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CHICAGO — As the Chicago Bears continue to face massive hurdles in Springfield over plans to build a domed stadium next to Soldier Field, the team said Monday it has reached an agreement over property taxes for the 326 acres of land it owns in Arlington Heights that has tripped up plans to build a new stadium in the northwest suburb. Team officials said they had agreed on a memorandum of understanding involving the amount of taxes to be paid for the former site of the Arlington International Racecourse. The village and local school boards still need to approve the agreement, which could happen next month. While it does not guarantee the team will build a stadium in Arlington Heights, the deal does shift some momentum back toward the suburban site and keeps the team’s options more open than before. “The Chicago Bears remain focused on investing over $2 billion to build a publicly owned enclosed stadium on Chicago’s lakefront while reevaluating the feasibility of a development in Bronzeville,” Bears officials said in a team statement released Monday. “That being said, we remain significant landowners in Arlington Heights and establishing a framework for potential future development planning, financing and property tax certainty has been a priority since the land was purchased. We continue to have productive conversations with the village and school districts and are aligned on a framework should we choose to explore a potential development.” Details of the deal were not released Monday. The Bears and the suburban taxing districts have been at loggerheads over the valuation of the Arlington Heights property, which the Cook County Board of Review set at about $125 million. The Bears have countered with appraisals ranging from $60 million to $71 million and categorizing the property as vacant residential land, which gets taxed at 10% of market value. Local school officials have said the land should be valued at $160 million and classified for commercial use, which puts it into a 25% tax bracket. Despite those differences and the team’s focus on building a new stadium in Chicago , the Bears has never closed the door on the Arlington Heights site, especially as the lakefront proposal has withered due to opposition from state leaders . Arlington Heights Mayor Tom Hayes called the deal a “significant step.” “We’ve had productive conversations with the Bears and the school districts, and we believe we’re in agreement on a framework for moving forward on the previously unresolved tax issues,” Hayes said. “I do anticipate this agreement would be formalized in the near future. It outlines a more clear path forward.” In addition to the site next to Soldier Field and the Arlington Heights property, which the team purchased last year, another site the Bears are looking at is the land once occupied by Michael Reese Hospital in Bronzeville near Lake Michigan. The Bears previously dismissed the old Michael Reese site as being too small and said the site also was unworkable because it’s next to Metra train tracks that pose a security risk, all of which Hayes pointed to as reasons he is bullish on Arlington Heights. “If the Bears come back, it’s going to be a much easier road,” Hayes said about the suburban site, adding he hopes progress is made between the taxing bodies and the team in the first half of next year. “We’re on the same sheet of music. All sides are ready to pursue the opportunity when the Bears turn back in our direction. I’m encouraged something could happen in the spring to enable a new stadium in Arlington Heights.” After the Bears released their statement, the three local school districts — Community Consolidated School District 15 in Palatine, Arlington Heights-based Township High School District 214 and Palatine-based High School District 211 — released a joint statement of their own Monday: “We continue to believe Arlington Heights remains an incredible opportunity, and we have a common understanding with the team on how to create a framework for potential development, financing, and property tax certainty in Arlington Heights that works for all parties. We look forward to future conversations.” The Bears bought the 326-acre former Arlington Park in 2023 for $197 million and announced plans for a $2 billion enclosed stadium as part of a $5 billion mixed-use development. But after new team President Kevin Warren took over that year, he said that local schools’ proposals for taxes on the site were a deal-breaker, and turned the team’s attention back to the city. With Mayor Brandon Johnson’s support, the team earlier this year proposed contributing $2 billion toward a $3.2 billion enclosed, publicly owned stadium to replace Soldier Field. That $3.2 billion figure doesn’t include the $1.5 billion in infrastructure money funded by the public that the team says would be needed to fully realize its vision for a year-round venue and surrounding park space. Gov. JB Pritzker and legislative leaders have thrown cold water on the idea , saying the state has priorities other than providing major funding to a private business. Both the lakefront and Arlington Heights plans would involve public dollars, something lawmakers have been cool on for both sites. But some northwest suburban state lawmakers said the recent developments were encouraging. Democratic state Sen. Mark Walker of Arlington Heights said that despite the team’s agreement with the school districts, bigger financial issues as to how the project would be paid for still need to be resolved. Team officials have said they would need public funding to help pay for infrastructure such as new expressway ramps for the Arlington Heights site. A previous proposal for a payment in lieu of taxes, or PILOT, in which the long-term taxes would be addressed, would require state legislation. But funding concerns could be exacerbated by a projected state budget hole of nearly $3.2 billion for the next fiscal year that would prevent the lawmakers from granting significant taxpayer subsidies. The concerns also include Johnson’s struggles to balance his proposed $17.3 billion budget, with aldermen earlier this month voting unanimously to spike his plan to implement a $300 million property tax hike. “I would think that the local communities, especially Arlington Heights, have more flexibility on providing property tax relief than would the city (of Chicago) at this point,” said Walker. “But the issues of capital and state funding are still out there and ... my guess is that the Bears would have to find another source for the big capital.” State Rep. Mary Beth Canty, who has continued to advocate for the Bears to move to Arlington Heights, called the memorandum of understanding “a positive step forward.” “I think this is a great opportunity and I think that they could do a lot of good here. They have the opportunity to be really good neighbors,” Canty, an Arlington Heights Democrat, said of the Bears. “I’ll be anxious to see what the boards have to say when they go over it in their meetings as I’m sure they’ll be required to do. But I think everybody is coming to the table thinking positively and also thinking about what does the community need, what does the community want and how can we deliver on those things in a way that moves everyone forward.” The agreement would cover taxes going forward, but the Bears continue to appeal the team’s 2023 tax bill to the Illinois Property Tax Appeal Board. The team also demolished the former race track stadium to lower its taxes, leaving the site vacant. Suburban school officials have always doubted the taxes were the determining factor in the team’s decision to play in Arlington Heights since they offered less than the estimated $9 million tax bill, a relatively small amount in what would be a multibillion-dollar deal. The taxes were raised after Cook County Assessor Fritz Kaegi raised the property’s assessed valuation to near the site’s $197 million purchase price. Ultimately, the assessor would have to approve any agreement on taxes. “This is not an easy project, but Chicago doesn't like it easy,” Bears president Kevin Warren said in introducing the team's proposal for a new stadium on Chicago's lakefront. Get in the game with our Prep Sports Newsletter Sent weekly directly to your inbox!
