Cook County Treasurer Maria Pappas warns that potential property tax breaks for a proposed Chicago Bears stadium could cost taxpayers over $1.5 billion over 40 years.
A new 12-page analysis from Cook County Treasurer Maria Pappas suggests that proposed property tax incentive legislation, currently being debated in Springfield to retain the Chicago Bears, may provide clear benefits for the team while creating financial uncertainty for local taxpayers. The report estimates that if the team builds a dome in Arlington Heights, assessed at a $675 million market value, it would normally face a $53.2 million annual property tax bill. Under the current incentive proposals, the team would pay a PILOT payment of $10 million, resulting in an estimated annual tax break exceeding $39 million.
The analysis warns that such "megaproject" tax freezes could severely limit the growth of the local property tax base, potentially forcing other taxpayers to cover the resulting shortfall for public services like schools and emergency infrastructure. As the Bears weigh options between Arlington Heights and Hammond, Indiana—the latter of which is offering a $1 billion taxpayer subsidy—the legislative window to pass the incentive bill in Illinois closes this Sunday.
Governor Pritzker provides an update on a proposed megaprojects bill aimed at securing a new domed stadium for the Chicago Bears in Arlington Heights.
Officials issued a tower crane permit for the $750 million, 22,000-seat McDonald’s Park stadium in Chicago’s The 78 development.
Proposed Illinois legislation could grant the Chicago Bears a $39 million annual property tax break for a new $2 billion stadium in Arlington Heights.
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