We also anticipate that the development will generate $16 million in annual tax revenue in addition to property taxes for Arlington Heights, $9.8 million for Cook County, and $51.3 million for the State of Illinois.
Construction of the proposed project is projected to create more than 48,000 jobs, result in $9.4 billion in economic impact for Chicagoland, and provide $3.9 billion in labor income to workers across the region, while the completed project will create more than 9,750 long-term jobs, result in $1.4 billion in annual economic impact for Chicagoland and provide $601 million in annual labor income to workers across Chicagoland. If the decision is made to develop Arlington Park, it would yield significant economic benefits commensurate with the scale of the project. The long-term project vision for the entire property is an ongoing work-in-progress, but could include: restaurants, office space, hotel, fitness center, new parks and open spaces, and other improvements for the community to enjoy.Ībove all, the Bears organization is committed to ensuring the project serves Cook County, the Chicagoland community and people of Illinois 365 days a year. Any development of Arlington Park will propose to include a multi-purpose entertainment, commercial/retail, and housing district that will provide considerable economic benefits to Cook County, the surrounding region and State of Illinois. Make no mistake, this is much more than a stadium project. We envision a multi-purpose entertainment district anchored by a new, best-in-class enclosed stadium, providing Chicagoland with a new home worthy of hosting global events such as the Super Bowl, College Football Playoffs, and Final Four. If the team does proceed with the purchase of the Arlington Park property, and if the Bears organization then chooses to proceed with the development of the property, the project will be one of the largest development projects in Illinois state history. Much remains to be decided, but any decision will be made in the best interests of the Bears long-term future, our fans and the Chicagoland community. While under contract with the seller of Arlington Park, we will not be discussing or exploring any other alternative stadium sites or opportunities, including renovations of Soldier Field. If we do close on the property, it does not guarantee we will develop it. We remain under contract to purchase the property, but there are conditions that must be met in order to be in a position to close. In September 2021, the Chicago Bears signed an agreement for the purpose of acquiring 326 acres of property in Arlington Heights to secure the potential of beginning a new and exciting chapter there. and attendance is first come, first serve until capacity is reached. Thursday's community meeting will take place at John Hersey High School from 7-9 p.m. He said the village is preparing to announce several public meetings to gather community input.
The Arlington Heights Village Manager declined to comment on the Bears proposal, saying the village has not been presented anything formal to review.
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