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Bears to request more than $2 billion in public money to fund $4.6 billion stadium.
Posted on 4/24/24 at 8:31 am
Posted on 4/24/24 at 8:31 am
quote:
The Chicago Bears have some big plans for the stadium to replace their longtime home of Soldier Field. Of course, they aren't planning to pay for it all themselves.
The team is set to reveal plans Wednesday for a $4.6 billion project to build a new enclosed stadium on the Lake Michigan lakefront area, according to the Chicago Tribune, with the team planning to pledge $2.3 billion to make it happen. That would leave Illinois taxpayers on the hook for $2.3 billion.
For perspective, that works out to $183 per Illinois resident.
The stadium itself will reportedly cost $3.2 billion to build, with another $1.4 billion in infrastructure improvements (public transportation, parking garages, parks). Taxpayers would technically cover the infrastructure improvements and $1 billion in newly borrowed money, which would involve new bonds for the Illinois Sports Facilities Authority (ISFA).
A $4.6 billion stadium (or a $3.2 billion stadium) would be the second-most expensive stadium in sports history, behind only SoFi Stadium, the home of the Los Angeles Rams and Los Angeles Chargers. That project was funded entirely by Rams owner Stan Kroenke.
These plans come after the Bears already spent $197 million to buy the Arlington International Racecourse property in Arlington Heights, Illinois. They are now apparently set to abandon those plans, with the team reportedly unable to reach an agreement over property taxes with local schools in Arlington Heights.
The Bears' lease at Soldier Field, which is nearing its 100th birthday, runs through 2033.
The Chicago White Sox would also like $2 billion
The Bears are pursuing their public funding in parallel to the Chicago White Sox, who have already unveiled plans for a stadium just outside Chicago's South Loop area.
The price tag was initially reported as $1 billion, but a subsequent interview by team owner Jerry Reinsdorf revealed the price tag would be closer to $2 billion. He heavily hinted that Illinois declining to cover the money would endanger the team's future in Chicago.
It remains to be seen if the Bears will employ similar scare tactics, and if anyone would believe them. The teams have recently discussed a financial partnership.
Wait until you hear how much Illinois still owes for the last Bears and White Sox stadium projects
LINK
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Posted on 4/24/24 at 8:32 am to Bunk Moreland
If this goes to a public vote it won't pass
Posted on 4/24/24 at 8:39 am to Bunk Moreland
I get the public footing the bill for infrastructure and transportation improvements, I don’t really get them footing the bill for $1 Billion in new borrowing.
If it’s an enclosed stadium, will the city own 1/3 of it and get use of the stadium 1/3 of the time? If public funds are used to build these stadiums, cities and localities that paid for it should also reap the benefit of it.
Personally, if I’m a city leader, I would never allow a publicly funded open air stadium to be built. This way I could guarantee massive events regardless of weather.
If it’s an enclosed stadium, will the city own 1/3 of it and get use of the stadium 1/3 of the time? If public funds are used to build these stadiums, cities and localities that paid for it should also reap the benefit of it.
Personally, if I’m a city leader, I would never allow a publicly funded open air stadium to be built. This way I could guarantee massive events regardless of weather.
This post was edited on 4/24/24 at 3:11 pm
Posted on 4/24/24 at 8:40 am to Bunk Moreland
quote:
The team is set to reveal plans Wednesday for a $4.6 billion project to build a new enclosed stadium on the Lake Michigan lakefront area, according to the Chicago Tribune, with the team planning to pledge $2.3 billion to make it happen. That would leave Illinois taxpayers on the hook for $2.3 billion
Just build an open air stadium for half the cost....
Posted on 4/24/24 at 8:54 am to Bunk Moreland
what better time to seek public money then when youve been playing like absolute garbage.
bears arent going anywhere. city needs to nut up and tell them to frick off.
bears arent going anywhere. city needs to nut up and tell them to frick off.
Posted on 4/24/24 at 8:59 am to Bunk Moreland
LOL, Illinois is a fiscal train wreck.
Posted on 4/24/24 at 9:10 am to Bunk Moreland
Posted on 4/24/24 at 9:20 am to Bunk Moreland
Cost of having a team. They can go the Oakland route and refuse to help while watching every pro team leave.
Posted on 4/24/24 at 9:33 am to Bunk Moreland
Welfare queen billionaires
Posted on 4/24/24 at 9:36 am to Bunk Moreland
A new stadium would be nice, but I already pay enough to watch them be garbage for too long.
