Bears Stadium Plan Asks for $2 Billion from Taxpayers
The Chicago Bears will unveil a stadium proposal Wednesday to replace Soldier Field (pictured.)
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The Chicago Bears will unveil a new lakefront stadium proposal Wednesday they plan to fund with more than $2 billion in private dollars and more than $2 billion in taxpayer funding.
Multiple sources tell The Illinoize the domed stadium would cost more than $3 billion to construct and another $1.5 billion in infrastructure improvements to the museum campus on the lakefront would be made.
Our sources agreed to speak about the proposal on the condition of anonymity.
The Bears are pledging $2.03 billion for the construction, mostly from the franchise, and a “small portion” from the National Football League.
The plan involves refinancing current Illinois Sports Facilities Authority debt that exists from the construction and upkeep of the White Sox home park, Guaranteed Rate Field, and hundreds of millions in debt that still exists from the 2002 renovation of Soldier Field.
The plan requires legislative approval as it would increase the amount the ISFA can bond and would extend bonding authority by as much as 50 years.
Sources say the existing 2% city hotel/motel tax would not be increased.
We’re told the Bears will be seeking legislative approval for the plan before the General Assembly is scheduled to adjourn May 24.
Neither a spokesperson for House Speaker Chris Welch or Senate President Don Harmon responded to our inquiries Tuesday night.
Harmon told an audience of business advocates in Springfield this month there was “next to no appetite” for public funding of a new stadium, though he was referring to a White Sox stadium plan at the time.
Another hurdle could be winning the support of Governor JB Pritzker, who has often claimed the state should not be paying for private stadiums.
"The Governor has always left the window open for a path to success," said one source working on the project, believing the club can win Pritzker's support.
Pritzker’s office did not immediately respond Tuesday night.
The plan would also likely have to survive a challenge from the “Friends of the Parks” advocacy group, which has challenged large scale lakefront development projects in the past.
It does not appear the project includes any funding for a new White Sox stadium in the South Loop, which has been met with little support from lawmakers thus far.
