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re: Bears to request more than $2 billion in public money to fund $4.6 billion stadium.
Posted on 4/24/24 at 4:53 pm to Chucktown_Badger
Posted on 4/24/24 at 4:53 pm to Chucktown_Badger
Dude Solider Field was built in 1924. It’s 30 years older than Lambeau. The renovations were a disaster and super short sited by the organization and the city. Anyone who has ever been to a game at SF knows it’s horrible.
Posted on 4/24/24 at 6:38 pm to ChiGator
It should be open air… there is a Principal involved….
Posted on 4/25/24 at 9:50 am to ChiGator
quote:
Dude Solider Field was built in 1924. It’s 30 years older than Lambeau. The renovations were a disaster and super short sited by the organization and the city. Anyone who has ever been to a game at SF knows it’s horrible.
The original soldier field was built in 1924. The 2002 renovation plopped basically an entirely new stadium inside the colonnades. And I agree, the stadium and the fans in it, suck. But how is that poor plan and poor design the fault of the taxpayers? Why didn't they just get it right twenty years ago?
Also, this is one hell of an oof.
quote:
Documents obtained by NBC 5 Investigates show the actual bond issue by the Illinois Sports Facilities Authority came to $398 million. But today, more than 20 years after that money was borrowed, the ISFA still owes over $383 million in principal, and more than $256 million in interest.
That’s a total of over $640 million, $63 million more than was originally borrowed, even after making payments for more than 20 years.
Daley left the city with a couple awesome parting gifts. I distinctly remember this one as well
quote:
Now, if you want to plug a budget gap, raising property taxes will do the trick. But if you want to remain popular with voters, that’s not such a great idea.
So Mayor Richard M. Daley got creative. He looked around for assets to sell.
What about Chicago’s 36,000 parking meters? Bingo!
A hastily formed investment group — the creatively named Chicago Parking Meters LLC — agreed to cough up $1 billion and change for a 75-year lease, and Chicago City Council rubber-stamped the plan faster than members could read the terms of the deal.
A billion dollars sounds like so much money. And it is. But so much money may have gotten left on the table.
Some analysts believed the parking meters were worth at least $2 billion.
quote:
Plenty of people have searched for loopholes that would allow the city to break this almost comically lopsided lease. No dice.
The courts have called the deal “foolish, short-sighted or worse,” but, it turns out, it’s not illegal to strike a bad deal.
With some 60 years left on its lease, Chicago Park Meters LLC has already made back its initial investment — and then some!
Ahhhh Chicago, never change.
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