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PostPosted: Tue Apr 23, 2024 8:03 pm 
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They want 2.3 Billion in public funding :lol: . State still owes $629 million on Bears and White Sox stadiums. Plus they will have to beat the "Friends of the Park". Who likely have better lawyers then the Bears.



Taxpayers would pick up half the tab for Bears’ lakefront stadium, sources say
Robert McCoppin, Jeremy Gorner, Dan Petrella, Brian J. Rogal
7–9 minutes

The Chicago Bears are set to announce a $4.6 billion plan to build a new enclosed stadium and improved lakefront area with half of the money coming from taxpayers, sources said. But the team will have to overcome serious skepticism from several directions.

The stadium itself would cost $3.2 billion to build, with another $1.4 billion in proposed infrastructure improvements, according to sources familiar with the plan who spoke to the Tribune on the condition of anonymity.

The sources said the Bears plan to pledge $2.3 billion, which includes some financing through the NFL. But the Bears’ plan includes an additional $2.3 billion in public financing, along with refinancing outstanding debt for prior publicly financed stadium projects for the Bears and White Sox, according to the sources.

Taxpayers would be on the hook for the proposed infrastructure improvements along with about $1 billion in new borrowing to finance the new stadium south of Soldier Field, the sources said.

To make the plan a reality, the Bears want the Illinois General Assembly to approve new bonding for the Illinois Sports Facilities Authority, which carries the debt for prior projects at Soldier Field and Guaranteed Rate Field, sources said.

Some of the new borrowing would be used to roll over existing stadium debt, and the plan calls for the new borrowing to be paid off over 40 years, which also would require legislative approval.

Sources said the Bears’ plan calls for the debt to be repaid without raising the 2% hotel tax that currently goes to ISFA.

The details are expected to be revealed at a much-anticipated news conference at noon Wednesday where officials will lay out plans for the domed stadium with increased open space.

The 2% hotel tax has fallen far short of paying off the existing debt. As a result, taxpayers still owe $629 million for past renovations of Soldier Field and Guaranteed Rate Field, whose occupants, the White Sox, also are seeking a new stadium in the South Loop.

Raising ISFA’s borrowing limit and stretching repayment over 40 years could prove to be a tough sell in Springfield, however, where legislative leaders so far have given the Bears, and the Sox, a cool reception.

Then there is the question of whether the Bears can legally build on the site. The city’s lakefront protection ordinance calls for public use of the lakefront, and the team has called for public ownership of the stadium.

The nonprofit Friends of the Parks opposes building a stadium for a privately owned team on the lakefront. The group successfully drove “Star Wars” creator George Lucas away from plans to build a movie art museum on the same site, now used for parking lots.

The Bears’ proposal will have to win over skeptics, including Gov. J.B. Pritzker, who a spokesperson said Tuesday had not been briefed by the team about the stadium plans. The governor had previously called the Bears’ proposed investment “a good first step,” and said he’s willing to listen to their proposal, but said it shouldn’t be a priority for the state.

Joe Ferguson, president of the Civic Federation, a fiscal watchdog group, told the Tribune in a recent interview that the Bears and Sox need to show vetted cost and revenue projections.

“Everybody wants to keep the teams (in the city) — the question is, on what terms?” he said. “There’s not a lot of information necessary to say one of these (plans) actually is viable, or whether it’s a way to take us to the cleaners when we’re already carrying hundreds of millions of dollars of debt for the last time we did something like this.”

The city recently went through a similar scenario, he said, when it chose the Bally’s casino for development, only to find the project is already being scaled back and has funding issues.

“I think Gov. Pritzker has spoken to this exactly right, with a real wariness about public funding of sports stadiums,” Ferguson said. “We need to see reliable, thorough revenue projections for this before we can even open the conversation.”

Making the situation more precarious, Ferguson said, is that all levels of government are facing financial cliffs in multiple areas — pensions, transit and Chicago Public Schools — with the end of billions of dollars in federal COVID-19 pandemic money.

Sports economist J.C. Bradbury, voicing a common concern among economists, said whatever public money is earmarked for the stadium would be better spent on other public projects, or returned to taxpayers.

