Letter: Bears start Phase 1 of corporate welfare grab

I have read recent articles about the assessment of the former racetrack property in Arlington Heights recently purchased by the Chicago Bears for $197.2 million. It was recently assessed at $197 million.

The Bears contend that it is over assessed in spite of the fact that the assessment is virtually equivalent to the purchase price. Mr. Warren, Bears current CEO has made a statement that the Bears, "want to pay our fair share (of property taxes)."

I have news for Mr. Warren. The Bears "fair share" of taxes is driven by a fair assessment of the property. In Illinois, the county assessor's office evaluates and appraises property for real estate tax purposes and property is to be assessed at its fair cash value.

Fair cash value is defined in the statute as "the amount for which a property can be sold in the due course of business and trade, not under duress, between a willing buyer and seller."

The recent purchase by the Bears from Churchill Downs followed such definition exactly. Yet out of apparent corporate greed, the Bears are attempting to challenge such assessment, thereby pushing a portion of their "fair share" onto the backs of the already overburdened taxpaying public.

They have also applied for demolition permits in an effort to remove the buildings with the intent of lowering the assessment. This is only Phase I, folks. As a Phase II, the Bears are engaging in a heavy lobbying effort in Springfield to push through the PILOT bill. This bill if passed would freeze the property's assessed valuation for as long as 40 years and at depressed levels if the Bears are successful in getting the assessment lowered.

Think of the tax revenue that would take away from our schools, park districts, village and other units of government.

Paul Wickland

Arlington Heights