Property Tax Agreement Reached At Arlington Park: Board Of Review

ARLINGTON HEIGHTS, IL — With the interior demolition of Arlington International Racecourse set to begin, the Cook County Board of Review announced Thursday a property tax agreement has been reached between the owners of the site and several local school districts. The new agreement sets the value of the property at $95 million.

The 309-acre former horse racetrack, formerly owned by Churchill Downs, Inc., was valued at $197 million for tax year 2022, a six-fold increase from its previous 2021 assessment of about $33 million, according to Frank Calabrese, a Certified Illinois Assessing Officer for the Cook County Board of Review. The increase revolves around a potential stadium project at the site by the property's new owner, the NFL's Chicago Bears.

In February, the Bears closed on a $197.2 million property agreement to buy the former Arlington Park racetrack. Team officials called it a "major step" in an expected long process geared toward building a new stadium and entertainment district on the property.

Following the reassessment of the property last month by Cook County Assessor Fritz Kaegi, Churchill Downs filed an appeal with the CCBR. According to a news release, a review of the reassessed value is pending. Churchill Downs requested a market value of $37,230,000, citing a depreciation of the buildings on the site. In response, four local school districts submitted an appraisal to the Board and requested that the site be valued at $150 million. The Board said the school districts used a sales approach to value to come up with the figure.

"After an extensive review of the proposed agreement by my team, we believe that a fair settlement has been reached between the property owner and local taxing bodies," Cook County Board of Review Commissioner Samantha Steele said. "Thanks to careful analysis and collaboration, this settlement ensures that the property value is assessed appropriately to secure tax funds that support local school districts throughout the community."

The announcement follows last week's decision by the Village of Arlington Heights to approve permits for Phase 1 of the demolition of Arlington Park, per a request made earlier this month by the Chicago Bears. The approval allows for interior demolition, the first step in a phased process, of certain structures at the former horse racing track.

The phased demolition will start by knocking down the interior of the grandstand at the 326-acre property. The cost for the entire demolition process is projected to be around $4 million.

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