“Fool me once, shame on you. Fool me twice, shame on me,” Bradbury said. “The Bears aren’t going to leave one of the most iconic football markets in the country. Tell the Bears to pay for their own damn stadium, and if they don’t like it, to go jump in Lake Michigan.”

The team has taken a long, strange trip to get to this point. In 2022, officials agreed to buy the former Arlington International Racecourse for $197 million, closing on the deal last year. Under prior President and CEO Ted Phillips, the team made an elaborate presentation of its plans for a $5 billion mixed-used development on the 326-acre site, with an enclosed stadium, housing and entertainment.

But since Kevin Warren became team president and CEO last year, the team has been unable to reach an agreement over property taxes with local schools in the Arlington Heights area.

As the Minnesota Vikings did when Warren was an executive there, the Bears reversed course from a suburban stadium site to downtown. Warren has extolled the beauty and energy of the city, talked of his rapport with Mayor Brandon Johnson, and has said the lakefront is the “ideal location.”

“Absolutely we can build something that would be magnificent downtown,” he said.

The team wouldn’t necessarily have to move right away, with a lease at Soldier Field through 2033. But Warren has talked about the importance of momentum in getting the stadium project done. State lawmakers are scheduled to meet until May 24, then have a veto session in the fall, and a brief lame-duck session in the new year.

Reconstructing the museum campus around a new Bears stadium could help attract new residential and retail development along the lakefront, replacing some of the tax revenue lost by the declining property values of downtown office towers, said Eric Feinberg, vice chairman and co-head of the Chicago region for Savills, a commercial real estate firm.

If the Bears’ proposal improves lakefront access with better public transportation with new gathering spaces, it’s possible the new stadium district will attract families year-round, not just on a handful of Sundays.

Feinberg said he still doesn’t understand why the Bears didn’t settle disagreements with Arlington Heights’ officials before buying the former Churchill Downs site.

“It seems so strange they would plop down all this money, and then say this is just not working out for us,” he said. “It boggles my mind.”

If the Bears do cut a deal for a lakefront stadium, it would leave Arlington Heights with a big hole to fill, said John Melaniphy of Melaniphy & Associates, a former business and development coordinator for the village of Arlington Heights. But even without football, the former racetrack site could still attract mixed-use developments with apartments, restaurants and entertainment.

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PostPosted: Tue Apr 23, 2024 8:19 pm 
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I could be talked into the idea that Reinsdorf is using Kevin Warren to anchor negotiations ahead of the Sox money grab.

“The Bears want billions? And the lakefront?!? Jerry will accept a couple hundred to take over the Iraqi billionaire lot near the loop. Let’s do that instead.”

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PostPosted: Tue Apr 23, 2024 9:08 pm 
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Feinberg said he still doesn’t understand why the Bears didn’t settle disagreements with Arlington Heights’ officials before buying the former Churchill Downs site.

“It seems so strange they would plop down all this money, and then say this is just not working out for us,” he said. “It boggles my mind.”


It's because they're stupid

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PostPosted: Wed Apr 24, 2024 1:31 am 
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Sources said the Bears’ plan calls for the debt to be repaid without raising the 2% hotel tax that currently goes to ISFA.

The 2% hotel tax has fallen far short of paying off the existing debt. As a result, taxpayers still owe $629 million for past renovations of Soldier Field and Guaranteed Rate Field


Seems like a problem!

Fuck Warren and fuck the McCaskeys. They don’t deserve a penny.

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PostPosted: Wed Apr 24, 2024 4:59 am 
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Curious Hair wrote:
Quote:
Feinberg said he still doesn’t understand why the Bears didn’t settle disagreements with Arlington Heights’ officials before buying the former Churchill Downs site.

“It seems so strange they would plop down all this money, and then say this is just not working out for us,” he said. “It boggles my mind.”


It's because they're stupid


Is it because they plan to sell the team when Virginia passes? That's the only explanation I can think of. The land will still hold value at the time of sale, then let the new owners deal with it.

