Chicago Bears close to a deal to build a new stadium in Illinois | Report
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Are the Indiana Bears no more?
The Chicago Bears are reportedly close to a deal that would keep the team in Illinois with a new stadium being built in Cook County.
What they're saying:
According to Crain's Chicago, the Bears are close to a deal that would keep them from moving across state lines.
Greg Hinz reports the measure picking up momentum in Springfield was the same measure that was originally passed by the Illinois state Senate late in the spring session, but stalled in the House.
The house passed a conflicting plan, which stalled legislators at the 11th hour.
This plan would be for a stadium in Arlington Heights, not Chicago proper.
Crain's is reporting that some revisions still need to be resolved, but the bill would allow a municipality to establish authority to finance and operate stadiums and other mega projects. This includes Chicago, Crain's reports.
The publicly-owned facility would not have to pay property tax, which gives the Bears "tax certainty." That's what the franchise has been vying for since choosing to pursue Arlington Heights as its next location for a new stadium.
This authority would also be eligible to collect additional sales tax revenue generated by the project, according to Crain's.
The Source: Reporting for this story is from Crain's Chicago Business.