Progress on the new Chicago Bears stadium is delayed due to tax assessment issues.
In February 2023, when the Chicago Bears acquired the former Arlington International Racecourse land, it appeared that construction of a new stadium in the suburbs was imminent, marking a significant shift after more than a century in the city of Chicago.
Nearly a year has passed, and progress has been sluggish.
The racecourse's existing structures have been demolished, a predictable move given the previous owner, Churchill Downs Inc., had no intention of continuing horse racing at the venue. The Bears covered the demolition expenses, raising hopes for the next phase.
However, a behind-the-scenes issue has now come to light. The Bears and three local school districts are reportedly at odds by $100 million concerning the land's value. This disagreement has prompted both parties to present their cases to the Cook County Board of Review to determine the annual property tax liability for the Bears on the site.
The property was initially assessed at $197 million in July, matching the Bears' purchase price. Nevertheless, the team contends that a new assessment should reflect a lower value following the demolition of multiple structures on the property.
Although the three-person review board has yet to make a decision, Board Commissioner Larry Rogers Jr. appears to support the Bears' argument. He expressed concerns about assessment accuracy, stating, "We've observed numerous issues with the assessments from the assessor's office. Sales chasing, in particular, is a significant concern in this case, given the value set by the assessor and the published sale price."
In essence, 'sales chasing' refers to assessments based on the sale price rather than the land's intrinsic value. Scott Metcalf, the attorney representing the school districts, acknowledged that relying solely on sales chasing valuations might not be appropriate but noted, "Vacant parcels are assessed based on the individual circumstances of each parcel."
Negotiations between the parties have been ongoing for weeks, and while Tuesday's meeting may appear concerning, Metcalf clarified that the case was presented to the board because "we have not yet reached a settlement."
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