Arlington Heights could net $15M a year in taxes from future Bears stadium, report says
ARLINGTON HEIGHTS, Ill. – A future Chicago Bears stadium in suburban Arlington Heights could net the village about $15 million in new annual tax revenue, according to a preliminary economic impact report.
The Bears are planning to build a fixed-roof 60,000-seat stadium with a mixed-use development at the former Arlington Park site.
What we know:
The Village of Arlington Heights noted that while the project is still in its early stages, the economic impact report shows a new stadium could generate “substantial” new revenue for local taxing bodies and the state, and create thousands of new jobs.
“These reports demonstrate the tremendous potential of the Chicago Bears development for our community and the Chicagoland region,” said Mayor Jim Tinaglia in a statement. “This is an important step as we continue to evaluate the possibilities of our partnership with the Chicago Bears Football Club.”
The Chicago Bears released new renderings of a proposed fixed-roof stadium and mixed-use development in Arlington Heights, designed by Manica Architecture. (Manica Architecture)
New tax revenue and jobs
By the numbers:
Once the entire property is developed, the village is expected to collect about $15 million a year in new tax revenue. Much of that revenue ($9 million) will come from the village’s amusement tax.
Over 40 years, the whole project is estimated to produce more than $500 million in total tax revenue.
Other studies will be completed to assess the cost of the infrastructure, traffic, and transportation needs for the new stadium. The village said some of the new revenue will be needed to cover additional village staffing and infrastructure costs related to the stadium.
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The Bears agreed not to ask the village for any funding for the stadium. Still, the team will seek public funding for $855 million in infrastructure costs, although it doesn’t specify what the exact source of such funding would be.
A new stadium development would also create an estimated 5,400 new full-time equivalent jobs, according to the report. That figure does not include construction jobs.
The Chicago Bears released new renderings of a proposed fixed-roof stadium and mixed-use development in Arlington Heights, designed by Manica Architecture. (Manica Architecture)
Construction timeline uncertain
What’s next:
The village said the results from the economic impact reports are “a good start,” but more studies are underway to assess the costs for infrastructure, traffic, and transportation needs.
It’s unclear when construction on the stadium would actually begin. That’s at least in part because team and village officials want state lawmakers to pass a bill that would allow the team to negotiate with local governments over its property tax bills.
“The Village continues to believe that a Megaproject bill is necessary to make this project possible,” Tinaglia said in his statement. “A bill of this type will serve as a key economic development tool to attract large-scale investment in communities across Illinois. The Village looks forward to continued collaboration with the Club, state leaders, and regional partners on this important project.”
State lawmakers would have to pass the bill during their fall veto session, which would require a three-fifths majority, a higher bar than normal.
The Village of Arlington Heights explained that such a bill would not exempt large-scale developers like the Bears from paying taxes or give money to private businesses.
Read the full economic impact report here.