Unclear on the concept
Thursday, Sep 26, 2024 - Posted by Rich Miller
* Crain’s…
A public discussion about whether taxpayers should chip in close to $1 billion to help the Chicago Bears or Chicago White Sox build new stadiums in the city has prompted a question among the local commercial real estate community: Where would you want that money invested instead?
That was the exercise put before about 300 Chicago-area real estate pros over the summer by the Urban Land Institute and the Real Estate Center at DePaul University as part of its annual Chicago real estate midyear sentiment report.
A field of developers, investors, brokers, financial partners, real estate attorneys and other industry stakeholders were asked to choose from a list of where they’d want to see such resources dedicated if they were not earmarked to subsidize either recent proposal from the pro sports teams for new venues.
The top answer, selected by 42% of respondents: More funding for police.
Maybe that would be an interesting question if the city was offering to put up a billion dollars. Instead, the teams want the state to pony up that and much more. The city wants the state to expend billions on Soldier Field.
And even if it was valid, why would you put $1 billion in one-time cash into ongoing operations?
* The rest of the survey…
I guess it’s fine as some sort of exercise to tease out that group’s spending priorities. But, other than that, it’s basically worthless.
- Homebody - Thursday, Sep 26, 24 @ 2:00 pm:
If a private group wants to play make believe about an imaginary billion dollar gift, more power to them.
- Fifth Down - Thursday, Sep 26, 24 @ 2:05 pm:
Is Crain’s really this stupid and irresponsible?
- Lincoln Lad - Thursday, Sep 26, 24 @ 2:06 pm:
Seems like the whole exercise was not thought out very well. Good points Rich…
- Jerry - Thursday, Sep 26, 24 @ 2:13 pm:
Very unclear on the concept. If they want to increase Police funding, taxes have to go up.
Prisons are expensive too, by the way.
- Flyin'Elvis'-Utah Chapter - Thursday, Sep 26, 24 @ 2:35 pm:
Oddly enough, the last two words of that article aptly sum up both sports organizations.
- TJ - Thursday, Sep 26, 24 @ 3:05 pm:
Look, I am very happy to accept a billion dollars to reimagine the Loop. I can imagine a lot of things for that kind of dough.
- sal-says - Thursday, Sep 26, 24 @ 4:17 pm:
But…it does help folks re-think some options in place of handing billionaires another billion…that taxpayers end up on the hook for.
- Skeptic - Thursday, Sep 26, 24 @ 5:43 pm:
“…instead.” Um, what we’re saying isn’t “this or that”, we’re saying “No.”
- Excitable Boy - Thursday, Sep 26, 24 @ 7:48 pm:
It’s always amazing to me how so called “pros” can’t recognize extremely basic ROI.