The Chicago Bears issued a statement Monday after reaching a tentative agreement with the Village of Arlington Heights and local school districts in a long-running property tax dispute.

The tentative agreement requires approval from the Arlington Heights Village Board and the boards of the three affected school districts, Arlington Heights Mayor Tom Hayes told NBC Chicago.

The Bears released the following statement regarding the news:

“The Chicago Bears remain focused on investing over $2 billion to build a public enclosed stadium on Chicago’s lakefront while reevaluating the feasibility of development in Bronzeville. However, we remain significant landowners in Arlington Heights and are creating a framework for possible future development.” Planning, financing and property tax certainty have been a priority since purchasing the property. We continue to have productive discussions with the village and school districts and agree on a framework should we decide to explore potential development.”

In a separate statement, the Village of Arlington Heights and school districts said, in part: “We continue to believe that Arlington Heights remains an incredible opportunity for the Chicago Bears Football Club…”

“The village and school districts agree with the team on how to create a framework for potential future development planning, financing and property tax certainty in Arlington Heights that works for all parties,” the statement continued. “We look forward to future discussions.”

The Bears’ potential move to the suburbs suffered a setback in March when the team announced it would focus on building a new stadium on Chicago’s lakefront. After the news broke, the village released a statement saying the team’s “ongoing interest in Arlington Park has not changed.”

The team purchased the site that once housed Arlington International Racecourse in February 2023 for $197.2 million and planned to build a multibillion-dollar stadium project on the site with restaurants, shops, a hotel, residential properties and more.

When the Bears purchased the property, the Cook County Assessor’s Office increased the value of the property from $33 million to $197 million as part of the triennial reassessment. That would have increased the tax burden proportionally, almost sixfold. The Bears’ attorney argued that the increase amounted to a “sales hunt” in violation of state law.

The Bears have long said they need “certainty” on property taxes before developing the site, which would be a years-long process, and that their purchase of the property was no guarantee they would build.