The real estate love triangle developing between the Chicago Bears and the states of Illinois and Indiana is heating up, but the team is nearing the time to finally hand out a rose.
On Thursday, Indiana Governor Mike Braun signed a bill authorizing funding for a new stadium in the town of Hammond, roughly 25 miles south of Chicago.
"Indiana has taken important steps over the last few months, and we are grateful for the leadership reflected by Governor Braun signing SB 27, establishing the framework for a stadium development in Northwest Indiana," a statement from the team read. "We continue to work on the necessary due diligence and appreciate the ongoing engagement with Indiana state and local leaders."
Alternatively, the Illinois state legislature is working its way through its own bill to lay the groundwork for the Bears to build a new stadium on land the franchise already owns in Arlington Heights, roughly the same distance away but just north of the city.
Bears ownership has not tipped its hand as to which way the team is leaning, but eager fans should find out in short order whether the franchise will remain in its namesake city or join 11 other NFL squads that play in a location other than the one listed in the standings.
How the Bears' dumb handling of Soldier Field lease resulted in a bidding war between Illinois and Indiana
The Bears have called Soldier Field in downtown Chicago home for nearly 105 years. The team's lease there runs through 2033, but it can break that lease as early as 2026 by paying an $86 million penalty.
There's also the question of roughly $350 million owed for previous stadium renovations the franchise still owes. That could complicate things further if the Bears decide to depart.
Ultimately, everything comes down to money. While things would be more convenient for the team and fans to remain in Illinois, the state's reluctance to offer a "Payment in Lieu of Taxes" program has the Bears skittish. Essentially, the program allows the Bears to pay local government for lost property taxes since the land would be tax-exempt. Being subject to the traditional tax system would create financial uncertainty for the team in its lease (I know, start playing the world's smallest violin).
Indiana has more favorable tax laws, which makes the Hammond site more inviting. Though the trade-off may be a downtick in fan attendance with games being across state lines. The Bears will have to do the math on its revenue with a lot of factors included before making a decision.
There's currently no timeline on that decision, however, so Illinois still has an opportunity to improve its offer via new legislation. Something tells me that if the Bears were set on leaving the state, they would've already accepted Indiana's proposal. The Hoosiers could just be a bargaining pawn in this complicated relationship.