In the ongoing saga to develop a new stadium for the Chicago Bears at the former Arlington Park racecourse, a critical financial deadlock has emerged. The team and local school districts in Arlington Heights are currently at a $100 million valuation dispute.
The contention centers around how much the sprawling site is actually worth, a question with significant implications for both the future of Bears football and local education funding.
According to sources, during a session before the Cook County Board of Tax Review, the schools levied an appraisal suggesting the land is valued at $160 million. In stark contrast, the Bears have introduced two separate appraisals valuing the property significantly lower at $60 and $72 million.
This discrepancy has put a momentary pause on development plans, leaving fans and residents anxiously awaiting a resolution.
In the weeks ahead, all eyes will be on the Cook County Board of Tax Review as both sides await the final determination of the property’s value. This decision will not only affect the timeline and feasibility of the Bears’ ambitious plans but also impact the funding and resources available to local schools in Arlington Heights.
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