Village Approves Predevelopment Agreement With Chicago Bears

ARLINGTON HEIGHTS, IL — Following Monday night's approval of a pre-development agreement between the Village of Arlington Heights and the Chicago Bears, a potential move by the National Football League team to the former Arlington Park property is one step closer to the end zone. The agreement, according to officials, is meant to give the Bears some assurances regarding the Village's "intentions and predictability of process," with a final purchasing decision on the 326-acre property expected in the first quarter of 2023.

"We've got a long, long way to go, but this is a very important and necessary step to move this redevelopment forward," said Mayor Thomas Hayes, regarding the non-binding agreement. "This is a pre-development agreement, not a redevelopment agreement.

The cost of the Bears' plan for the redevelopment of Arlington Park is estimated at around $5 billion. Coinciding with the vote on the pre-development agreement, the team also released its Master Plan Vision for Arlington Park, including renderings.

Last month, Bill Carstanjen, the CEO of track owner Churchill Downs Inc., said he thinks the real estate deal for the 326-acre property will be closed on early next year. Hayes told Patch he is "encouraged" by Carstanjen’s prediction, adding that it's consistent with what the Village Board has been hearing from the Bears as well.

In addition to the assurances, the goals of the pre-development agreement include:

• To establish a mutually agreed upon framework and goals for the key discussion topics in the event the project moves forward;
• To spell out certain expectations that the Village has of the CBFC during the process; and
• To provide the public expectations how the discussion will unfold.

The Bears signed a $197.2 million purchase agreement in September 2021. While the team continues to say it plans to build a new state-of-the art enclosed stadium at Arlington, along with an expansive arts and entertainment district, specifics of what the stadium will look like and how much it will cost remain a mystery.

Currently, the Bears play at Soldier Field on Chicago's lakefront. The stadium, which opened in 1924, is the NFL's oldest stadium. In July, Patch reported that Chicago Mayor Lori Lightfoot and city officials are attempting to convince the team to stay at Soldier Field with a planned renovation, which may include adding a dome to the stadium, that would cost between $900,000 and $2.2 billion.

For several months, Village officials have said once the Bears make a purchasing decision, a more formal review will begin on the plan, including a review of the economic impact, financial, and transportation studies.

The Bears have said the redevelopment of the Arlington Park property is projected to result in the creation of 48,000 jobs, $9.4 billion in economic impact for Chicagoland, and provide $3.9 billion in labor to workers across the region, according to the project's website. Following its completion, the Bears predict more than 9,750 long-term jobs will be created, which will result in $1.4 billion in annual economic impact for Chicagoland and provide $601 million in annual labor income to workers across the area.

The team also anticipates the redevelopment of the property will generate $16 million in annual tax revenue in addition to property taxes for Arlington Heights, $9.8 million for Cook County, and $51.3 million for the State of Illinois.

RELATED BEARS TO ARLINGTON PARK COVERAGE:

• Arlington Sale To Bears Set For Early 2023: Track Owner, Mayor
• Bears' Plans For Arlington Park Could Be Rejected By Board: Mayor
• Pre-Development Agreement For Bears At Arlington Draws Some Skepticism
• Arlington Heights Trustees Nix Corporate Welfare Measure For Stadium
• Bears' 'Multi-Billion Dollar' Arlington Park Plan Could Take 10 Years
• Chicago's Soldier Field A 'Bizarre Mix Of Past And Present': Report
• Sweet Dome Chicago: Lightfoot, City Announce Soldier Field Plans
• Bears Hire Architect For Arlington Heights Stadium Design
• Bears Sign Purchase Agreement To Buy Arlington Park For $197M