Arlington Heights-area school districts reach agreement with Churchill Downs on racecourse property taxes, deal with Bears still being sought
Thank you for supporting our journalism. This article is available exclusively for our subscribers, who help fund our work at the Chicago Tribune.Construction equipment stands ready for expected demolition at the former Arlington International Racecourse at sunrise on May 30, 2023, in Arlington Heights.
District officials confirmed the schools and Churchill Downs Inc. reached the agreement May 31, though the Cook County Board of Review still must approve it.But because the settlement is only good for one year, the Bears — new owners of the 326-acre property as of February — will have to re-negotiate the value of the land if they want to bring down their 2023 property tax bill. The 2023 taxes will be assessed by the end of this year then be payable in 2024.
Months before closing on the sale of the land, the football team proposed a multi-billion dollar redevelopment project for the former horseracing site, including a domed stadium, luxury residences, and business and entertainment districts.
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