What's Happening?
The Chicago Bears are planning a significant move to Arlington Heights, which is expected to have a transformative impact on the Chicagoland economy. The proposed development at the Arlington Park site involves a capital investment exceeding $5 billion, with over $2 billion coming from the Bears organization. This project includes the construction of a new stadium and a mixed-use district. The Bears are not seeking taxpayer funding for the stadium itself but are requesting the ability to negotiate tax obligations with local entities to ensure predictability. The development is projected to generate approximately $1.3 billion in net new annual economic activity across Illinois, supporting jobs and business growth. Additionally, it is expected to produce
nearly $2 billion in net new tax revenues over 40 years for local, county, and state governments.
Why It's Important?
The move to Arlington Heights represents a rare opportunity for Illinois to benefit from a large-scale private investment that promises to deliver jobs, long-term revenue, and global visibility. The development is expected to enhance the region's ability to host major national and global events, such as Super Bowls and NCAA championships, which would drive year-round tourism and spending in hotels, restaurants, and retail. This influx of economic activity would benefit communities throughout the region, including Chicago and Cook County. The project also involves necessary public investment in infrastructure, which would improve daily life for residents and support future development. The projected state tax revenues from the development are expected to exceed the infrastructure investment, making it a fiscally responsible decision.
What's Next?
The next steps involve continued discussions and negotiations to ensure tax certainty for the Bears' development. This predictability is crucial for moving forward with one of the most significant economic development projects in the region's history. Stakeholders, including regional business leaders and civic organizations, are advocating for thoughtful and transparent discussions to ensure the best outcomes for workers, businesses, and communities across Illinois. The project is poised to proceed in good faith, with an emphasis on the long-term benefits it promises to deliver.
