23 @ 10:31 am
Maybe I’m old-fashioned, but it seems highly inappropriate that the Bears (or any person or entity) would get to pre-negotiate the assessed value of their land. The County should pick its number, and the Bears can sue or appeal like everyone else. I am not normally an ardent defender of Cook County, but saying that the land is worth $197.2 million because that’s the amount the Bears just paid for it seems incredibly sensible to me.
Comment by Garfield Ridge Guy Monday, May 15, 23 @ 10:45 am
==countered with a land value of $52.5 million and annual tax payments of $4.3 million.==
Based on numbers they pulled out of their kiester. You’re telling me the property has lost $144 million in value in 18 months?
Comment by Jocko Monday, May 15, 23 @ 10:47 am
==the Bears would be responsible for paying $7.9 million in annual property taxes for the next two years…. But new Bears President and CEO Kevin Warren called that proposed settlement a “nonstarter” and not “viable,”…The Bears countered with a land value of $52.5 million and annual tax payments of $4.3 million==
A multi-billion dollar business, and $3 million a year in taxes is a non-starter. Not viable?
Because the Bear’s margins are less than $3 million a year?
Comment by Cool Papa Bell Monday, May 15, 23 @ 10:52 am
The Bears will spend big dollars for lawyers and accountants to cry “poor”, on the book poor, but with 2% debt as a franchise with a value north of $6 Billion…
… the dishonesty to this all is countered by “Lucky Pierre” and the honesty of “maximizing revenues”… not barely finding a profit margin.
The governor is quoted as calling the past “recent” attempts a “bailout”… these taxing revelations and the concerns of the school districts only amplify the “bailout” truth.
Comment by Oswego Willy Monday, May 15, 23 @ 10:58 am
=== You’re telling me the property has lost $144 million in value in 18 months? ===
The Bears do ruin everything they touch …
Comment by Suburban Mom Monday, May 15, 23 @ 11:09 am
I pray that none of us ever find ourselves as impoverished as the Bears ownership pretends to be.
– MrJM
Comment by MisterJayEm Monday, May 15, 23 @ 11:13 am
=== create a $3 admission tax to help pay off debt incurred to fund renovations of Soldier Field two decades ago ===
This seems like a good compromise. The Bears are going to need votes from Chicago legislators to get their property tax framework passed, so it can’t be a total loss for the city. Paying off some of that renovation debt (which did benefit the Bears) would make the legislative math a lot easier.
Comment by vern Monday, May 15, 23 @ 11:18 am
==The Bears do ruin everything they touch==
They must’ve pulled a Lance Briggs and crashed the property on the Edens expressway.
Comment by Jocko Monday, May 15, 23 @ 11:21 am
Arlington Heights sees itself both as a village and capable of hosting the bears……… give me a break
Comment by Lake villa township democrat pc Monday, May 15, 23 @ 11:30 am
Freezing the property tax assessment potentially impacts all public schools in Illinois receiving Evidenced-Based Funding by artificially lowering the local capacity/resources relative to other districts thereby changing the amount schools receive from the state through this formula. The state could make the Arlington Heights-area schools whole through supplemental payments and short the other ~850 school districts. School funding is opaque and interrelated.
Comment by Eyeball Monday, May 15, 23 @ 11:31 am
===Paying off some of that renovation debt===
$3 head tax x 70,000 tickets x 9 home games per year = $1.89 million.
It ain’t much. And it ain’t a whole lot more with concerts, possible playoffs, etc.
Comment by Rich Miller Monday, May 15, 23 @ 11:33 am
===The state could make the Arlington Heights-area schools whole through supplemental payments and short the other ~850 school districts. School funding is opaque and interrelated.===
The Bears can also pay their fair share.
It’s not an “either-or”
I don’t think the Bears would be doing themselves any favors in 60/30 or with a governor “complaining” the state needs to step up in school funding so they (Bears) can get a bailout.
Comment by Oswego Willy Monday, May 15, 23 @ 11:35 am
@Rich
“…possible playoffs”
Ha! Such a comedian for the final scheduled week of session.
Comment by Juice Monday, May 15, 23 @ 11:35 am
Get to $300 million over 10 years to the city to pay down bonds, then I’ll at least listen to the rest of the bailout.
There’s a “3” in there, just not “3 beans a ticket”
The Bears have a 2% debt load on a value north of $6 Billion (with a B) and they haven’t maximized revenues. That’s not taxpayers fault they are a top valued professional franchise on this plant but can’t seem to think they should pay for all these “wants”
Comment by Oswego Willy Monday, May 15, 23 @ 11:39 am
Corporate welfare, definitely, but also a way for the family to get taxpayers to fund an estate planning mechanism for their wealthy selves. (I just found out Virginia turned 100 in January of this year.)
Comment by Cheswick Monday, May 15, 23 @ 11:40 am
Seems like everyone is missing this:
“conversations in the months ahead.”
Canty’s support isn’t to move this forward in May, it’s to push negotiations into the summer and fall.
Comment by Google Is Your Friend Monday, May 15, 23 @ 11:43 am
- Juice - Monday, May 15, 23 @ 11:35 am:
He means college football playoffs, Final Four, etc.
Comment by Google Is Your Friend Monday, May 15, 23 @ 11:44 am
===Seems like everyone is missing this===
Not everyone.
Comment by Rich Miller Monday, May 15, 23 @ 11:45 am
I hope the Supt’s of all the districts in the area stick together and hire the best lawyers and tax experts and a professional public relations team to counter this insanity. I think the taxpayers know they about to get hosed.
