Second-oldest NFL team’s $4.7bn stadium gamble at risk as decision on stay in iconic 105-year home looms

Time is running out, and fast.

The Chicago Bears will be departing Soldier Field, that is for certain, with the stadium no longer fit for purpose for a modern day NFL team.

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But where the Bears, who have been in the city for 105 years, moving from Decatur, Illinois, in 1921, will be relocating to is still yet to be formally decided.

Having received numerous proposals both in and out of the state of Illinois, it appears that the NFL’s second-oldest franchise has whittled it down to two locations: Arlington Heights in Illinois, and Hammond in Indiana.

The former, though, will likely only be considered by the Bears should the state of Illinois approve the “megaprojects” bill, with the proposal to build a $4.7 billion domed stadium and mixed-use development on the site of the Arlington Heights racetrack property very much hinging on legislative support.

This comes as the bill would see a 25-year freeze on the value of the property.

According to a new report from the Cook County Treasurer, the Bears could stand to reap $1.5 billion in long-term tax savings equating to approximately 40 years, should the bill be passed.

“It’s a complicated situation, because it’s not finalized, and there are hundreds of unanswered questions in this, but the primary question is, ‘What happens to Joe Homeowner?’ And there’s no fiscal impact study here,” Cook County Treasurer Maria Pappas said.

Per calculations of the estimated value of a new arena, the Bears could get an annual tax break of as much as $39 million.

However, there are only mere days left in the Illinois legislative session, while the Bears – and the NFL – would like to make a decision sooner rather than later.

NFL commissioner Roger Goodell is the driving force behind much of the stadium movement, which also has the Browns and the Chiefs on the brink of new stadiums.

While at May’s Spring Owners Meetings, Nashville’s new home – which is not even open yet – has been awarded the 2030 Super Bowl, showing what is possible for new stadiums.

Chicago Bears / Manica

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“That [political] process is going on. The legislature in Illinois is obviously focused on that,” Goodell said at last week’s NFL spring meeting in Orlando.

“They’re getting into the final days of their session. I’ve spoken to [Pritzker] recently. I think there’s a focus on trying to get something done there, and then they’ll have two viable sites that the Bears can make their decision from.”

For the Bears organization, staying in Illinois, as long as the megaprojects bill is passed, would be far more beneficial for them financially.

“The real comparison is between a negotiated payment on a real development versus zero taxes on a vacant or stalled site,” said Illinois state Rep. Kam Buckner, D-Chicago.

“I wish someone would do a report on that, because that’s the real question for Illinois people, Illinois taxpayers, to have to answer.”

Local push back

For the fans, though, perhaps moving across state is not as bad of an idea as it initially seemed.

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The proposed Wolf Lake site in Hammond is just 20 miles away from Soldier Field, while the move north to Arlington Heights is 38 miles away.

With the distance between their current home and the Hammond site being shorter, there is perhaps an argument to be made that Chicago, and the state of Illinois as a whole, would still benefit economically.

Furthermore, it would be the Indiana taxpayers that will be picking up the additional $1 billion tab to subsidize the construction of a new stadium at Wolf Lake.

With the clock ticking, Treasurer Pappas has argued that the state could be better off committing money to other projects.

“Huge real estate projects can create jobs, boost sales tax revenue, and provide other benefits to their surrounding communities,” the study continued.

“But property tax breaks for megaprojects would, for decades, severely limit one key goal of economic development: expansion of the property tax base that provides relief to other taxpayers who get no tax certainty.

“… And if there’s no expansion of the property tax base and only limited sales tax benefits, how do taxpayers benefit? That’s the multibillion-dollar question.”

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