How Business Can Get on Board with a Bears Stadium Deal
The former Arlington International Raceway, the proposed site of a future stadium and entertainment complex for the Chicago Bears.
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A potential legislative effort to clear the way for the Chicago Bears to negotiate a local tax break and build a $5 billion stadium and entertainment center in suburban Arlington Heights could get a helping hand from business interests in the state.
Legislation expected to be introduced this spring would allow the Bears to pay ta negotiated amount on the property taxes on the site of the old Arlington International Racecourse.
The tax break, known as Payment in Lieu of Taxes (PILOT), would likely reduce the property tax bill due for the team, making the development more likely and potentially profitable.
“[The Bears are] a huge economic driver and a source of pride for the state. So they deserve everything they can get," Illinois Chamber of Commerce President and CEO Todd Maisch told the Daily Herald this week. "We think it's really, really important that the Bears stay in the state of Illinois, and there's no reason they can't be here. I would love it if they could find a way to work it out with the city of Chicago, but it doesn't sound like that's going to happen.”
Mark Denzler, President & CEO of the Illinois Manufacturers’ Association told me on WMAY Radio Thursday the PILOT provision could benefit large manufacturers looking to locate in the state.
“A lot of people link it to the Chicago Bears, [but] we’re supportive because of manufacturing projects,” Denzler said. “Look, we’re trying to attract new automakers, battery manufacturers, chip manufacturers, and mega projects. This is a local control issue. If local governments want to negotiate with a manufacturer on a project coming here, 35 other states have it and Illinois doesn’t. So when these companies go to negotiate, we think that’s another tool we can put in our economic development toolbox here in the state.”
Any legislation, which hasn’t surfaced yet, will likely come under intense scrutiny from Chicago legislators who will be pressured to prevent the team from leaving the city.
"The legislature will decide what's the appropriate balance," Maisch said. "But the Bears are a huge asset to the state of Illinois and they deserve every opportunity to make their case and say that we want to be in Illinois, we want to have this economic development asset that will exist for the next 50 years probably. And give us our fair shot at convincing the legislature this is a really good idea."