Eye On Illinois: Bears’ problems not governments’ obligation to solve

It’s not clear if we’re in the red zone or Hail Mary territory, but no tortured football metaphors are needed to lay bare the clear reality: the wealthy owners of a professional football team headquartered in Lake Forest remain desperate to find public money to achieve their goal of dramatically expanding their wealth by becoming real estate magnates in Arlington Heights.

That is the macro narrative as the Illinois General Assembly attempts to conclude its regular session this week, though the above description doesn’t address another significant wrinkle: the public money already heavily invested in the Chicago stadium where the Lake Forest Bears play about 10 home games every year.

There are plenty of other subplots at play, including Daily Herald reporting on the football team’s negotiations regarding the assessed value of the old horse track property it bought. Those talks involved the Cook County Assessor’s Office and three affected school districts.

The Bears bought the land for $197.2 million, which ought to be the end of the story. When Churchill Downs owned the track, it was assessed at $33.5 million for an annual tax bill of $2.8 million. Assessor Fritz Kaegi said the 326-acre parcel should be taxed near its sale price, which would spike the taxes to $16.2 million.

“The Bears bought the land for $197.2 million, which ought to be the end of the story. When Churchill Downs owned the track, it was assessed at $33.5 million for an annual tax bill of $2.8 million. Assessor Fritz Kaegi said the 326-acre parcel should be taxed near its sale price, which would spike the taxes to $16.2 million.”

—  Scott T. Holland

The school districts, according to reporter Christopher Placek, suggested the land have a $95 million value and $7.9 million annual tax bill. The Bears proposed it be worth $52.5 million, so taxes should be $4.3 million. Imagine being granted such an audience for a residential property.

“This is an excessive sum for property that will sit idle and will have no commercial use for at least the next two years,” new team President Kevin Warren wrote in a letter. “This is simply not financially feasible and has negative consequences for all parties, including Arlington Heights and the surrounding communities.”

Missing from Warren’s missive is any explanation of why it’s anyone else’s fault the McCaskey family, with a functioning stadium lease, offered that much money for a racetrack it didn’t intend (and isn’t licensed) to operate. Likewise, absent throughout every iteration of the Bears attempting to flee the city, is a legitimate reason why taxpayers should be involved in helping a privately owned franchise increase profitability.

The family might not be able to re-sell the land it just bought at top dollar, especially since it hasn’t demolished the existing buildings and infrastructure. But the team itself is worth at least $5 billion – the Washington Commanders just sold for more than $6 billion – with no shortage of buyers willing to take on both the current roster and future land development.

The Bears aren’t out of options. Any such representations are pure misdirection.

• Scott T. Holland writes about state government issues for Shaw Media. Follow him on Twitter @sth749. He can be reached at sholland@shawmedia.com.