Eagles clinch division title, Bills claim AFC second seedServiceTitan, a provider of cloud software to contractors, priced its IPO at $71 a share on Wednesday, above the expected range. > Philadelphia news 24/7: Watch NBC10 free wherever you are The company is set to debut on the Nasdaq on Thursday under ticker symbol "TTAN." ServiceTitan previously raised its price range to between $65 and $67. ServiceTitan sold 8.8 million shares in the offering, which would amount to a raise of almost $625 million. At the IPO price, ServiceTitan is worth about $6.3 billion. Technology IPOs have been sparse since late 2021, when inflation and rising interest rates pushed investors out of riskier assets. Cloud software stocks quickly went out of favor after remote work during the pandemic had accelerated their growth. In March of this year, social network Reddit went public, followed by data management company Rubrik the following month . In September, less than two weeks after the Federal Reserve lowered its benchmark rate for the first time since 2020, chipmaker Cerebras filed for an IPO. However, the company has yet to debut on the market. ServiceTitan, based in Glendale, California, filed to go public on Nov. 18 . The company has said some proceeds would go toward redeeming all outstanding shares of its non-convertible preferred stock. It had issued that stock in 2022 to repay loans to finance the $577 million acquisition of pest control software provider FieldRoutes. While raising money in 2022, ServiceTitan agreed to "compounding ratchet" terms that encourage the company to quickly go public and prevent unnecessary dilution, according to an analysis from venture firm Meritech Capital. Bessemer Venture Partners, TPG and Iconiq are among the company's top shareholders, alongside founders Vahe Kuzoyan and Ara Mahdessian. Mahdessian's father had a contracting business, and Kuzoyan's father dealt in plumbing, according to the Los Angeles Times . The founders said in a pre-recorded IPO roadshow that they saw technology as a way to modernize their family businesses. Their software can help with marketing, sales, scheduling and customer service. ServiceTitan's preliminary results for the October quarter show a net loss of about $47 million on $198.5 million in revenue. That suggests approximately 24% year-over-year revenue growth, the highest rate since mid-2023. But the company's net loss widened from around $40 million in the October quarter last year. WATCH: Many tech companies have effectively completed IPOs as private businesses, says Mitchell Green
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TELA Bio Announces Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)City slumped to their seventh defeat in 10 games in all competitions as they were beaten 2-0 at Juventus in their latest European outing on Wednesday. Second-half goals from Dusan Vlahovic and Weston McKennie at the Allianz Stadium left Guardiola’s side languishing in 22nd place in the standings. Juventus beat Man City 💪 #UCL pic.twitter.com/H4KL15iCke — UEFA Champions League (@ChampionsLeague) December 11, 2024 With just two games of the league phase remaining, a place in the top eight and automatic last-16 qualification looks beyond them and they face a battle just to stay in the top 24 and claim a play-off spot. City manager Guardiola said: “Of course I question myself but I’m stable in good moments and bad moments. “I try to find a way to do it. I’m incredibly honest. If we play good (I say) we played good and today I thought we played good. “Our game will save us. We can do it. We conceded few chances compared to the Nottingham Forest game that we won. We’re making the right tempo. “We missed the last pass, did not arrive in the six-yard box (at the right time) or have the composure at the right moment. “But I love my team. This is life, it happens. Sometimes you have a bad period but I’m going to insist until we’re there.” City now face a crunch trip to Paris St Germain, who are also at risk of failing to qualify, next month. Guardiola accepts the top 24 is now the only aim. He said: “It’s the target. We need one point or three points. We go to Paris to try to do it and the last game at home.” Veteran midfielder Ilkay Gundogan said after the game he felt City were suffering from a loss of confidence but Guardiola dismissed his player’s comments. “I am not agreeing with Ilkay,” he said. “Of course it is tough but, except one or two games in this period, we’ve played good.” City now face a further test of their resolve as they host rivals Manchester United in a derby on Sunday. "We played well" Pep Guardiola trusts in his squad despite 2-0 loss to Juventus... 📺 @tntsports & @discoveryplusUK pic.twitter.com/VrmTzcTrEF — Football on TNT Sports (@footballontnt) December 11, 2024 Gundogan told TNT Sports: “It (confidence) is a big part of it. That’s a mental issue as well. “You can see that sometimes we miss the ball or lose a duel and you see that we drop immediately and lose the rhythm. They (the opponents) don’t even need to do much but it has such a big effect on us right now. “Even more you have to do the simple things as good as possible and create and fluidity, then it’s work hard again. This is how you get confidence back – do the small and simple things, (but) in crucial moments at the moment we are always doing the wrong things.” Juventus coach Thiago Motta was pleased with the hosts’ performance, which boosted their hopes of making the top eight. “It was a deserved victory,” he said. “We had to defend as a team and be ready to attack with quality. “We have shown we can compete at this level and now we have to do it consistently.”
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