Arlington Park board voting on pre-development agreement with Bears


ARLINGTON HEIGHTS, Ill. — The Arlington Heights Board of Trustees is voting on a pre-development proposal for the potential Bears stadium Monday night as well as an important new zoning change.

The pre-development proposal is a non-binding roadmap that lays out how the parties will work together moving forward if the Bears close on the purchase of Arlington Park.

The $5 billion plan would transform the 326-acre property into a new state-of-the-art NFL stadium and surrounding entertainment district, which would include bars, restaurants, hotels, a hall of fame, sportsbook, housing and open space.

At last month’s village board meeting, trustees rejected a proposal that would ban public financing of the project. Some residents are wondering if their property taxes will increase.

“If we had to invest initially, if there was a way to guarantee a payback. if you look at Rosemont that would be ideal,” resident Joe Murglin said. “I’d want to be careful and cautious to make sure it wouldn’t end up costing us money in the long run that would be bad.”

According to the pre-development agreement, public financing could come from a special tax increment financing (TIF) district, assessments, as well as parking and sales tax in the stadium area.

Mayor Tom Hayes said the Bears have also laid out transportation plans to redirect and mediate traffic.

“Part of this redevelopment agreement is that any financial incentives going forward,” Hayes said. “The village might offer have to result in a net fiscal positive for the community.”

Trustees will also vote on whether to permit a zoning change to allow the Bears to build a sports wagering facility on the property.

Source link

Related Articles