At the October 10, 2022 Committee-of-the-Whole meeting, a Pre-Development Agreement between the Village and CBFC Development, LLC, related to the former Arlington International Racecourse property was presented for discussion. 

At the meeting, the Committee-of-the-Whole approved a motion recommending that the Village Board of Trustees approve the Pre-Development Agreement with CBFC Development, LLC at the November 7, 2022 Village Board Meeting. 

As discussed on October 10th Staff has worked with representatives of the Chicago Bears to develop the document with the following goals:

• To establish a mutually agreed upon framework and goals for the key discussion topics in the event the project moves forward;
• To provide the CBFC some assurances regarding our intentions and predictability of process so that they can make a purchasing decision later in 2022;
• To spell out certain expectations that the Village has of the CBFC during the process; and
• To provide the public expectations how the discussion will unfold.

This agreement is about establishing and publicly stating intent, not creating irrevocable commitments. Given the early stage of the project, Staff and the Chicago Bears believe it is too early to establish such commitments. However, we both agree that it is important that all stakeholders understand the intent and goals of the Village and the Chicago Bears.  The Agreement acknowledges that the Village will need much more information in order to weigh in on their proposal in a formal way, but that the Village is willing to explore the general idea of an NFL Stadium and mixed-use development on the site.

RECOMMENDATION

It is recommended that a Resolution Approving a Pre-Development Agreement with CBFC Development, LLC, be approved.