Chicago Bears Would Get $1.5 Billion Tax Break Under Megaprojects Bill, Cook County Treasurer Says
A Cook County Treasurer's Office analysis says the megaprojects bill would give the Chicago Bears more than $1.5 billion in tax breaks over 40 years while delivering roughly $5 in annual relief to each Cook County homeowner.
A new analysis from the Cook County Treasurer's Office puts a price tag on the megaprojects bill moving through Springfield. The legislation that could keep the Chicago Bears in Illinois would deliver more than $1.5 billion in property tax breaks to the team over 40 years. The average Cook County homeowner would receive about $5 in annual relief in return.
The 12-page report was released Tuesday by Cook County Treasurer Maria Pappas. Her office says the benefits of the bill are clear for big developers but "murky" for taxpayers.
The math behind the deal
Researchers from Pappas' office estimated a new Bears stadium in Arlington Heights would carry a conservative market value of $675 million. At current tax rates, that would generate an annual property tax bill of $53.2 million.
Under the megaprojects bill, the Bears would pay less than $4 million per year in frozen property taxes on the former Arlington Heights racetrack site. On top of that, the team would negotiate a payment in lieu of taxes, or PILOT, estimated at $10 million annually.
"Assuming the Bears negotiate to pay a $10 million PILOT on top of their $4 million frozen bill, the team would get an annual tax break of more than $39 million — or more than $1.5 billion over 40 years," the analysis states.
The Bears, an organization valued at $8.9 billion, purchased the 326-acre property for $197.2 million in 2023. The team has pledged to spend $2 billion on the stadium project.
What homeowners would get
The bill that passed the Illinois House requires half of the negotiated PILOT payments to go toward property tax relief. Sixty percent of those funds would flow as rebates to nearby homeowners. The remaining 40 percent would go into the state's property tax relief fund.
Pappas' office calculated that every Cook County homeowner would receive approximately $5 in relief each year if the Bears build in Arlington Heights. The Pritzker administration said most Illinois residents statewide would see less than $1.50 annually.
The deadline
Lawmakers have until midnight on Sunday, May 31 to finalize the legislation before the spring session ends. The bill passed the Illinois House last month but faces significant opposition in the Senate.
Mayor Brandon Johnson has called the megaprojects bill a "mismatch" with what residents want lawmakers to focus on. Johnson is pushing for the Bears to remain at Soldier Field in Chicago.
Gov. JB Pritzker remains optimistic the bill will pass. A spokesperson for Pritzker said the governor "will continue making sure taxpayers remain at the forefront of these discussions and that Illinoisans get the strongest deal possible."
The bigger picture
Pappas' report looks beyond the Bears. The analysis notes five Chicago developments under construction last year that already met the $100 million investment threshold for potential tax breaks under the bill.
The report raises questions about whether discounted tax payments would cover the increased costs of schools, police, fire protection, and infrastructure that large projects demand.
"If the frozen payment and special payment are not high enough to fund those added services, other taxpayers, particularly homeowners, would have to make up the difference," the analysis says. "That, in effect, would be an additional subsidy paid by people who live in Arlington Heights and potentially any other community that is home to a megaproject."
The Bears have also asked state officials to commit $855 million in public funds for stadium infrastructure, including roads, sewers, and utilities. Mayors of Rolling Meadows, Schaumburg, and Palatine have asked lawmakers to hold off on approving those funds until the Bears complete a traffic study.
If the Bears leave Chicago, the Chicago Park District estimates it would cost $630 million to convert Soldier Field into a multi-use venue. The stadium also carries $567 million in outstanding debt from 2003 renovations. The Bears currently pay $6.48 million annually to use Soldier Field under a lease expiring in 2033.
Pappas is running for reelection as Cook County Treasurer in November and is weighing a bid for Chicago mayor in 2027.