Bears near deal for Arlington Heights stadium

The Chicago Bears are reportedly on the verge of an agreement that will keep the franchise in Illinois. The plan centers on a new stadium in Arlington Heights rather than a move to Indiana.

Crain's Chicago Business reports that the team is close to finalizing the deal. The proposed legislation builds on a measure that previously passed the state Senate but stalled in the House. A conflicting House plan had caused a late session impasse last spring.

The new bill would allow municipalities to create authority for financing and operating large venues. This includes Chicago and other communities. The facility would be publicly owned and exempt from property taxes.

This tax exemption provides the financial stability the franchise sought when it selected Arlington Heights. The authority would also be permitted to keep extra sales tax revenue generated by the project.

Some revisions still need to be resolved before the bill can move forward. The measure is gaining support in Springfield as the Bears work to secure their long-term home in Cook County.