The Chicago Bears are floating a proposal for a tax incentive program that could help the team leave its longtime home at Soldier Field in Chicago and build a new mega-stadium in Arlington Heights.
The draft legislation would create a new program called PILOT, which stands for “Payment In Lieu Of Taxes.”
Instead of having to pay full property taxes on the increased value of the Arlington Heights property, the Bears would negotiate a smaller payment to local governments – providing them some additional revenue while keeping down costs for the team.
It’s unclear how many lawmakers would support subsidizing a profitable private business like the Bears.
