The state and county shared $300,000 in taxes from the ChicagoBears land deal. Even CityofRM1 got something. But not ArlingtonHtsGov
The $197.2 million sale of the 326-acre racetrack that closed Feb. 15 provided $197,200.50 in real estate transfer taxes to state coffers, according to Illinois Department of Revenue records. The county got $98,600.25.But Churchill Downs' tax preparer at Sidley Austin had to fill out two separate state real estate transfer declaration documents: one for the 323.7-acre piece of property in Arlington Heights, and the other for a 2-acre sliver within Rolling Meadows' city limits.
Rolling Meadows' tax has been on the books for decades. But Arlington Heights has never adopted such a tax. After changes to the property tax code in 1997 -- amid a heavy lobbying campaign by the Illinois Realtors association -- any new local transfer taxes by home-rule communities can be approved only by voters via referendum.
Meanwhile, the revelation that one of the five parcels in the Bears' Arlington Park land purchase is outside Arlington Heights' village limits has implications for the complex zoning and entitlement process the NFL franchise has only just begun.
The Bears' conceptual redevelopment plans show the street being used for primary vehicle circulation to the stadium, with landscaping on either side of the road.
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