Churchill Downs Incorporated (CDI) announced late Wed afternoon it has completed the sales agreement of its Arlington Park holding to the Chicago Bears.

The closure of the $197.2 meg deal comes as expected, to a greater extent than 500 days after the Louisville-based society announced the NFL enfranchisement was the winning bidder for the 326-acre holding inward the Windy City’s suburbs.

The Bears acquired the dimension with an optic toward edifice a unexampled arena and mixed-use evolution inwards Arlington Heights.

In a financial statement released after CDI’s announcement, the Bears called the closure “an important next stone's throw inwards our ongoing evaluation” for the former raceway site.

There is ease a tremendous amount of due industry put to work to live through with(p) to check if constructing an enclosed state-of-the-art bowl and multi-purpose amusement territory is feasible,” the team said.

If the Bears make a motion forward, the team up said it won’t require taxpayer cash in hand to establish a stadium. However, team officials said it would want “certainty” regarding prop taxes. The team also insists the projection would require public funding for base improvements, such as route piece of work and drainage.

The team and Arlington Heights said they testament proceed good-faith discussions well-nigh the proposed development.

“We hold an indebtedness to ensure that any cast proposed will live inwards the best interests of our residents before any approvals are granted,” the Arlington Heights statement read. “Over the coming months and years, we looking send on to working with the CBFC, our residents, and all other stakeholders inwards an open and transparent manner, piece we work to explore the possible opportunities a developing could take to our region. Our end is to do work unitedly to make a new regional terminus befitting of the outstanding legacy of the property.”

Chicago Wants Bears to Stay in City

Chicago Mayor Lori Lightfoot has previously said the urban center testament do work firmly to preserve the Bears at Soldier Field, the lakefront arena inwards the city. The electric current engage on that site runs through the 2033 season. A clause inwards that accord would earmark the team up to purchase come out the charter in 2027 for $84 million.

Soldier Field was utmost renovated to a greater extent than 20 years ago. That process has been widely panned, as it placed a Bodoni arena on top off of what was a historical landmark.

With a content of simply 61,500, Soldier Field is the smallest stadium in the NFL.

The Bears feature envisioned building an enclosed stadium at Arlington Park, a venue that could lead story to it landing major events the like the Super Bowl and the Final Four.

If it proceeds with the project, the team up said it would do as ane of the largest megaprojects ever so in the Midwest. The team said an economical wallop work showed grammatical construction across the land site would make to a greater extent than 48K jobs and a $9.4 1000000000 advance to the regional economy.

Once completed, the land site would make more than 9,750 jobs, the team up said inward its Midweek statement. Those jobs would bring forth more than $600 billion inward worker income, substance the jobs would make an average salary in surplusage of $61K.

“The propose would bid considerable commercial-grade and residential tangible demesne opportunities year-round, and serve up as a regional hub for entertainment, shopping, and biotic community events that accompaniment the naturalized businesses and thriving community already in place,” the squad said.

Arlington Money to Help Finance P2E Purchase

CDI said in its statement that it intends to utilisation the proceeds from the Arlington Park sales event toward the purchase of gaming and racing properties it acquired shoemaker's last year from Peninsula Pacific Gaming.

Churchill purchased the Del Lago Resort inward Waterloo, NY, the Hard Rock Hotel and Casino in Siouan City, Iowa, Colonial Downs inwards New Kent, Va., and sise historical horse racing (HHR) properties inwards Virginia. The $2.75 one million million sell also includes rights to build additional HHR parlors inward VA and the rights to establish a cassino inward Richmond, Va.

Arlington’s futurity as the Bears arena isn’t the only when precariousness related to to the deal.

Arlington Park was single of threesome purebred racetracks inwards Illinois, with races taking shoes in that location during the spring and summer. When CDI shuttered the historical venue, companion officials said they were interested inwards chess opening another readiness inward the state.

However, Bob Denneen, projects manager for the Land of Lincoln Racing Board, told Casino.org Wednesday that Churchill no yearner has a racing permission inward the state, and if it were to suggest a young track, the keep company would have got to hold for a young license.

A message to a Duke of Marlborough Downs spokesperson was not straightaway returned Wednesday evening.

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