By Matt Stuart | Published | No Comments
The Chicago Bears are hoping to build a new stadium along the lakefront area of Chicago, adjacent to their current stadium. However, a recent proposal presented to the public has received lukewarm reception from Illinois Governor J.B. Pritzker.
On Wednesday, Pritzker’s office referred to the proposed new $5 billion plan as a “nonstarter”. The Bears have stated that they plan to build a new stadium which would cost approx. $3.2 billion, and that stadium would be placed adjacent to Soldier Field on the lakefront of Lake Michigan.
The team has said that they are also looking to spend another $1.5 billion on infrastructure around the new stadium that would add shops, restraints, public gathering space and even possibly an hotel.
The process, the vision and the steps that need to be taken to build a #StadiumForChicago ⤵️
— Chicago Bears (@ChicagoBears) April 24, 2024
To pay for the new stadium the Bears have stated that they plan to contribute around $2 billion to the project, with the rest of the money coming from the taxpayers.
The governor’s press secretary Alex Gough said in a statement, “As the Governor has said, the current proposal is a non-starter for the state. In order to subsidize a brand new stadium for a privately owned sports team, the Governor would need to see a demonstrable and tangible benefit to the taxpayers of Illinois. The Governor’s office remains open to conversations with the Bears, lawmakers, and other stakeholders with the understanding that responsible fiscal stewardship of tax-payer dollars remains the foremost priority.”
The mayor of Chicago Brandon Johnson gave the proposal a large endorsement last week. Johnson seemed to indicate that the new proposal would not include any new taxes for the citizens of Chicago. However, approx $900 million in bonds would have to be issued by the Illinois Sports Facilities Authority. To pay for those bonds, it would mean extending an already existing 2% hotel tax in the city of Chicago.
More than a year ago the Bears spent more that $190 million to purchase the now defunct Arlington International Racecourse from Churchill Downs Inc., which is about 30 minutes Northwest of the city of Soldier Field – the Bears current home. The team had originally floated the idea of moving the team outside of the city of Chicago and relocating it on the site of the of the old racecourse grounds. However, a feasibility assessment performed on the site was seen as unfavorable to the Bears and the plan was subsequently scrapped.
The Bears have said that they could break ground on the new stadium in Chicago before the end of the year, but any taxpayer monies that would be contributed to the project would have to be approved by voters.
