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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 8:42 am to Jack Ruby
I've been wondering about that. Is it worth having the indoor facility for a Final Four once every 15 years and a couple of Taylor Swift concerts every five years?
This post was edited on 4/24/24 at 8:45 am
Posted on 4/24/24 at 8:43 am to Bunk Moreland
quote:
Is it worth having the indoor facility for a Final Four once every 15 years and a couple of Taylor Swift concerts every five years?
I love outdoor stadiums, but they are very limiting in Chicago. Just add a retractable roof.
Posted on 4/24/24 at 8:44 am to Bunk Moreland
quote:
I'm been wondering about that. Is it worth having the indoor facility for a Final Four once every 15 years and a couple of Taylor Swift concerts every five years?
The people footing the bill aren’t trying to watch Bears games outdoors in January Chicago weather
Posted on 4/24/24 at 8:49 am to Bunk Moreland
quote:
been wondering about that. Is it worth having the indoor facility for a Final Four once every 15 years and a couple of Taylor Swift concerts every five years?
It can also be used as a convention hall.
The Superdome is used over 200 days a year.
Posted on 4/24/24 at 8:53 am to Bestbank Tiger
quote:
It can also be used as a convention hall.
Chicago already has McCormick Place which (I think) is still the largest convention center in the world.
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 8:55 am to Bestbank Tiger
quote:
It can also be used as a convention hall.
The Superdome is used over 200 days a year.
Guarantee that this new dome would be used just as much considering how much tourism (55M in 2017) there is into Chicago this should be a no-brainer for the taxpayers. A dome would guarantee that they get a Super Bowl as well even though it is a cold weather city.
quote:
Chicago already has McCormick Place which (I think) is still the largest convention center in the world.
Largest in North America but built in 1958.
This post was edited on 4/24/24 at 8:57 am
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 9:08 am to Bestbank Tiger
quote:
It can also be used as a convention hall.
But they have a perfectly fine football stadium already. Chicago's convention center is one of the largest in the country as well.
The money would be better spent to buy Soldier Field from the city of Chicago, get naming rights, upgrade the infrastructure around the stadium, and upgrade the stadium itself. It'll be far cheaper all-around and not cost taxpayer dollars.
Reimagine Soldier Field
This post was edited on 4/24/24 at 9:10 am
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 9:43 am to AUCE05
quote:no ones leaving the third largest media market in the country. this is a situation where they can call their bluff or demand certain concessions to make it worth the money and theres not much they can do. you want to leave? have fun. the nfl will find some way to get another team there ala LA.
They can go the Oakland route and refuse to help while watching every pro team leave.
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 jokePosted on 4/24/24 at 10:02 am to Bunk Moreland
quote:
I've been wondering about that. Is it worth having the indoor facility for a Final Four once every 15 years and a couple of Taylor Swift concerts every five years?
Funding NFL stadiums with taxpayer money is the biggest rip-off in sports. At least baseball stadiums have 81 home games a year and NBA/NHL arenas are ideal concert venues. As you stated, what can NFL stadiums be used for outside of eight games a year? There are very few artists who can fill a football stadium and you will be competing with a bunch of other cities that have NFL stadiums to host other major sporting events.
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