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PostPosted: Wed Apr 24, 2024 5:34 am 
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If the Bears don't build a Chicago Bears Disneyland in Arlington Heights they are blowing it again. It's the easiest decision in the world and they are fiddling their thumbs like a cheap mom and pop operation.


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PostPosted: Wed Apr 24, 2024 6:53 am 
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blackhawksfan wrote:
If the Bears don't build a Chicago Bears Disneyland in Arlington Heights they are blowing it again. It's the easiest decision in the world and they are fiddling their thumbs like a cheap mom and pop operation.


as much as i hate them outside of the city, i have to reluctantly agree

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PostPosted: Wed Apr 24, 2024 7:04 am 
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good dolphin wrote:
blackhawksfan wrote:
If the Bears don't build a Chicago Bears Disneyland in Arlington Heights they are blowing it again. It's the easiest decision in the world and they are fiddling their thumbs like a cheap mom and pop operation.


as much as i hate them outside of the city, i have to reluctantly agree


There are like 2 teams in the NFL that own their stadium. It also sounds like their are financing issues because of the tax uncertainty.

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PostPosted: Wed Apr 24, 2024 7:04 am 
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good dolphin wrote:
blackhawksfan wrote:
If the Bears don't build a Chicago Bears Disneyland in Arlington Heights they are blowing it again. It's the easiest decision in the world and they are fiddling their thumbs like a cheap mom and pop operation.


as much as i hate them outside of the city, i have to reluctantly agree

The Bears have two winning hands. The city/state gives them $2 billion to stay in city limits. They build their own stadium in AH and make billions on that.

The most telling thing is that the Bears haven't ever played any of the big cards. They didn't do any fake threats to move to Indiana. No rumors of meetings with San Antonio or St. Louis.

These things can take years to get it all worked out.

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PostPosted: Wed Apr 24, 2024 7:10 am 
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Brick wrote:
good dolphin wrote:
blackhawksfan wrote:
If the Bears don't build a Chicago Bears Disneyland in Arlington Heights they are blowing it again. It's the easiest decision in the world and they are fiddling their thumbs like a cheap mom and pop operation.


as much as i hate them outside of the city, i have to reluctantly agree

The Bears have two winning hands. The city/state gives them $2 billion to stay in city limits. They build their own stadium in AH and make billions on that.

The most telling thing is that the Bears haven't ever played any of the big cards. They didn't do any fake threats to move to Indiana. No rumors of meetings with San Antonio or St. Louis.

These things can take years to get it all worked out.



The city can't fund their own pensions but somehow has $2B laying around to fund a new stadium.

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PostPosted: Wed Apr 24, 2024 7:12 am 
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Brick wrote:
good dolphin wrote:
blackhawksfan wrote:
If the Bears don't build a Chicago Bears Disneyland in Arlington Heights they are blowing it again. It's the easiest decision in the world and they are fiddling their thumbs like a cheap mom and pop operation.


as much as i hate them outside of the city, i have to reluctantly agree

The Bears have two winning hands. The city/state gives them $2 billion to stay in city limits. They build their own stadium in AH and make billions on that.

The most telling thing is that the Bears haven't ever played any of the big cards. They didn't do any fake threats to move to Indiana. No rumors of meetings with San Antonio or St. Louis.

These things can take years to get it all worked out.

There is no way the Bears will get this public funding. Unless the new stadium can also double as migrant housing. There will be no support for this amongst the politicians. This lakefront stadium is a dead dog.

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PostPosted: Wed Apr 24, 2024 7:15 am 
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hootmon wrote:
Brick wrote:
good dolphin wrote:
blackhawksfan wrote:
If the Bears don't build a Chicago Bears Disneyland in Arlington Heights they are blowing it again. It's the easiest decision in the world and they are fiddling their thumbs like a cheap mom and pop operation.


as much as i hate them outside of the city, i have to reluctantly agree

The Bears have two winning hands. The city/state gives them $2 billion to stay in city limits. They build their own stadium in AH and make billions on that.

The most telling thing is that the Bears haven't ever played any of the big cards. They didn't do any fake threats to move to Indiana. No rumors of meetings with San Antonio or St. Louis.

