Phillips and Stien kind of f'd that deal; and no doubt knowing how dirty Chicago politics is, someone likely helped poison the AH plan. Real question is, what does HH do w/that property.
Out of spite I'd turn it into a dump/recycle center for Chicago. See how AH likes the property values and taxes then.
I still think they could end up in AH. Even with the mistakes with the taxes, there is soooooo much money to be made with that property that they may just go forward anyway.
I still think they could end up in AH. Even with the mistakes with the taxes, there is soooooo much money to be made with that property that they may just go forward anyway.
There is. As a matter of fact, AH is making it right now. With every tax bill they send out.
I still think they could end up in AH. Even with the mistakes with the taxes, there is soooooo much money to be made with that property that they may just go forward anyway.
There is. As a matter of fact, AH is making it right now. With every tax bill they send out.
LOL, I know. But if the Bears would actually develop that entire campus vision for that property, holy cow that would generate unbelievable money for everyone - yes, even the taxing entities. It should be win/win for everyone. I'm thinking the Bears are just trying to do what they can to get the best possible tax deal - and at that point they will pay up and develop the land. I just don't see how the downtown Chicago option could ever generate even a fraction of the money the AH property would - with hotels, gambling, state of the art sports and entertainment facility, restaurants and all the other entertainment businesses that will build on that 300+ acre campus. You simply lose all of that (as far as the McCaskey Family goes) if they build just a football stadium in the downtown area. Smaller footprint. Chicago will also want $$$ from them anyway... that piece of property will be crazy taxed in comparison with AH (at least I'd guess that... a chunk of the "Miracle Mile" on Lake Michigan? Whew. Good luck with that. They won't be renting anymore, and as owners will have all of the cost associated with ownership. I'll bet in the end they develop the land that they already own. In Arlington Heights.
I still think they could end up in AH. Even with the mistakes with the taxes, there is soooooo much money to be made with that property that they may just go forward anyway.
There is. As a matter of fact, AH is making it right now. With every tax bill they send out.
Yep, I'm tired of these billionaires getting their way.
Arlington isn’t making the Bears pay taxes on what it will be worth, they are assessing the value based on what the Bears paid. The grandstands were already demolished when the Bears paid $197M for the land. Arlington originally said that means the land is worth $197M. They have come down to $192M. The Bears are trying to claim it is only worth $60-70M. Honestly, Arlington isn’t out of line for how they are assessing the value. That’s what they would do if it was any other property that was recently sold. And the Bears clearly don’t think the land is only worth $60-70M, or they wouldn’t have paid almost $200M for it.
There is. As a matter of fact, AH is making it right now. With every tax bill they send out.
Yep, I'm tired of these billionaires getting their way.
Arlington isn’t making the Bears pay taxes on what it will be worth, they are assessing the value based on what the Bears paid. The grandstands were already demolished when the Bears paid $197M for the land. Arlington originally said that means the land is worth $197M. They have come down to $192M. The Bears are trying to claim it is only worth $60-70M. Honestly, Arlington isn’t out of line for how they are assessing the value. That’s what they would do if it was any other property that was recently sold. And the Bears clearly don’t think the land is only worth $60-70M, or they wouldn’t have paid almost $200M for it.
All true. However, when a large project has the potential to raise the economy of an area exponentially (as I believe the new Bears Stadium will), government usually provides a tax break at the front end, knowing that jobs, taxes and infrastructure will all grow in the mid to long term and that the initial reductions will be more than made up for. Everyone wins if everyone is reasonable.
There is. As a matter of fact, AH is making it right now. With every tax bill they send out.
Yep, I'm tired of these billionaires getting their way.
Arlington isn’t making the Bears pay taxes on what it will be worth, they are assessing the value based on what the Bears paid. The grandstands were already demolished when the Bears paid $197M for the land. Arlington originally said that means the land is worth $197M. They have come down to $192M. The Bears are trying to claim it is only worth $60-70M. Honestly, Arlington isn’t out of line for how they are assessing the value. That’s what they would do if it was any other property that was recently sold. And the Bears clearly don’t think the land is only worth $60-70M, or they wouldn’t have paid almost $200M for it.
I think you're right, motm. And to be honest I don't blame the Bears from trying their best to whittle the taxes down as much as they can. Nothing wrong with trying to save what money they can. But in the end I do believe they (the Bears) will move forward on the property and develop that campus into something special. I am looking forward to it. I would MUCH rather go to games there than downtown Chicago.
Post by bearsinhouston on Feb 21, 2024 19:24:16 GMT -6
Here is an update. The assessment did go down, but not as much as they wanted. I did not know, but the article says that the buildings were demolished in December and so they were still assessed. That is why the assessment was so high I guess. That, to me means that next years assessment would be a lot less. As it sits now, it looks like an extra $4M one time hit, which is mouse nuts (meaningless.... well, except to the mouse). That is not bad. Not sure why they waited a year on that basis. They lost more than $4m on a delay. There is more to this than we know. Which makes sense.
