The Arlington Heights Village Board on Monday night signed off on an agreement that establishes what the Chicago Bears would pay in property taxes, a significant step that clears the way for a potential new stadium in the northwest suburb,

Last month, the Bears announced they were considering building yet another stadium on the former Michael Reese Hospital site in Bronzeville. Though the team said Arlington Heights isn't their first pick, Village President Tom Hayes is still hopeful the Bears will end up there.

The Arlington Heights village board on Monday approved a deal nearly two years in the making that aims to resolve the property tax dispute between the Chicago Bears and three area school districts.

The Village of Arlington Heights Board of Trustees is set to vote on a tentative property tax deal with the Chicago Bears and three local school districts, which would save the Bears $5.4 million a year in property taxes and establish a timeline for the Bears to decide on building a new stadium in the northwest suburbs.

The Bears have moved one step closer to a property tax agreement on the 326-acre site of the former Arlington International Racecourse in northwest suburban Arlington Heights. The Palatine Township Elementary District 15 School Board has approved the tentative property tax deal brokered between the Bears and three local school districts that

High School District 214, Township High School District 211 and Community Consolidated School District 15 have approved an agreement with the Bears over property taxes in Arlington Heights.