CHICAGO (WLS) – The Chicago Bears have reached a tentative agreement with three Arlington Heights-area school districts over a long-running property tax dispute over the 326-acre Arlington Park property, officials told the Daily Herald, ABC7 Chicago’s news partner, on Monday.

The deal brokered by Arlington Heights village officials must still receive positive votes from the elected village board and boards of education in Northwest Suburban High School District 214, Palatine-Schaumburg High School District 211 and Palatine Township Elementary District 15, according to the Herald.

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In a statement Monday, the Bears said: “The Chicago Bears remain focused on investing over $2 billion to build a public enclosed stadium on Chicago’s lakefront while reassessing the feasibility of development in Bronzeville.” However, we remain significant landowners in Arlington.” Elevation and establishing a framework for possible future development planning, financing and property tax certainty have been priorities since purchasing the property. “We continue to have productive discussions with the village and school districts and have agreed upon a framework for us to explore possible development.”

Officials from the three school districts and the village released a joint statement Monday.

“We continue to believe that Arlington Heights continues to represent an incredible opportunity, and we have a shared 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,” wrote Officer. “We look forward to future discussions.”

Details of the agreement have not been made public, but it is expected to include language regarding property tax assessments and payments in two scenarios: if the Bears build a stadium on the sprawling property, and if they do not, the Herald reported.

Arlington Heights Mayor Tom Hayes said he was encouraged by the significant progress made in recent weeks and hoped the agreement would be approved in the “near future.”

Earlier this year, Hayes confirmed that the Bears had received and responded to a draft of the proposed agreement, and Village Manager Randy Recklaus added that discussions had continued throughout the summer.

The Bears’ appeal of a Cook County Board of Review decision that set the value of the Arlington Park property at $124.7 million is now pending before the Illinois Property Tax Appeal Board. If the county board’s decision stands, the Bears would face an $8.9 million tax bill.

The team wants the value reduced to $60 million, which would reduce the bill to $1.7 million.

It is unknown when the four elected boards will vote on the memorandum of understanding, but the Arlington Heights trustees will next meet on Dec. 2, the District 15 boards on Dec. 11, and the District 214 and 200 boards 211 on December 12th.

Earlier this month, it became clear that the Bears were considering another alternative to their planned stadium on the city’s lakefront: the former site of Michael Reese Hospital, which has been closed for 16 years.

In the past, the Bears opposed the site, saying it was too narrow and presented engineering and safety challenges due to the Metra tracks on the property.

In April, the Bears released plans for a new, state-of-the-art lakefront stadium adjacent to Soldier Field, their current home.

They committed more than $2 billion of their own money to construction but said they needed at least that much public financing.

And that plan has failed with lawmakers in Springfield.