Bears' Arlington Heights Move Complicated by Potential Property Tax Hike

NBC 5 investigates the Bears'

move

to Arlington Heights. It has a little more compensation and is more expensive after purchasing the racetrack in February. Team support for a big increase. NBC 5's Alex Miragos investigating. He's here now to explain Alex Allison and Stefan as you know. There hasn't been a race at that track in a year and a half, that massive facility now sits idle, but the Cook County assessor's office says it's still worth much more than before, as the Bears make a play for a new stadium in Arlington Heights. The biggest question remains how they will pay for it.

This is not a well-known team nor a family known for wasting money, and before you could

move

a shovel of dirt on the 326-acre site, equipment costs may have already increased. The Cook County Assessor has dramatically increased the cost of

potential

ly bearing the tax bill by reassessing the

property

far above what it was, as Cranes' Greg Hines first reported. Cook County Assessor Fritz Cages' office raised the value of the

property

from $33 million to $197 million. That new value was almost exactly what the Bears paid for that land and that could increase six times the property tax bill at $15 million a year $15 million is a lot for the Bears $15 million is probably what a couple of good players have cost a year.

Churchill Downs previously owned the property and may still have to foot the initial bill. He filed an appeal with the Cook County review board. No taxpayer ever disagrees with that value. They have the opportunity to appeal to Commissioner Samantha. Steele says there is a hearing scheduled for June 2. The commissioner's board of review has taken the evidence presented by the assessor and the taxpayer and, in some cases, now by a different taxing body and we know that the evidence that the Bears have long said to develop the land need certainty in their property taxes and as they push for a long-term plan in Springfield, this latest development may increase the cost of holding land before they can develop what Mr.

Keggy's move effectively does is increase holding costs. For any delay while they figure this out, they have to do it or make a decision a little faster or it's going to cost them, of course, the team is still years away from making money from games on that site, the evaluator's office says that He compared the property to recent sales of large parcels of land nearby to determine that new value. The owner said in a statement that they want to pay their fair share, but added that Arlington Park would not be redeveloped by anyone on such excessive property. tax rate without quotes Allison stay tuned thanks Alex