Comment by regular democrat Monday, May 15, 23 @ 11:46 am
Being charitable I kind of (maybe) get why the $3 per ticket per event payment to Chicago stadium debt got a few Chicago House members on this bill but my bar coaster math is that with average ticket price of around $120 and a capacity of 61,500 each Soldier Field Bears game brings in $664k in 9% City amusement tax (or about $11 per ticket). $3 per ticket subsidy for Arlington Heights isn’t going to come close to offsetting that City budget hit or cover the nut on the City’s Soldier Field stadium debt.
Comment by ChicagoBars Monday, May 15, 23 @ 11:49 am
As an Arlington Heights resident, and with kids in the local schools, we’ve supported the Bears move as long as state/local financing is limited to road/infrastructure improvements.
The area around New Wilke, Euclid and Northwest Highway has been a mess for a while and most of us would be fine with improvement to those roads and probably with improvements to the Metra station at the site.
However, if they want to pay less to support local schools, there is going to be some heavy local opposition. People like Canty (who I have a ton of respect for) are really going to step on this.
The site on its own has a ton of potential. It is walking distance from downtown AH, it has its own train station, and part of it could be valuable as offices, given that the Rolling Meadows courthouse is directly across the street.
If the Bears don’t want to pay their share to support local schools, they are free to find an alternate location.
Comment by Crash Monday, May 15, 23 @ 11:50 am
===Seems like everyone is missing this:
“conversations in the months ahead.”
Canty’s support isn’t to move this forward in May, it’s to push negotiations into the summer and fall.===
LOL
That “months” is doing so much of the lifting, a bailout by Friday, dozens of Fridays after, “months” of Fridays after…
… the facts remain that these “Sponsors” are looking to bailout the Bears, in some way, and it’s likely, with these type of thoughts to it, going to hurt schools.
Now, the Bears give Chicago $300 million, privately finance BOTH portions of this property and agree to only a “5 year” adjusted taxing with TWO consecutive chances to renew, if both parties agree, I might even listen.
The Bears bought property thinking they can leverage, now they own property that they are on the hook for to make profitable
Not my worry.
Wants are not leverage pieces.
Comment by Oswego Willy Monday, May 15, 23 @ 11:52 am
First of all the Bears pay off the house they had built to their specification (the one on Lake Michigan).
The new house in Arlington Heights? Shouldnt have bought the land if they werent going to pay for their own improvements on the property themselves.
Other teams in the area have paid for this themselves without mooching off of taxpayers.
Comment by Jerry Monday, May 15, 23 @ 11:56 am
=Maybe I’m old-fashioned, but it seems highly inappropriate that the Bears (or any person or entity) would get to pre-negotiate the assessed value of their land.=
This process is more common than people realize. We experienced this when an ethanol plant came to town. What the schools are fearful of is when this goes to the PTAB (and it seems like it will). Businesses usually get big breaks that way.
The state legislature has absolutely no business getting involved.
The current real value of the land is what the Bears paid for it. That is pretty close to what happens when you buy a house.
Comment by JS Mill Monday, May 15, 23 @ 11:57 am
JS Mill is absolutely correct. If the Bears are successful at any point after the Board Of Review makes a decision on the appeal (PTAB or Circuit Court) the taxing bodies will need to come up with up to $11M per year in refunds. Good luck explaining that to your citizens.
Comment by DuPage County AV Monday, May 15, 23 @ 12:12 pm
==This process is more common than people realize.==
Fair enough; I didn’t know. Something still strikes me as inequitable about it, but I suppose the county benefits from getting a sense of what the Bears will and won’t agree to, and hearing some of the arguments the Bears will raise before they come up in an adversarial proceeding.
Comment by Garfield Ridge Guy Monday, May 15, 23 @ 1:52 pm
=The Bears pay $6.48 million annually to use Soldier Field=
A $6 billion business pays $6.4 million in “rent”. Are they having trouble making ends meet?
Comment by Cool Papa Bell Monday, May 15, 23 @ 1:59 pm
As a fellow AH resident, I want the Bears to pay the market rate. However, we also have to look at the real world here. Crash, I respect your point, but we also have to be practical. None of us as Village residents want the race track to be squatted on. Politics is the art of compromise and we have to come up with a solution tax wise EVERYONE can deal with.
Comment by Rahm's Parking Meter Monday, May 15, 23 @ 2:51 pm
This is with some sarcasm, but the Bears and Gov. DeSantis seem to have a lot in common. They both want to dictate terms on a lot of things and don’t seem to understand why people don’t like it.
Comment by Appears Monday, May 15, 23 @ 3:39 pm
No State money for direct or indirect support of the multi-billion dollar Bears.
No property tax reductions for same, with school districts fully protected.
In short, no public financing to support a business decision made unilaterally by the Bears. They rushed ahead when perhaps they should have proceeded more slowly, more thoughtfully. That’s on the Bears and should occasion no burden being placed on taxpayers. None.
Comment by Flapdoodle Monday, May 15, 23 @ 3:49 pm
=None of us as Village residents want the race track to be squatted on.=
I can appreciate that concern but I think it’s somewhat of a hollow threat. The Bears have every intention of developing the site with or without assistance and tax breaks. Why? Because it will only enhance the value of their multi-billion business. The enhanced value that these projects bring to communities has largely been debunked. What hasn’t is the reality that owning a professional NFL franchise in one of the countries largest markets is incredibly lucrative and continues to grow.
Comment by Pundent Monday, May 15, 23 @ 7:16 pm