With apparent progress on the Megaprojects Bill in the Illinois House of Representatives session, the Village of Arlington Heights provided a short and simple statement regarding Arlington Park:
“We are encouraged that the Megaprojects Bill was approved by the House of Representatives in Springfield. This is a major accomplishment and meaningful leap forward for the redevelopment of Arlington Park.
“We will continue working with the Chicago Bears and State legislators to move the Bill through the remaining approvals and keep this momentum going. Village leaders remain confident that the Arlington Park property in Arlington Heights is a unique, one-of-a-kind location with easy access to O’Hare Airport, I-90, and Route 53; including a dedicated Metra Station, and convenient location in the heart of the Northwest Suburbs, which would be the best possible location for the Chicago Bears to own a state-of-the-art stadium and entertainment district.
“I’m truly encouraged by yesterday’s progress and optimistic that we can maintain this momentum as the Bill moves through the legislative approval process. Our belief that this property offers immense potential for the Chicago Bears, the region, and the State of Illinois, has never wavered. Now that the Bill passed the House, we’re one step closer to working towards a world class site concept that is a win for our community, the team, and the region as a whole.”
—- Mayor Jim Tinaglia
The House of Representatives passed Amendment 3 to House Bill 910 on Wednesday night with a 78-32 vote.
The legislation for the megaproject’s bill offers property tax freezes for up to 40 years to support large developments like the Chicago Bears proposed NFL football stadium in Arlington Heights.
The Chicago Bears must negotiate a special payment with local governments on top of the tax freeze.
The bill offers a major sales tax exemption on construction materials for up to a decade.
The bill has provisions to protect local school districts from losing funding.
50% of the negotiated Payment In Lieu Of Taxes (PILOT) must be set aside for local homeowner property tax relief.
60% of the revenue allocation relief goes to property tax rebates in the district, with 40% going to a statewide property tax relief fund.
The Chicago Bears have indicated HB910 still needs additional adjustments in order for the Arlington Heights development to be feasible and successful at the former Arlington Park site.
“All updates regarding the project are posted at www.vah.com/ArlingtonPark”
