A settlement has been reached in the property tax battle between the former owner of the Arlington Heights site where the Chicago Bears hope to build their future home, and surrounding school districts who stand to benefit from the increased tax bill.
The settlement agreement announced Thursday was reached between Churchill Downs - the former owner of Arlington Park, still on the hook for the tax bill – and the area school districts. But it’s a one-year agreement, meaning the site’s new owner – the Chicago Bears – will have to revisit the battle over the land’s value in the coming months.
Churchill Downs argued the property was worth $37 million while the area school districts – which stand to benefit from property tax revenue – had pushed for $150 million in assessed value.
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