ARLINGTON HEIGHTS, Ill. (WLS) — The Arlington Heights Board of Trustees Monday approved a deal to open a formal review of the Bears’ $5 billion plan to build a stadium in the suburb.

Arlington Heights officials call it a “significant milestone” in their push for a new Chicago Bears stadium.

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The team recently submitted the study that projects what the proposed stadium and surrounding campus would mean for the local economy.

It also looks at what infrastructure improvements would be needed to support it.

This is considered a key step in the process to move the team to the northwest suburb.

The move to the suburbs was stalled with the Bears amid a property tax dispute between the team and three local school districts. But that was resolved in December.

The Bears have owned the 326-acre property for more than a year. They’ve released drawings of a planned stadium and entertainment complex, but then turned their pursuit to a new downtown Chicago stadium.

While a new downtown stadium has a lot of supporters, no one has yet figured out how to pay for the extensive infrastructure improvements needed.

Monday was the final Village Board meeting for Arlington Heights Mayor Tom Hayes, who is retiring after 34 years with the village.

Village officials say the Bears project has gained momentum.

And, on Monday night, the Village Board voted unanimously to continue the contract with the firm that is studying the financial impact of the Bears proposal.

“This is obviously a significant milestone in the project; now it’s necessary to renegade with our consultant so all this information can be properly vetted,” Arlington Heights Village Manager Randall Recklaus said.

The mayor got a room in City Hall named for him Monday night, but he’s hoping for an even greater legacy: getting an NFL team in town.

“I’m very encouraged about where things are at. It’s a step in the right direction, and it’s an indication the Bears are still committed to exploring the Arlington Park site,” Hayes said.

The Bears have said they are also still considering their proposal to stay on the Chicago lakefront, building a new stadium next to their current home, Soldier Field.

And Chicago Mayor Brandon Johnson says he’s not conceding anything to Arlington Heights.

“At the end of the day, the Bears ownership have a financial decision they’re going to have to make. I feel good about what’s been presented in the city of Chicago. We are going to continue to work with ownership; we’re going to work with the General Assembly to find a way to keep the Bears in Chicago,” Johnson said.

Arlington Heights leaders, however, have renewed confidence in their site.

“I do think, as I’ve said from day one, they will find Arlington Park is the best site for them for the next 50 years,” Hayes said.

Arlington Heights officials say the financial analysis as well as traffic impact studies could take several weeks or even months.

But, if the numbers work out, they are hoping to see construction equipment on the property sometime soon.

A bill designed to lure the Chicago Bears to northwest Indiana was heading to Gov. Mike Braun’s desk last week, as well.