Bears sign purchase agreement for Arlington Park property Exclusive

The Bears made the news official on Wednesday morning and are buying the 326-acre property for $197.2 million."We are not surprised by this move. We remain committed to continuing the work to keep the team in Chicago and have advised the Bears that we remain open to discussions," a spokesperson for the mayor's office said on Tuesday in a statement to The Athletic. "However, just as the Bears view this as a business decision so does the City. This season, Soldier Field signed a major contract with the Chicago Fire and just last weekend Soldier Field hosted the Shamrock Series — both of which are lucrative for the Chicago Park District and local economy."These examples and others demonstrate that Soldier Field remains a very sought-after venue, and, as the Mayor has said many times, overall, the City and Park District must explore all options to both enhance the visitor and fan experience at Soldier Field year-round and maximize revenues. Therefore, we must do what's in the best economic interests of our taxpayers and maximize the financial benefits at the important asset that is Soldier Field. As for the Bears, the Mayor has said numerous times, our door in City Hall remains open to engage the Bears."Mayor Lori Lightfoot added in a tweet later Tuesday, "My statement still stands on the Bears: my admin remains committed to continuing the work to keep the team in Chicago. As I have said numerous times, our door in City Hall remains open."In a statement Wednesday morning on the team website, Bears president and CEO Ted Phillips said: "We are excited to have executed a Purchase and Sale Agreement (PSA) for the Arlington Park property. We also appreciate the support of Mayor Tom Hayes and the Village of Arlington Heights. Finalizing the PSA was the critical next step in continuing our exploration of the property and its potential. Much work remains to be completed, including working closely with the Village of Arlington Heights and surrounding communities, before we can close on this transaction."The mayor of Arlington Heights also expressed his support for the agreement. "I could not be more excited about the news that the Chicago Bears have signed a Purchase and Sale Agreement to buy the Arlington Park property in our community," Tom Hayes said in a statement. On June 17, the Bears submitted a bid to purchase the Arlington International Racecourse property."It's our obligation to explore every possible option to ensure we're doing what's best for our organization and its future,” team president Ted Phillips said in a statement in June. "If selected, this step allows us to further evaluate the property and its potential."The Bears' lease at Soldier Field runs through 2033, but according to the Chicago Tribune, the Bears would have to pay $84 million to the city if they broke the lease in 2026. The financial penalty decreases after 2026."($84 million) represents just three percent of the $2. All data is taken from the source: http://theathletic.com Article Link: https://theathletic.com/news/bears-si... #ArlingtonHeights #newstodayusa #cnnnewstoday #newstodaylocal #newstodaybbc #newstodayheadlines #