Why are Bears not moving to Arlington Heights?

Why are Bears not moving to Arlington Heights?

Arlington Heights. The Bears thought they would be paying property taxes of $2.8 million per year, but a recent assessment of the property could raise that tax bill to $16.2 million per year, something the Bears aren’t on board with.

Will the Bears moving to Arlington Heights increase property value?

The Chicago Bears football team’s proposed move to Arlington Heights may see property values in the suburban town grow significantly. Although they have not finalized a deal, the Bears organization entered a purchase agreement to buy the recently closed Arlington International Racecourse property.

Did the Bears buy the property in Arlington Heights?

That battle has to do with the value of the 326-acre site that once held the former Arlington International Racecourse. The Bears purchased the property from Churchill Downs in February, for $197.2 million, with plans to build a new stadium complex that includes commercial and residential development as well.

Will Chicago get another NFL team?

Mayor Lori Lightfoot has hinted at the possibility of trying to bring a second team to the city – as the Bears’ move to Arlington Heights seems more likely than ever. But as CBS 2’s Jackie Kostek reported Wednesday, experts think such an idea likely is not realistic.

How much land did the Bears buy in Arlington Heights?

CHICAGO — The Chicago Bears took another step toward leaving Soldier Field on Wednesday when the team announced it has officially closed on its purchase of the 326-acre Arlington Park property. The latest milestone for the Bears was delivered in an open letter from the team’s Twitter account.

Why don t Bears live in Ohio?

Unfortunately, unregulated hunting and habitat loss rendered bears extirpated from Ohio by 1850.

Who is paying for new Bears stadium Arlington Heights?

The Bears have said from the start of the process that they will fully fund the construction of the stadium, which is expected to cost between $2 and $3 billion. However, the team has said multiple times it will need help with the development of the other areas.

Why would Bears move to Arlington?

In Arlington Heights, the team has ample land to build around a stadium like other NFL teams have to create a lucrative cash cow. While the location of Soldier Field is exquisite, providing breathtaking views of the city, Grant Park and the lake, it’s ironically painful to travel to.

What did Bears pay for Arlington?

The Chicago Bears announced Wednesday afternoon they have officially purchased the Arlington Park property in Arlington Heights. The Bears made the purchase for $197.2 million.

How much debt is the Chicago Soldier Field in?

Much of the debt issued in 1989 for the authority-owned Guaranteed Rate Field, home to Major League Baseball’s Chicago White Sox, has been retired. With interest, ISFA owes $743 million of debt through 2032. Debt service this year totals $53.5 million and rises to $56.8 million next year.

Do the Bears make money from Soldier Field?

The Bears have a lease agreement to rent Soldier Field from the city of Chicago through 2033. The organization cannot maximize its profits because of its lease. The city takes a chunk of the team’s revenue for anything related to the stadium.

How much do the Chicago Bears pay to use Soldier Field?

The Bears pay $6.48 million annually to use Soldier Field, under the terms of a lease set to expire in 2033 that can be terminated early as long as the team pays a penalty.

Why are the Bears leaving Chicago?

A new stadium would fully guarantee the profits to the organization. More on the economic standpoint, the Bears do not own the restaurants/businesses around Soldier Field. In Arlington Heights, the team has ample land to build around a stadium like other NFL teams have to create a lucrative cash cow.

Did the Bears close on Arlington?

On Wednesday, the team confirmed that they have closed on the Arlington Park property which they initially placed a purchase agreement on in September 2021. It marks the team’s biggest step so far in making a move out of the City of Chicago in their efforts to build a new domed stadium in the northwest suburbs.