These things can take years to get it all worked out.

There is no way the Bears will get this public funding. Unless the new stadium can also double as migrant housing. There will be no support for this amongst the politicians. This lakefront stadium is a dead dog.


What's stranger?

Acting like it will work, or pushing this while upstaging your team's biggest NFL story in years?

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PostPosted: Wed Apr 24, 2024 7:39 am 
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good dolphin wrote:
blackhawksfan wrote:
If the Bears don't build a Chicago Bears Disneyland in Arlington Heights they are blowing it again. It's the easiest decision in the world and they are fiddling their thumbs like a cheap mom and pop operation.


as much as i hate them outside of the city, i have to reluctantly agree


I would rather see them go to AH than build some hideous dome on the lakefront.


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PostPosted: Wed Apr 24, 2024 7:51 am 
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we can't even get EV drivers to pay their fair tax. the mclaskys can pay for the stadium and they will make billions when they sell it (AFTER THE FEMINIST DIES)

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PostPosted: Wed Apr 24, 2024 7:53 am 
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Warren Newson wrote:
good dolphin wrote:
blackhawksfan wrote:
If the Bears don't build a Chicago Bears Disneyland in Arlington Heights they are blowing it again. It's the easiest decision in the world and they are fiddling their thumbs like a cheap mom and pop operation.


as much as i hate them outside of the city, i have to reluctantly agree


I would rather see them go to AH than build some hideous dome on the lakefront.


agreed. anything they do downtown won't be the 'wrigleyville' that everyone wants. it might look good on ariel shots, but chicago already looks good with those and soldiers field can be converted to a multi purpose event center that taxpayers would have an easier time funding.

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PostPosted: Wed Apr 24, 2024 7:56 am 
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hootmon wrote:
Brick wrote:
good dolphin wrote:
blackhawksfan wrote:
If the Bears don't build a Chicago Bears Disneyland in Arlington Heights they are blowing it again. It's the easiest decision in the world and they are fiddling their thumbs like a cheap mom and pop operation.


as much as i hate them outside of the city, i have to reluctantly agree

The Bears have two winning hands. The city/state gives them $2 billion to stay in city limits. They build their own stadium in AH and make billions on that.

The most telling thing is that the Bears haven't ever played any of the big cards. They didn't do any fake threats to move to Indiana. No rumors of meetings with San Antonio or St. Louis.

These things can take years to get it all worked out.

There is no way the Bears will get this public funding. Unless the new stadium can also double as migrant housing. There will be no support for this amongst the politicians. This lakefront stadium is a dead dog.

Of course they will get public funding for the public stadium in Chicago. Is the idea that the Bears are going to fund 100% of the stadium on public land?

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PostPosted: Wed Apr 24, 2024 7:58 am 
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Kevin Warren is such a scumbag. It's incredible he didn't end up as a televangelist, that's perfect for his skill set.

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PostPosted: Wed Apr 24, 2024 7:59 am 
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Brick wrote:
hootmon wrote:
Brick wrote:
good dolphin wrote:
blackhawksfan wrote:
If the Bears don't build a Chicago Bears Disneyland in Arlington Heights they are blowing it again. It's the easiest decision in the world and they are fiddling their thumbs like a cheap mom and pop operation.


as much as i hate them outside of the city, i have to reluctantly agree

The Bears have two winning hands. The city/state gives them $2 billion to stay in city limits. They build their own stadium in AH and make billions on that.

The most telling thing is that the Bears haven't ever played any of the big cards. They didn't do any fake threats to move to Indiana. No rumors of meetings with San Antonio or St. Louis.

These things can take years to get it all worked out.

There is no way the Bears will get this public funding. Unless the new stadium can also double as migrant housing. There will be no support for this amongst the politicians. This lakefront stadium is a dead dog.

Of course they will get public funding for the public stadium in Chicago. Is the idea that the Bears are going to fund 100% of the stadium on public land?


Since you've known everything for months now, how will they get the public funding?

