Tensions have been steadily rising over the past several weeks since the Chicago Bears announced they were exploring a move to Northwest Indiana. This came after the Illinois state government informed them the team would not receive any attention in the upcoming legislative session regarding their push for help with their new stadium in Arlington Heights. Feeling backed into a corner, the Bears decided it was time to try something else. Indiana’s governing body has been aggressive in its efforts to lure the team south, passing legislation that would enable the Bears to lease and eventually own a new stadium at a location of their choosing. This seems to have caught the attention of Governor JB Pritzker.
He stood before the assembled press on Monday to announce the expansion of the Sales Tax and Revenue (STAR) program. During his time fielding questions, he was asked about the Bears’ situation.
“This was not written for the Bears. I think, as you know, this can be used by local governments. We’re not specifically looking at it that way. Perhaps the Bears are. But there’s a lot of discussion, a lot of ongoing conversations with the Bears, and indeed, frankly, progress that’s been made. So I’m pleased about that.”
He went on to say that he believes this new legislation is a key stepping stone toward reaching an agreement with the Bears to keep them in Illinois. Talks have picked up. While Pritzker remains adamant that the state won’t help with building the stadium, he seems confident the STAR program is a key breakthrough.
JB Pritzker knows the STAR program crosses an important bridge.
The Bears have already made it clear they will finance building the stadium themselves. However, that won’t be possible without some sort of cap on property taxes and, more importantly, help with building out the infrastructure to make the project viable. That second part was a big sticking point. However, the STAR bonds program can be a game-changer. Here is a description of what they are from Illnois.gov.
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“Sales Tax and Revenue (STAR) bonds support economic growth by financing the development and revitalization of major tourism, entertainment, retail, and destination-based projects in STAR bond districts.
The Statewide Innovation Development and Economy Act was recently expanded to extend the availability of STAR bonds to support municipalities in every region of the state by empowering them with additional financing options to meaningfully invest in capital projects that will attract visitors and spur additional revenues in local economies.”
All of that is fancy language to say that local regions can now use those bonds to finance infrastructure improvements to attract tourism and businesses to their areas. In other words, there is now a way for Arlington Heights to secure the funds needed to make that new stadium complex a reality. There are obvious details to work through, but this is a big piece to the puzzle that was missing. Next on the agenda is figuring out the glaring issue with property taxes.
The Bears would not survive the current tax structure.
Arlington Heights Mayor Jim Tinaglia addressed this problem in an interview with ESPN 1000. He stated that under the current property tax laws, the Bears would be required to pay an estimated $210 million annually. For context, SoFi Stadium in California has the league’s highest property tax rate at $8.8 million. So you can see why the Bears need assistance from the state to fix that situation. They can’t build their stadium knowing they could be charged $20 million a month just to conduct business on the land.
A solution to this is already in play. A “megaprojects” bill is circulating in Springfield that would help put a cap on property taxes for large business entities like the Bears. Thus far, JB Pritzker and his government haven’t put forth the effort to get it over the finish line. With the STAR program out of the way, there is now time to do that. Time is running out. It’s been reported that the Bears will likely leave for Indiana if something isn’t done before the end of February.
Luckily, Paris Schutz of Fox 32 Chicago revealed that talks have indeed progressed.
“The legislative sources say Governor JB Pritzker and legislative leaders are on board with a public funding package for infrastructure around the Arlington Heights site, as well as the so-called “PILOT” legislation that would give the team the ability to negotiate property tax levels with the village.
The legislative sources say the sides are hammering out details on measures that would ensure ticket price affordability for fans who want to attend games and events at the new stadium.”
Unless things completely fall apart, it sure sounds like the Bears won’t be leaving for Indiana after all, which would be a welcome relief for many fans.
