Standing brief

The Bears stadium deal

Who wants the new stadium, who pays for it, and what sits under the ground they are testing.

Chicago · Updated 16 September 2026

What is confirmed

The Bears bought the Arlington Park property in 2023 for $197.2 million, for 326 acres, through a 1031 exchange.
Before the sale Cook County had the property assessed around $33 million. After it, the assessor set market value at $197 million, the sale price.
The Bears demolished the grandstand and argued the land was vacant, worth $60–71 million. School districts wanted $160 million as commercial. It settled at $124.7 million.
Indiana’s February 2026 statute created a stadium authority and a tax menu. The team board voted on 5 June 2026 to advance Hammond.
Framework as floated. About $2 billion from the Bears, about $1 billion public, financed by new admissions, food-and-beverage and hotel taxes.
The Cook County Treasurer’s analysis put the megaprojects PILOT break at roughly $39 million a year, about $1.5 billion over 40 years.
For scale, Willis Tower’s annual property tax bill alone is $50 million.
The Soldier Field lease runs through 2033. Breaking it early carries a penalty estimated in the tens of millions, up to $80–90 million.
Lost Marsh sits on capped slag. Federated Metals is a Superfund site. The Grand Calumet is still an Area of Concern.
Illinois’ 2026 megaprojects bill passed the House and died in the Senate.

The bond underwriter and counsel on the SB27 paper.
Who collects the Arlington Heights lobbyist retainer, and what firm.
What happens to Arlington Park’s 326 acres if the team walks.
Who services Soldier Field’s remaining renovation debt if the tenant leaves.
Real wage and safety figures for the excavation and remediation work, not just the headline construction number.
The Hammond soil cores. Until they are public, conditional closure is an assumption.
The official statement on any bond issue.