Plans for Chicago's new $5 billion stadium have hit a major hurdle
About a week ago the Bears unveiled a grand vision for a new lakefront stadium that would both preserve a piece of 100-year old Soldier Field while also building a multi-purpose "recreational and cultural campus" that would pave the way for the city to host some of the largest events in both sports and entertainment.
The renderings put together made it look pretty unbelievable.
If you think that all sounds too good to be true, you might be on to something.
Illinois Governor JB Pritzker called the proposal to fund the nearly $5 billion stadium a "nonstarter" after state officials met with representatives of Chicago yesterday.
Press secretary Alex Gough shared the following on behalf of the state 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 current plan from the Bears side of the table calls for $3.2 billion for the stadium, plus an additional $1.5 billion in infrastructure needs.
Just over $2 billion of that planned to come from the Bears pocket, with $300 million the product of a loan from the NFL and $900 million in bonds that would include extending the existing hotel tax of 2%. For Chicago residents, there would be no tax hikes or new taxes planned.
The hurdle from the Governor comes after the Bears spent nearly $200 million last year on a prospective stadiumsite in Arlington Heights, located about 30 miles northwest of Soldier Field, but those plans ultimately came to an impasse as the team cited a property assessment that was much higher than anticipated.
As always, stay tuned to The Scoop for the latest.
