The Chicago Bears, like pretty much every sports stadium developer, wants a subsidy from the taxpayers.
Arlington Heights Village Board seems to be onboard with a Tax Increment Financing District subsidy.
Robert McCoppin’s Tribune story lays out the pros and cons.
Arlington Heights Democratic Party State Senator’s views follow:
At least it won’t cost McHenry County real estate taxpayers anything.
Stadium? I’m like “fine, it’s your money man”.
“After all, you’ve been building ‘Deep Tunnel’ since the 70’s and your basements still fill up with water.”
“Excelsior!”
I’d like to see someone ask the Village if they’d be willing to be a “full equity partner” by also pouring in all the incremental sales taxes, excise taxes, licensing fees and their cut back from the State on same that are also generated within the TIF.
The Village is the only authority able to execute this thing, yet are uniquely the only entity that will be spared fiscal pain. That is, until the District is dissolved, bonds paid, etc.
And then it’s time for a new TIF because the ratty old thing needs to be redeveloped again!