Chicago Bears finalize deal to buy site for a new stadium

The Chicago Bears embarked on a new era Wednesday with the purchase of a site in Arlington Heights where the team hopes to build a new enclosed stadium with a massive entertainment and residential development.

Despite the sale, the organization maintains the stadium and development are still big “ifs,” dependent on the team getting certainty on property tax limits and public subsidies to help build infrastructure for the project. But the team issued an open letter calling the purchase “an important next step” to see if the plan is feasible.

By shelling out $197 million for the 326-acre Arlington International Racecourse site, team officials plan to leave behind Chicago’s Soldier Field in favor of owning their own stadium where they could also hold marquee events like the Super Bowl or NCAA basketball championships.

The announcement comes shortly after a “megaprojects” bill was introduced in Springfield that could help the Bears finance their plans by freezing the property tax assessment for up to 40 years. But state lawmakers from Chicago are unlikely to help the Bears leave, and downstate legislators will want something in return. Even the bill’s sponsor, state Sen. Ann Gillespie, a Democrat from Arlington Heights, has expressed doubts about the measure.

There already is opposition in Springfield to tax breaks for the Bears to leave Soldier Field, where they have played since 1971. When state lawmakers recently created a fund to attract companies to locate in Illinois, they went out of their way to prohibit its use for pro sports teams that relocate within the state.

Gov. J.B. Pritzker has also voiced his objection to state subsidies, saying, “It’s not our obligation as the state to step in and provide major funding, and I certainly don’t want to burden taxpayers with, you know, major support for a private business.”

— Robert McCoppin, Dan Wiederer, Caroline Kubzansky, Dan

Petrella, Chicago Tribune