Marking a major step within the Chicago Bears’ proposal to maneuver to Arlington Heights, the staff Wednesday filed paperwork to start demolition of Arlington International Racecourse.
The staff mentioned the primary part would start with gutting the inside of the grandstand, and that any exterior demolition would come later.
Team officers emphasised that this doesn’t imply they’re going forward with the $5 billion plan to construct a brand new enclosed stadium with housing, bars and eating places on the location. The staff has requested to first decide what taxes it will be paying and has mentioned it wants a public subsidy to assist pay to construct infrastructure like roads and utilities, earlier than it might go ahead.
The Bears purchased the 326-acre former horse monitor this 12 months for $197 million.
The demolition announcement comes a day after Crain’s Chicago Business reported that the Cook County assessor raised the assessed worth of the property to roughly equal the acquisition worth.
If authorised by taxing authorities, the rise would doubtless elevate the annual property tax to about $16 million, although it was solely about $3 million when the near-century-old monitor was working, earlier than Churchill Downs Inc. closed it in 2021.
While the demolition is underway, the Bears will probably be making their case to the county’s Board of Review that the previous Arlington Park’s assessed land worth is simply too excessive. But fearing a whopping property tax invoice, the Bears are asking the Board of Review to knock that evaluation all the way down to $37.2 million, which the staff argues was the land’s appraised worth. A listening to is tentatively scheduled for early June.
The staff mentioned the demolition was within the works for some time and that the timing had nothing to do with the reassessment — although demolishing the grandstand is more likely to considerably decrease the property worth and ensuing taxes. The “improved value” of the location, which means buildings just like the grandstand, racetrack, places of work, stables and jockey dorms, makes up $168 million of the assessed worth.
Removing the constructing’s heating, air-con, electrical, water and different utilities would additionally cut back upkeep prices. It’s not clear when the buildings could be torn down, but when authorised by the village, it might occur this 12 months.
The Bears shared the next assertion on the tax situation: “Paying property taxes is part of being a member of the community. We want to pay our fair share. But the proposed assessment of the unoccupied property we purchased, and the taxes associated with it, would be more than five times what the property generated when it had an income-producing racetrack operating on it. Arlington Park would not be redeveloped by anyone at such an excessive property tax rate.”
The request for the demolition allow doubtless ends the hope held by some that horse racing might resume on the website within the shadow of a brand new stadium.
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Source: www.bostonherald.com