Bears Advance Stadium Studies for Arlington Heights Site

Speculation on the Chicago Bears’ potential move to Arlington Heights is being downplayed by village officials, even as the NFL team pushes forward on economic impact and traffic studies of its northwest suburban site.

Arlington Heights Mayor Tom Hayes addressed the rumors on Thursday, confirming that while the NFL team advances some preliminary development work in the northwest suburb, no formal agreement has been finalized, the Chicago Tribune reported.

The Bears are exploring a new $5 billion stadium on the site of the former Arlington International Racecourse. The NFL team purchased the 326-acre property in the northwest suburb for $197 million in 2023. The stadium would be built as part of a larger mixed-use development with residential units, retail space and an entertainment district.

The team later pivoted away from Arlington Heights in pursuit of a lakefront stadium near Soldier Field, but that plan has so far failed to gain enough traction.

It initially received the backing of Mayor Brandon Johnson, but hasn’t built support with Illinois Gov. J.B. Pritzker due to the requested level of public funding. The Bears had pushed for $900 million in bond financing from the Illinois Sports Facilities Authority and $1.5 billion in infrastructure funds, including an immediate $325 million for construction.

Talk of a stadium agreement in Arlington Heights began later last year after the Bears secured a tax deal with the village. The tax agreement sets the site’s assessed value at $124.7 million, reducing the tax rate to $3.6 million annually through 2027.

If construction plans are submitted, the tax rate remains fixed; otherwise, annual increases of 2 to 5 percent will apply. Provisions of the deal are exclusive to a stadium and do not cover other forms of construction. The tax agreement also includes a safeguard that voids the agreement if the Bears pursue a stadium elsewhere.

The Bears are awaiting traffic and economic impact studies, expected within the next week. This will evaluate the feasibility of a new stadium development at Arlington Heights.

— Andrew Terrell