The Illinois Senate passed a modified bill that would allow certain Cook County municipalities to create local stadium authorities, but the House did not vote on the bill.
The proposed bill would require the Bears to finance the stadium construction but then turn it over to a new municipal stadium authority, which would lease the stadium back to the team. This structure aims to provide property tax certainty, as public buildings pay zero property taxes.
The Bears released a statement saying they would finalize their evaluation of Arlington Heights and Hammond, Indiana, and provide an update later this spring or early summer.
Indiana has offered the Bears up to $1 billion in incentives to relocate to a site in Hammond, which is just across the state line from Chicago.
Why this matters:: The failure to pass the stadium bill puts the Bears' future in Illinois at risk. The team is considering offers from other states, and the loss of the Bears would be a major blow to the state's economy and sports culture.
The proposed legislation aimed to keep the Chicago Bears in Illinois by creating a framework for a publicly-owned stadium. Under the plan, the Bears would finance the construction of the stadium and then lease it from a newly-formed municipal stadium authority. This structure would exempt the stadium from property taxes, a key incentive for the team.
The bill specifically targets municipalities in Cook County with a population of 70,000 or more, including Arlington Heights and Chicago. It would allow these cities to establish stadium authorities with the power to issue long-term bonds, use eminent domain, and collect revenue from leases and concessions.
However, the bill faced opposition from lawmakers concerned about incentivizing the Bears to leave Chicago and the potential impact on property taxes for other Cook County residents. With the legislative session ending without a vote, the Bears are now weighing their options, including a potential move to Hammond, Indiana, which has offered significant financial incentives.
Q: What was included in the failed Bears stadium bill?
The bill proposed creating municipal stadium authorities in Cook County that could finance, acquire, or construct professional sports venues. The Bears would finance the stadium, then lease it from the authority, exempting it from property taxes.
Q: What happens now that the bill has failed?
The Bears will continue to evaluate their options, including staying in Arlington Heights, moving to Hammond, Indiana, or remaining at Soldier Field.
The Illinois legislature's failure to pass the Bears stadium bill leaves the team's future in the state uncertain.
The Bears are considering offers from both Arlington Heights and Hammond, Indiana.
The proposed bill aimed to provide property tax relief to the Bears through a publicly-owned stadium model.
The Bears' decision will have significant economic and cultural implications for Illinois.
Do you think the Bears will stay in Illinois? Let us know in the comments!
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