Chicago Bears' Purchase of Arlington Park Spurs Tax Deal and Demolition

Churchill Downs, the previous owners of Arlington Park, will pay just under $7.8 million in property taxes after a tax agreement was reached with local taxing bodies. The Bears, who bought the property for $197.2 million, will be responsible for paying the 2023 taxes. The value of the property was set at $95 million after Churchill Downs requested a market value of just over $37.3 million. The Bears will look for a property tax reduction for 2023, as they plan to demolish old buildings and develop the land for their own purposes.