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PostPosted: Wed Apr 24, 2024 8:04 am 
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Brick wrote:
hootmon wrote:
Brick wrote:
good dolphin wrote:
blackhawksfan wrote:
If the Bears don't build a Chicago Bears Disneyland in Arlington Heights they are blowing it again. It's the easiest decision in the world and they are fiddling their thumbs like a cheap mom and pop operation.


as much as i hate them outside of the city, i have to reluctantly agree

The Bears have two winning hands. The city/state gives them $2 billion to stay in city limits. They build their own stadium in AH and make billions on that.

The most telling thing is that the Bears haven't ever played any of the big cards. They didn't do any fake threats to move to Indiana. No rumors of meetings with San Antonio or St. Louis.

These things can take years to get it all worked out.

There is no way the Bears will get this public funding. Unless the new stadium can also double as migrant housing. There will be no support for this amongst the politicians. This lakefront stadium is a dead dog.

Of course they will get public funding for the public stadium in Chicago. Is the idea that the Bears are going to fund 100% of the stadium on public land?


What makes you think they will be able to build on the spot they want to?

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PostPosted: Wed Apr 24, 2024 8:06 am 
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conns7901 wrote:
What makes you think they will be able to build on the spot they want to?

Why wouldn't they? It's a parking lot. The funding is far more of a concern than if they can replace a parking lot with a domed stadium.

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PostPosted: Wed Apr 24, 2024 8:06 am 
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why cant someone like mark cuban come in here and put the new stadium on an island a few hundred yards off of chicago's coast line? lake michicagn would serve as a moat to protect against the undocumented and black people.

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PostPosted: Wed Apr 24, 2024 8:08 am 
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Brick wrote:
hootmon wrote:
Brick wrote:
good dolphin wrote:
blackhawksfan wrote:
If the Bears don't build a Chicago Bears Disneyland in Arlington Heights they are blowing it again. It's the easiest decision in the world and they are fiddling their thumbs like a cheap mom and pop operation.


as much as i hate them outside of the city, i have to reluctantly agree

The Bears have two winning hands. The city/state gives them $2 billion to stay in city limits. They build their own stadium in AH and make billions on that.

The most telling thing is that the Bears haven't ever played any of the big cards. They didn't do any fake threats to move to Indiana. No rumors of meetings with San Antonio or St. Louis.

These things can take years to get it all worked out.

There is no way the Bears will get this public funding. Unless the new stadium can also double as migrant housing. There will be no support for this amongst the politicians. This lakefront stadium is a dead dog.

Of course they will get public funding for the public stadium in Chicago. Is the idea that the Bears are going to fund 100% of the stadium on public land?


Pritzker seems like he will block this, assuming the funds are coming from the state (?) and not the city. It still blows my mind that there are still hundreds of millions left on the previous stadium rebuild.

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PostPosted: Wed Apr 24, 2024 8:34 am 
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Seacrest wrote:
hootmon wrote:
Brick wrote:
good dolphin wrote:
blackhawksfan wrote:
If the Bears don't build a Chicago Bears Disneyland in Arlington Heights they are blowing it again. It's the easiest decision in the world and they are fiddling their thumbs like a cheap mom and pop operation.


as much as i hate them outside of the city, i have to reluctantly agree

The Bears have two winning hands. The city/state gives them $2 billion to stay in city limits. They build their own stadium in AH and make billions on that.

The most telling thing is that the Bears haven't ever played any of the big cards. They didn't do any fake threats to move to Indiana. No rumors of meetings with San Antonio or St. Louis.

These things can take years to get it all worked out.

There is no way the Bears will get this public funding. Unless the new stadium can also double as migrant housing. There will be no support for this amongst the politicians. This lakefront stadium is a dead dog.


What's stranger?

Acting like it will work, or pushing this while upstaging your team's biggest NFL story in years?

Exactly. Overshadow the draft with an idea of a potential, hypothetical building that may or may not be something they’ll pursue if all the stars align over the next several years.

