Bears Stadium Would Bring $15M Annually To Arlington Heights: Village

ARLINGTON HEIGHTS, IL — The Village of Arlington Heights announced Tuesday that it could receive at least $15 million annually, or $510 million over 40 years, if the Chicago Bears move forward with redeveloping the former Arlington Park site with a modern NFL stadium and complementary mixed-use district. Officials said they have received two preliminary Economic Impact Reports submitted by the Chicago Bears Football Club.

"These reports demonstrate the tremendous potential of the Chicago Bears development for our community and the Chicagoland region," Arlington Height Mayor Jim Tinaglia said. "This is an important step as we continue to evaluate the possibilities of our partnership with the Chicago Bears Football Club."

The Village said the reports were also independently peer reviewed by its consultant, Hunden Partners out of Chicago, and the reports are now publically available here.

RELATED: Future Home For Bears In Arlington Heights Will Require No IL Money For Construction — President

In February 2023, the Bears closed on a $197.2 million property agreement to buy the 326-acre property that housed the former racetrack.

Here is a look at some of the numbers provided by the Village in the report:

• More than $2 billion — provided in a private contribution from the Chicago Bears for stadium development, making it one of the largest of any NFL stadium
• $6.6 billion — stadium construction will result in this one-time statewide economic impact
• 33,600 — total construction jobs created over the course of construction
• $220 million — net annual statewide economic impacts
• 1,800 — net permanent jobs supported
• 56,500 — total construction jobs created statewide over the course of construction
• $10.9 billion — one-time statewide economic impacts for project construction
• $1.3 billion — net annual statewide economic impacts for project operations

Officials said that while the project is still in the early stages, both analyses indicate that the NFL stadium-centered development "would generate substantial new tax revenue" for the Village of Arlington Heights, the Chicagoland region, and the State of Illinois. In addition, the redevelopment is projected to create thousands of new jobs and drive significant economic activity.

"The Village continues to believe that a Megaproject bill is necessary to make this project possible. A bill of this type will serve as a key economic development tool to attract large-scale investment in communities across Illinois," Tinaglia said. "The Village looks forward to continued collaboration with the Club, state leaders, and regional partners on this important project."

Officials said that in addition to hosting Bears home games, the site would have the potential to bring in the Super Bowl, a college football national championship game, the men's and women's college basketball Final Four games, WrestleMania, as well as many non-sports events. A modern enclosed stadium would be designed to host a wide-range of events year-round, whereas the current home of the Bears at Soldier Field only hosts non-sports events from May to September, limiting event activity from October to April.

RELATED: Bears Hoping To 'Move Dirt' For New Stadium At Arlington Park In 2025 — Report