(Photo credit: Jamie Sabau-Imagn Images)

The Chicago Bears are willing to commit $2 billion to a stadium project near Wolf Lake in Northwest Indiana after failing to gain traction with new construction projects in Illinois.

Indiana House of Representatives speaker Todd Huston made the announcement on Thursday morning with the passage of State Bill 27, which creates a stadium authority and 'sets forth the framework for a final agreement,' Indiana Gov. Mike Braun said in a statement.

The significant development is not a legally binding or full and final bill ending the Bears' 55-year stint at Soldier Field.

But it came not long after policymakers in Illinois called off a scheduled session to discuss stadium plans to keep the team in -- or at least near -- Chicago. Recent negotiations to remain in Illinois were focused on taxpayer funding with the Bears willing to commit more than 50% of the projected cost for sites in Arlington Heights, Ill., or a rebuild on the Chicago lakefront.

A state committee in the Illinois House focused on 'megaprojects' through the revenue and finance committee did not meet as originally scheduled early Thursday morning as the Bears confirmed a stadium development is progressing in the Hammond, Ind., area.

'The passage of SB 27 would mark the most meaningful step forward in our stadium planning efforts to date. We are committed to finishing the remaining site-specific necessary due diligence to support our vision to build a world-class stadium near the Wolf Lake area in Hammond, Indiana. We appreciate the leadership shown by Governor Braun, Speaker Huston, Senator (Ryan) Mishler and members of the Indiana General Assembly in establishing this critical framework and path forward to deliver a premier venue for all of Chicagoland and a destination for Bears fans and visitors from across the globe. We value our partnership and look forward to continuing to build our working relationship together.'

Hammond, Ind., is 22 miles from Soldier Field and Wolf Lake is around 20 miles. Public transportation options via the South Shore line and Amtrak, which traverses the Lake Michigan shoreline across Indiana and into Michigan. Arlington Heights, located 25 miles from downtown in the northwest Chicago suburbs, has Metra stops and is situated near O'Hare Airport with access to nearby interstates.

'Indiana is open for business, and our pro-growth environment continues to attract major opportunities like this partnership with the Chicago Bears. We've identified a promising site near Wolf Lake in Hammond and established a broad framework for negotiating a final deal,' Braun said. 'If approved, the proposed amendment to Senate Bill 27 puts forward the essential framework to complete this agreement, contingent upon site due diligence proceeding smoothly. The State of Indiana moves at the speed of business, and we've demonstrated that through our quick coordination between state agencies, local government, and the legislature to set the stage for a huge win for all Hoosiers. We have built a strong relationship with the Bears organization that will serve as the foundation for a public-private partnership, leading to the construction of a world-class stadium and a win for taxpayers.'

Earlier this year, the Kansas City Chiefs made a similar move to end their longstanding agreement with Missouri, rolling out a plan to leave Arrowhead Stadium for a new home across the border in Kansas. The agreement brings new revenue streams to the Chiefs and met the franchise's financial vision for a shared funding plan that Missouri refused to entertain.

The Bears have called Soldier Field home since 1971. The team played the 2002 season at Memorial Stadium in Champaign, Ill., on the campus of the University of Illinois while Soldier Field underwent a massive renovation.

--Field Level Media