Chicago Bears not ready to sell Arlington Heights amid new stadium saga

The Chicago Bears may be focusing on Chicago for their new stadium, but it looks like they’re not quite ready to completely abandon Arlington Heights.

There’s still a long way to go before a new stadium is even under construction and it looks like the team isn’t eliminating other options just yet.

After being left out of Illinois’ $53 billion spring legislative budget, Bears President and CEO Kevin Warren spoke to members of the Union League Club on Tuesday and reportedly said two things were not currently on the table: selling Arlington Heights and selling minority stakes in the team. .

On Tuesday, Kevin Warren was interviewed by Fox 32 Chicago on Tuesday at the Lincoln Union about whether or not the organization was willing to sell minority stakes in the team in order to generate more private investment for the stadium.

“Right now we are the largest landowner (in Arlington Heights), and these stadiums use so much energy that I focused on Chicago,” Warren said.

The Bears own the 326 acres of land they purchased in February 2023 in Arlington Heights – the original location the Bears intended to build a new stadium.

The last time the Bears stopped, they found themselves in a standoff with the Arlington Heights school districts over property valuation. The schools see the value of the property closer to the price the Bears paid for the land, leaving them with a higher annual tax bill than desired.

But Warren remains convinced that the organization is focused on building on Chicago’s lakefront.

In April 2024, the Bears announced plans to build a stadium near current Soldier Field, officially moving their focus from Arlington Heights to Chicago. But Arlington Heights Administrator Jim Bertucci said the Bears haven’t yet closed the door on their 326-acre property in the suburbs.

“Arlington Heights is ready to start talking again as soon as the Bears are ready to start talking again,” Bertucci told the Daily Herald. “I don’t think it’s over by any means. … If they want to come back and look more seriously at Arlington Heights, I think we’ll have a better path for them than we’ve had in the past, and maybe an easier path than what’s happening in Chicago.

As it stands, the Bears are focused on Chicago despite the state’s reluctance to support a plan that requires public funds, which is what their stadium project must achieve.

Karen Murphy, chief operating officer and executive vice president of stadium development, said during a presentation in April that the team expects the entire stadium project to cost $4.7 billion. dollars: $3.2 for the stadium itself and just over $300 million for the infrastructure needed to open it, plus another $1.2. billion for two other development phases.

In March, the team confirmed it would contribute $2 billion to fund the majority of the project. A slide in the presentation clarified that figure would be closer to $2.025 billion. After that, the team would turn to an NFL stadium program for a $300 million loan.

That leaves a $900 million shortfall in financing the stadium itself. The Bears’ plan has them turning to a bond mechanism through the Illinois Sports Facilities Authority program to make up the difference. They said a 2 percent hotel tax, already in place for ISFA, should help offset the $900 million they need from public funds.

There was no clear answer, however, as to where the team would get the $300 million for infrastructure. Murphy said the team is still working with the state and exploring different funding sources.

If the team secures the public funding needed to open the stadium, they said there would be two additional phases of development requiring public money: one to maximize the infrastructure of the stadium and surrounding campus totaling $510 million dollars, and another phase for “optional infrastructure to improve the campus, improve circulation and maximize public economic benefits,” for a total of $665 million.

Add up the three phases plus the IFSA funding, and that’s almost $2.4 billion in public money.

The Bears have not explicitly called for any bill or legislation to be passed this session. However, when presenting their stadium proposal in April, Warren hoped to get something done as quickly as possible.

In response to the Bears’ exclusion from the spring legislative budget, Warren was understanding.

“I don’t think I’ve ever been disappointed with anything. I understand they’re big projects,” Warren said when asked if he was disappointed the Bears weren’t included. “It takes time, energy and effort to put them in place. They cost money. You have to have foresight, you have to have a vision, you have to have wisdom.

“I understand it’s part of the process. I firmly believe we need a new stadium. For Chicago to have never hosted a Super Bowl, a Final Four, the College Football Playoff, these mega-events. We are losers.”

It is well known that Illinois Governor JB Pritzker is not motivated to support the Bears’ stadium plans with public money. His press secretary called the Bears’ financing plan a “non-starter for the state.”

“It’s interesting to note that each jurisdiction has its own way of doing business,” Warren said. “It’s exactly what I expected to do. … It’s an election year. We have people who don’t have meals to eat. We have people sleeping on the streets. We are faced with many complex problems.

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