Stadium Update: Where things stand with Arlington Heights.

I hate to point the finger at him but hey, how did they NOT nail this down BEFORE they purchased the property.  They had more leverage over these tax bodies back then.  Now they really don't have much leverage if the entities truly believe the property can't be off-loaded very easily at this point.  The article (rightly) points out that the McCaskey family is not loaded with cash like a Jerry Jones who could walk away from AH.  While on paper the family has a lot of assets, they are not so wealthy they can just eat the AH investment as a loss.  LOL, trying to build on a second site while still burdened with the AH site would be a huge financial burden... instead of that "State of the Art" sports stadium they would end up pitching a modest circus tent on the new site.

I can now see them staying in Chicago with a new deal from the city rather than moving at all if, in fact, it ends up the AH purchase is a train wreck.

The article suggests to me that there were 18(or so) months between the agreement to purchase and closing. 18 months of high inflation. If the cumulative interest formula applies, then that could explain a lot of the higher tax costs after the reevaluation.

Not being familiar with Illinois real estate laws I’m not sure willing to speak to what may or may not be doable. Just going to have to wait and see how it plays out.

If I understand this correctly, the Bears could sell 10% equity in their franchise to raise cash.  What does not make sense to me, is that I don't understand why they would then want to "rent" from the City of Chicago and continue to be a tenant.  I would make sense to me if they gave up 10% equity to invest in a stadium they owned.  But why on earth would they want to partner with (of all entities) the woeful City of Chicago?  I probably am missing something important here.  But I totally don't get it.