If they draft Williams and he busts, and Daniels has a great career, I’m honestly considering flipping my allegiances to the cheeseheads.
It’s gotten that bad for this lifelong Bears fan.
If they draft Williams and he busts, and Daniels has a great career, I’m honestly considering flipping my allegiances to the cheeseheads.
It’s gotten that bad for this lifelong Bears fan.
Posted on 4/24/24 at 9:56 am to Bunk Moreland
Imagine living in some place like Carbondale, IL and having to pay taxes to fund a NFL stadium in suburb Chicago 
what a joke
what a joke
Posted on 4/24/24 at 10:06 am to Bunk Moreland
This is how billionaires keep their money while taxpayers lose more of theirs.
Posted on 4/24/24 at 10:06 am to Bunk Moreland
I don’t see the Bears with any leverage here. If they don’t get their money and leave, another team will take their place. The NFL will see to it that the 3rd biggest market in the country always has a team.
The White Socks really can just kick rocks, though.
The White Socks really can just kick rocks, though.
Posted on 4/24/24 at 10:20 am to Bunk Moreland
Look at the bright side if you are a Bears fan:
If your taxes go up to pay for the stadium, at least you know you'll be guaranteed a super bowl birth for the first time in over 40 years after it is built.
If your taxes go up to pay for the stadium, at least you know you'll be guaranteed a super bowl birth for the first time in over 40 years after it is built.
Posted on 4/24/24 at 10:49 am to Bunk Moreland
Good fricking luck!
Brandon Johnson is a fricking idiot, who makes Cantrell & Lightfoot look like MENSA members. A stone-cold Commie.
The working class and business community who commute into the city daily and are its life-blood have been under constant attack.
Who has that amount of lakefront property in Cook county and it will answer all your questions?
Brandon Johnson is a fricking idiot, who makes Cantrell & Lightfoot look like MENSA members. A stone-cold Commie.
The working class and business community who commute into the city daily and are its life-blood have been under constant attack.
quote:
The team is set to reveal plans Wednesday for a $4.6 billion project to build a new enclosed stadium on the Lake Michigan lakefront area,
Who has that amount of lakefront property in Cook county and it will answer all your questions?
Posted on 4/24/24 at 11:12 am to Bunk Moreland
Chicago is in the express lane to becoming a new Detroit.
The CTU is demanding annual raises of 9%. Over $200 million being spent on illegals. Over a billion in bonds being sold to spend on "economic development". There are record numbers of office and retail vacancies in the Loop and Mag Mile. Illinois has the highest property taxes in the country, and a taxpayer is moving away every 8 minutes.
Great timing for the Bears and White Sox to ask for billions.
No one knows why the Bears suddenly pivoted away from Arlington Heights and back to the city. And it was recently revealed an Iraqi billionaire owns the land around the area where the Sox want their new ballpark. This all seems like typical crooked Chicago shite.
The CTU is demanding annual raises of 9%. Over $200 million being spent on illegals. Over a billion in bonds being sold to spend on "economic development". There are record numbers of office and retail vacancies in the Loop and Mag Mile. Illinois has the highest property taxes in the country, and a taxpayer is moving away every 8 minutes.
Great timing for the Bears and White Sox to ask for billions.
No one knows why the Bears suddenly pivoted away from Arlington Heights and back to the city. And it was recently revealed an Iraqi billionaire owns the land around the area where the Sox want their new ballpark. This all seems like typical crooked Chicago shite.
Posted on 4/24/24 at 12:26 pm to Bunk Moreland
Also from the article… the state still owes money on the old stadiums
quote:
A 2% hotel tax has been used to pay bonds that covered renovations for Soldier Field and Guaranteed Rate Field, but the debts have outpaced that income. Per the Tribune, taxpayers still owe $629 million on renovations for stadiums that both teams are now trying to abandon while asking Illinois to pay billions to help them do so.
Some of the proposed borrowing would reportedly be used to roll over that debt, with a plan to pay it off over the course of 40 years.
Posted on 4/24/24 at 2:29 pm to Bunk Moreland
Bad football team.
Bad economy.
High tax state.
Sure go ahead and ask the citizens if they wanna foot the bill for a new stadium.
Bad economy.
High tax state.
Sure go ahead and ask the citizens if they wanna foot the bill for a new stadium.
Posted on 4/24/24 at 2:57 pm to Bunk Moreland
Get in line behind Ukraine
Posted on 4/24/24 at 9:49 pm to Bunk Moreland
If they do it with a mechanism like hotel and rental car taxes, who cares.
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