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The Bears have not yet decided where their next stadium will be built. Everything is still on the table.
The Bears are still turning over stones and exploring all of their options, according to CEO and President Kevin Warren. They remain interested in Arlington Heights, the only site they have formally acquired for the project, as well as the Soldier Field South parking lot, which they intend to use for a future stadium.
However, what about Chicago’s downtown? On Wednesday, Warren waxed poetic about Chicago’s downtown.
“What intrigues me about downtown is I strongly believe Chicago is the finest city in all of the world,” stated Warren. Seldom do you get the chance to have a city as lovely as this, a thriving business sector, a stunning lake, and the enthusiasm that goes along with it. Since it’s always about the fans, my constant thought is how to combine the aesthetics of the lake, downtown, the business community, and all the art displays to create a cohesive setting.
“How can we make an atmosphere that they truly love? Not just on our game days, but also from other sources like music, art, and food. My residence is downtown. I adore the city. Furthermore, I consider it a blessing that we can call Chicago home. It has a lot of advantages. I’m a major supporter of the Chicago region. Although I strongly support Arlington Heights, there is something truly unique about downtown Chicago.
In February 2023, the Bears formally acquired the 326-acre plot of land in Arlington Heights. They agreed to buy in September 2021, but they didn’t pay the $197 million until two years later. The Bears went on to say that they bought the properties in Arlington Heights and Arlington Park “to secure the potential of beginning a new and exciting chapter for the Bears, our fans, the Chicagoland community, and the State of Illinois.”
It hasn’t all been sunshine and rainbows since then. The Bears encountered property/tax assessment problems with the Arlington Heights school districts during the summer of 2023.
Cook County had previously appraised the property at $33 million. Nonetheless, Assessor Fritz Kaegi’s office determined the valuation to be $197 million during a triennial reassessment. The Bears’ property tax burden would obviously soar after that six-fold increase.
Churchill Downs filed an appeal claiming that the property was worth $37.2 million. Churchill Downs was responsible for the higher tax levy in 2022. The region’s property tax-funded school districts responded with $150 million. After reaching a settlement of $95 million, Churchill Downs’ tax payment decreased from around $16.2 million to somewhat less than $7.8 million. However, that is only a one-year contract between the parties. Next up on the hook will be the Bears.
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