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The nearly $5 billion proposal to build a
lakefront stadium complex along Lake Michigan calls for $2
billion in public money from the city of Chicago and the state.
State lawmakers never took up the issue before adjourning the
latest legislative session. Gov. J.B. Pritzker has said Illinois
needs to see more benefit for taxpayers before using public
money.
During a Chicagoland Chamber of Commerce event,
Bears President and CEO Kevin Warren said now is the time to
seize the moment.
“We have a unique time here with the Chicago Bears to not only
build a great football team, to build a great organization, but
to build a world-class stadium,” said Warren.
The team still owns more than 300 acres in
Arlington Heights, but they remain publicly committed to a
lakefront stadium project.
Jack Lavin, president of the Chicagoland Chamber of Commerce,
said a new stadium would be beneficial for the downtown area.
“The Chicago Bears are talking about putting $2.3 billion of
private money into this, and what will that do, it will create
economic opportunity,” Lavin told WGN.
The proposal calls for the Bears to refinance and pay off
existing debt from both the Soldier Field renovation and the
White Sox stadium to make way for new borrowing.
Despite support from Mayor Brandon Johnson, Ald. Gil Villegas
doesn’t expect the city to pitch in.
“When you have the Bulls, Sox that are worth billions of
dollars, and then coming to the public for subsidies, it’s a
hard sell,” Villegas told ABC7.
The Bears still have a lease with the Chicago Park District for
Soldier Field until 2033. |
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