Please pardon any transcription errors.
Mayor Johnson: You know, as far as making critical investments to build a better, stronger, safer Chicago, of course, there will be ongoing debates and conversations about that. Here’s the problem. We have a 100-year-old building that has owed hundreds of millions of dollars in debt. That’s the problem.
Fran Spielman: It’s a 100-year-old building that’s been rebuilt. It was rebuilt totally in 2003. It was totally rebuilt, that stadium.
Mayor Johnson: So stay with me then. I’m glad you brought that up, because not only is it a 100-year-old building that there’s no, with no dome, so no public benefit for it. We’re talking about hundreds of millions of dollars in debt.
When it was, quote-unquote, rebuilt in 2003, 67% of the dollars that were used were public dollars to build a stadium where there’s no public benefit in which we still owe debt to. I’m saying is, I have put forth, so stay with me, I have put forth a solution to the problem. What is that solution?
That the Bears are willing to put $2 billion into the stadium, so their own money, billionaires putting their own money in it, while visitors, the hotel tax, pays for the rest. So we’re talking 72%, almost 75% of the building being paid for by the billionaires. And then there’s another 28% that comes from ISFA, which is designed to build stadiums.
The only function of ISFA is to build stadiums. And so I have this problem, the city of Chicago has this problem, and Illinois has this problem, that you have a 100-year-old building that has hundreds of millions of dollars in debt, and we can’t even use it beyond the 10 or 12 games. So if someone else has another solution that addresses this problem, then they should put that on the table.
Now, the Bears, of course, have a responsibility to continue to make their case, but the bottom line is this, I’ve said from the very beginning, whatever we do, we have to invest in people. That’s what I’ve done this first year, and there has to be a public benefit and a public use for it. The Bears have put together a proposal that absorbs 72% of the cost, and the other cost will be paid for by visitors.
If someone else has a better solution to that, they should put it on the table.
Mariah Woelfel: If we want to stay on Bears for a second, Mayor, I mean, that is the breakdown when you look at the stadium itself, but the overall plan will rely on $1.5 billion in federal and state funding for infrastructure improvements. How much time and political capital are you spending to try to secure that federal funding and state funding from those legislative bodies? And does that add unnecessary strain on your relationship with those legislatures? While we’ve already heard in this interview, you’re using a lot of that political capital to try to solve the migrant crisis. Is it worth it to spend time and energy on a sports stadium when you need those relationships for other priorities?
Mayor Johnson: So the question is, is it worth spending my time to put forth a vision that puts thousands of people to work and provide public benefit and public use, as well as infrastructure needs for the entire city of Chicago?
Mariah Woelfel: Or does it strain your relationship…
Mayor Johnson: Listen, I hear what you’re asking. You’re asking me, is it worth my time to actually show it for the people of Chicago? It will always be worth my time to ensure that we’re investing in people.
That’s what I promised I would do, and that’s what I’m doing. As far as the infrastructure needs, I’m not sure if enough people get enough opportunity to hear more about the inflation reduction act. We’re talking about billions of dollars.
This is an unprecedented amount of resources available for infrastructure. This is actually what the Biden-Harris administration, this is what they want us to do. One of the top tourist attractions for the state of Illinois is the campus in which we’re talking about.
Now, that’s not the only place that needs infrastructure, so my ask is not limited to this particular development. It’s also a need for us on the southeast side, where there are real environmental hazards that have been there for a generation now. And so we have service lines that need to be replaced.
This is not about one stadium. This is about our vision for the entire city of Chicago. And so I’m always going to show up for the people of Chicago. And because there’s a need for real critical investment, something that has not happened in a substantive way for at least the last 40 years, I am proud to show up for the people of Chicago, calling for those types of investments.
Tessa Weinberg: On the Bears, you know, they also are seeking to keep revenue from other events like concerts that take place at the stadium, which would leave a major hole in the Park District’s budget. Will you commit to not allowing the Bears to keep that revenue?
Mayor Johnson: This is a proposal. So there’s still negotiations that are being done around, you know, revenue sharing. This is a proposal.