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PostPosted: Wed Apr 24, 2024 8:38 am 
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This Ends in Antioch wrote:
Seacrest wrote:
hootmon wrote:
Brick wrote:
good dolphin wrote:
blackhawksfan wrote:
If the Bears don't build a Chicago Bears Disneyland in Arlington Heights they are blowing it again. It's the easiest decision in the world and they are fiddling their thumbs like a cheap mom and pop operation.


as much as i hate them outside of the city, i have to reluctantly agree

The Bears have two winning hands. The city/state gives them $2 billion to stay in city limits. They build their own stadium in AH and make billions on that.

The most telling thing is that the Bears haven't ever played any of the big cards. They didn't do any fake threats to move to Indiana. No rumors of meetings with San Antonio or St. Louis.

These things can take years to get it all worked out.

There is no way the Bears will get this public funding. Unless the new stadium can also double as migrant housing. There will be no support for this amongst the politicians. This lakefront stadium is a dead dog.


What's stranger?

Acting like it will work, or pushing this while upstaging your team's biggest NFL story in years?

Exactly. Overshadow the draft with an idea of a potential, hypothetical building that may or may not be something they’ll pursue if all the stars align over the next several years.


Kevin Warren thinks he's so clever but everything he does is so obviously for self serving PR that it has the exact opposite effect of what he's intending. It'll be a great day when he's gone.

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PostPosted: Wed Apr 24, 2024 8:42 am 
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This Ends in Antioch wrote:
Exactly. Overshadow the draft with an idea of a potential, hypothetical building that may or may not be something they’ll pursue if all the stars align over the next several years.

If it's done right it will be something that makes the future seem even brighter. New QB. New stadium. New Bears era.

But, if it's like "We want to build a new stadium. We want a lot of taxpayer money. Can we have money? We'll pay some money too?" then it will be a disaster.

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PostPosted: Wed Apr 24, 2024 8:45 am 
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Brick wrote:
This Ends in Antioch wrote:
Exactly. Overshadow the draft with an idea of a potential, hypothetical building that may or may not be something they’ll pursue if all the stars align over the next several years.

If it's done right it will be something that makes the future seem even brighter. New QB. New stadium. New Bears era.

But, if it's like "We want to build a new stadium. We want a lot of taxpayer money. Can we have money? We'll pay some money too?" then it will be a disaster.

Given the amount of legwork that would have to be done before there’s a real plan in place, how could it be anything other than the bolded?

I’d bet good money they’ll say dumb shit about how much Kevin Warren loves walking by the lakefront, how he has a great relationship with the city, show a few pretty pictures and call it a day. That doesn’t seem like something that must happen the day before Caleb Williams Day.

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PostPosted: Wed Apr 24, 2024 8:47 am 
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It really seems odd timing. I am leaning toward Brick's mentioned disaster.

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PostPosted: Wed Apr 24, 2024 8:51 am 
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Brick wrote:
conns7901 wrote:
What makes you think they will be able to build on the spot they want to?

Why wouldn't they? It's a parking lot. The funding is far more of a concern than if they can replace a parking lot with a domed stadium.



You must have forgot about the last person to try and build on that site.

https://chicago.curbed.com/2016/5/3/115 ... uit-halted

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PostPosted: Wed Apr 24, 2024 8:51 am 
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This Ends in Antioch wrote:
Given the amount of legwork that would have to be done before there’s a real plan in place, how could it be anything other than the bolded?
The timeline indicates this has been in the works for a month and a half publicly though AH seemed to think it was just a baseless threat.

So it's probably 2 or 3 months into it. The fact that public officials will be part of it indicates there is at least some sort of agreement. I think the big question is if it will have to be voted on by the public. The plan they have seems to be a modified version of Jerry World in Arlington. That one was denied once by a different city before Arlington agreed.

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PostPosted: Wed Apr 24, 2024 8:53 am 
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conns7901 wrote:
Brick wrote:
conns7901 wrote:
What makes you think they will be able to build on the spot they want to?

Why wouldn't they? It's a parking lot. The funding is far more of a concern than if they can replace a parking lot with a domed stadium.



You must have forgot about the last person to try and build on that site.

https://chicago.curbed.com/2016/5/3/115 ... uit-halted

There is a massive difference between a museum with no connection to Chicago and the Chicago Bears. Plus, Lucas just moved it back to California where it made more sense anyways.

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