Report – Chicago Bears owner Virginia Halas McCaskey has completely sold the entire team over $3.5 billion

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The Bears closed Arlington Heights deal 1 year ago. Here’s where things stand

The Cook County Board of Review informed the Chicago Bears on Wednesday that it had decided to maintain the property’s value at $192 million, which would nearly quintuple their tax burden. This decision comes as the team continues to fight over its Arlington Heights property taxes. Reports from Bennett Haeberle.

The Chicago Bears finalized their purchase of the former Arlington International Racecourse on Thursday of last year, but while their conflict with Arlington Heights rages on, fresh revelations are making the team’s stadium plans more challenging. The team was notified on Wednesday by the Cook County Board of Review of its decision to maintain the property’s $192 million valuation, which would nearly quadruple its property tax obligation.

This decision increases the pressure on the Bears and the three local school districts—whose budgets are based on those property taxes—to settle their protracted dispute over the precise value of the 326-acre land. The Bears paid $197.2 million for the land where the former Arlington International Racecourse stood with the intention of developing it into a multibillion dollar stadium complex that would include retail, dining, residential real estate, and other amenities.

Here is a timeline of the Arlington Heights project that the team worked on, along with a detailed report on the decisions made this week by the Cook County Assessor’s Office. The Bears make a bid to purchase Arlington Park on June 17, 2021. After announcing that the team had put in a proposal to purchase Arlington Park from Churchill Downs, then-Bears CEO and Team President Ted Phillips said that the group could “further evaluate the property and its potential.”