ARLINGTON HEIGHTS, Ill. (WGN) — It doesn’t appear the tax bill Arlington Heights is counting on for the Bears stadium project will be a priority in Springfield’s October veto session, but the Mayor Jim Tinaglia says he’s confident it will eventually pass.
At a town hall event with state representatives, Illinois House Speaker Emanuel Chris Welch addressed the push to build the new stadium.
“Certainly, everyone’s making their case. The Bears are having meetings with legislators,” Welch said. “In the past there has not been support for helping the Bears.”
But there is some support in Springfield for the Megaproject Bill that provides tax certainty for municipalities like Arlington Heights and the owners of huge developments, like the Bears, by allowing them to negotiate tax agreements.
“To do it in the normal way where the Cook County Assessor assess it on the value, it’s unaffordable,” Tinaglia said. “The park district, the school district, Arlington Heights, Cook County — everybody has a seat at the table to design those taxes in this megastructure program. That’s how this gets done.”
Arlington Heights released a new economic impact study that says the stadium development could bring the village $15 million in tax revenue each year, in line with the Bears’ economic impact study that estimated $18 million in annual revenue for the village.
“$15 million is a big number for any community and that’s just a starting point. This is a property that’s going to grow well past its boundaries,” Tinaglia said.
Tinaglia compared the possible sprawl to Wrigleyville, with this $5 billion project that includes retail and offices, housing and hotels.
The Bears say they’ll pay more than $2 billion for the stadium, which will cover about a third of the 326-acre site. That’s the part that hinges on the Megaproject Bill.
“I’m not super confident it’s something that’s high on the list of priorities down in Springfield right now. I think that’s what we heard tonight. There’s a lot to do down there, but I know it will get done,” Tinaglia said.
In the meantime, the village is studying how much it will have to spend on infrastructure costs. A project will not be approved if there’s not a net benefit.
Officials say they also need to work out agreements with the Illinois Department of Transportation, Metra, Union Pacific and other agencies.
Jenna Barnes
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