ARLINGTON HEIGHTS, Ill. (AP) — The Chicago Bears are sticking with their plans for an Arlington Heights stadium as a dispute over property taxes for the 326-acre site at Arlington Park has been temporarily resolved, according to multiple reports.

Officials with the Bears and the Village of Arlington Heights have reportedly confirmed that they have reached a “memorandum of understanding” on what property taxes and other development and financing details would look like if the Bears ultimately decide to pursue a $5 billion Dollar Stadium and an entertainment district moving forward on the site of the former Arlington International Racecourse.

However, the Arlington Heights contract has not yet been signed and must receive positive votes from the Arlington Heights Elected Village Board and school boards in Northwest Suburban High School District 214, Palatine-Schaumburg High School District 211 and Palatine Township Elementary District 15.

Arlington Heights Mayor Tom Hayes told WGN News that the village’s work on the tentative agreement began “more than a year ago, long before the Bears shifted their focus to the lakefront,” and the goal is to get them to make public the vote of a board in the near future.

Despite the news, the Bears’ first choice is to stay in Chicago and build an enclosed stadium on the lakefront, team officials 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,” officials said in a statement. “Nevertheless, 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 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.”

Still, Monday’s agreement appears to end an ongoing dispute between the Bears and Arlington Heights officials over the value of the 326-acre property the Bears purchased for $197 million in early 2023 and how property taxes might be structured When the Bears build their property, they will temporarily have a new stadium there.

The Bears also had difficulty reaching an agreement with the three aforementioned Arlington Heights-area school districts, which was a key reason the franchise shifted its focus to building a new stadium on Chicago’s lakefront, south of present-day Soldier Field. shifted.

In April, the team unveiled plans for the new lakefront stadium.

A spokesperson for Arlington Heights and the three school districts issued a separate statement Monday.

“We continue to believe that Arlington Heights continues to represent an incredible opportunity, and we are aligned 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 discussions.”

Hayes also said he was “encouraged by the significant progress” that has been made.

Previously, the Bears and school districts had not come close to a compromise on the value of Arlington International Racecourse, which Cook County appraisers estimated at $192 million. The Bears later appealed to the Cook County Board of Review and assessed the site’s value at $60 million, which was reportedly well below the school district’s estimate of $160 million.

In February, elected officials finally came up with $125 million, a result the Bears weren’t happy with.

The team then reportedly contacted the Illinois Property Tax Appeal Board to verify the assessed value. This process is still pending and may not be completed for a year or more.