Bears Ready To Demolish Arlington International Racecourse: Report

ARLINGTON HEIGHTS, IL — A wrecking ball may soon be knocking down the grandstand at the former Arlington International Racecourse, according to a report. The move would be the latest of several recent developments that indicate the Chicago Bears intend to move the team to Arlington Heights.

The team filed paperwork Wednesday requesting to begin the demolition of the horse racetrack property, reports the Chicago Tribune. The Bears told the newspaper that the first phase would be to gut the interior of the grandstand at the 326-acre property.

In February, the Bears closed on the $197.2 million property agreement for the former racetrack, but team officials have said that they have not decided on whether to develop the property, including building a new stadium that would move the team out of Chicago in the future. The team is also looking into building an entertainment complex on the site, along with housing.

Earlier this week, Cook County Assessor Fritz Kaegi announced a reassessment of the value of the property. An increase in property taxes could be up to $15 million a year, reports Crain's Chicago Business. The Bears have said Kaegi's assessment, which is currently being appealed to the Cook County Board of Review, has nothing to do with the demolition plan despite the timing. Demolishing the grandstand could lower the value of the property and subsequent taxes.

"Paying property taxes is part of being a member of the community. We want to pay our fair share. But the proposed assessment of the unoccupied property we purchased, and the taxes associated with it, would be more than five times what the property generated when it had an income-producing racetrack operating on it. Arlington Park would not be redeveloped by anyone at such an excessive property tax rate," team officials told the Chicago Tribune in a statement.

The Bears continue to maintain that they will not seek public funding for a potential new stadium on the site, but will be looking for help to pay for the rest of the project, which some estimate could be in the $5-$10 billion range. Last year, Bears Chairman George McCaskey said the "multi-billion" dollar project could take up to 10 years to complete.

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