The Chicago Bears are trying to convince city and state government officials that building a state-of-the-art, domed stadium along the lakefront is a good investment.
But a report this weekend says taxpayers will pay a hefty price for it, more than what the Bears claimed last week.
According to the Sun-Times, Illinois Sports Facilities Authority executive director Frank Bilecki says the overall cost to taxpayers to build the new stadium the Bears proposed last week would be $6.9 billion.
The report says city and state taxpayers would end up paying $5.9 billion to help the Bears build and finance the new stadium, as well as to retire existing debt that’s been used to renovate Soldier Field and Guaranteed Rate Field, home of the Chicago White Sox.
If you include the $1 billion that’s already paid to revamp Soldier Field and Guaranteed Rate Field, that’s how you get to the nearly $7 billion cost for taxpayers, Bilecki tells the Sun-Times.
In last week’s press conference, the Bears put the cost for their new stadium at $4.7 billion.
According to the report, however, Bilecki said the higher costs were determined using figures the Bears provided during their initial meeting with the Illinois Sports Facilities Authority and follow-up questions with the team.
The state’s top government leaders have repeatedly expressed their disapproval of using public funding for any new stadium proposal, and they were quick to issue criticism of the Bears’ new stadium plans right after the team announced them.
The Bears said they will kick in $2.025 billion to finance the new stadium, which would be built just south of where Soldier Field is now, on lakefront parkland owned by the Chicago Park District.
While those factors make the deal at least a little more palatable to city and state leaders, the latest Sun-Times report noted the Bears are also looking to make the terms of a stadium lease better for themselves.
“They’re asking to keep all of the revenue from other events that might take place at the stadium,” Gov. JB Pritzker said last week, according to the report. “If there’s a Beyonce concert, they want all of that revenue, too, and everything else that might happen there.
“There are aspects of this that are probably non-starters.”
Again, for the full Sun-Times report, go HERE.
Also, check out WGN News’ story on what you need to know about the Bears’ new stadium plans for more information.