School Districts Value Arlington Park Property At $160M

ARLINGTON HEIGHTS, IL — While the Chicago Bears continue to explore their options, one of the properties being eyed to be the future home for the football team was recently valued at $160 million. Three Arlington Heights area school districts — Community Consolidated School District 15 (based in Palatine), High School District 211 (based in Palatine), and High School District 214 (based in Arlington Heights) — said Friday that they secured two independent appraisals of Arlington Park.

The Bears purchased the 309-acre former horse racing track for $196 million in February. The Cook County Assessor assessed its 2023 fair market value at $192 million in June.

According to a Friday news release, the school districts "continue to be supportive of the potential redevelopment" of the site. The districts continue to be engaged in conversations on "wide-ranging topics" with the Bears and the Village of Arlington Heights.

MaRous & Company, based in Park Ridge, handled the latest appraisals for the school districts.

In June, the Bears said they were exploring other options for a new stadium if Arlington Park doesn't work out, with the sides reportedly at a "stalemate." Naperville, Aurora, Waukegan, and staying Chicago are all on the table, according to officials.

The Cook County Board of Review announced that month that a property tax agreement had been reached between the owners of the site and the local school districts. The new agreement set the value of the property at $95 million. The original assessment at Arlington Park was five times the 2021 tax value, and a settlement with former property owners Churchill Downs for 2022 was three times higher.

"The school districts, like our neighboring school districts, routinely become involved in property tax matters to defend against unwarranted reductions in the assessments of significant commercial and industrial properties," the school districts said in a joint news release regarding the latest development. "We do so because the reductions being sought on these significant properties increase the tax burden on homeowners and can reduce the amount of money available to fund education."

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