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Report: Bears focusing on Chicago, also want to expand ISFA debt

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* I’ve been hearing some rumblings about this as well. We could know lots more by next week. Greg Hinz…

The story is that, after serious flirtation with moving to the suburbs — and in particular to Arlington Heights, going so far as to purchase and demolish Arlington International Racecourse — the [Bears] team now has quietly but surely made building a new home in the central area of Chicago its focus.

If the team get its way under plans that could go public soon, it will get, on the parking lot just south of Soldier Field, a brand-new, state-of-the-art domed stadium, one capable of hosting not only the Bears but Final Four basketball tournaments, Super Bowls and other big events that have tended to skip Chicago for lack of a suitable venue. […]

According to Maurice Scholten, president of the Taxpayers Federation of Illinois, the clause was tucked without much notice into a state budget implementation bill in 2021. The clause would allow the agency to refinance debt and issue new bonds for sports projects above ISFA’s current cap of $150 million for ISFA-owned facilities and $399 million for other property owned by other agencies, such as Soldier Field-title holder the Chicago Park District.

With ISFA having $488.6 million in outstanding debt as of June 30, 2023 — and all of its debt scheduled to be retired by 2032 — the way could be cleared for hundreds of millions in new bonds. However, Sox owner Jerry Reinsdorf is reportedly eyeing that financing source, too, for a new baseball stadium in the South Loop. So it’s not clear whether ISFA funds from an existing 2% tax on Chicago hotel revenues would be sufficient to pay for both projects.

They will almost definitely have to come up with more revenues that don’t involve passing an unpopular tax hike for at least two unpopular teams in an election year.

posted by Rich Miller
Friday, Feb 2, 24 @ 3:31 pm

Comments

No, just no.

Comment by JoanP Friday, Feb 2, 24 @ 3:35 pm
Not even a long time ago in a parcel not too far away someone else tried and failed to build on the lake. Bears so dumb.

Comment by Wish Them Well Friday, Feb 2, 24 @ 3:35 pm
“Of course we need state funding to build it. Our books are nearly $200 million short this year due to *mumble mumble mumble*.”

Comment by Roadrager Friday, Feb 2, 24 @ 3:37 pm
Or we can just wind down the ISFA and sell the property to someone who will develop it into a dense mixed use project right on top of a red line stop.

Comment by Homebody Friday, Feb 2, 24 @ 3:41 pm
unless both ownership groups worked together for the legislation and they think the financing can work. how do they get past Friends in the Parks?

Comment by Amalia Friday, Feb 2, 24 @ 3:41 pm
The Bears just want to buy a lawsuit? How is that Starwars museum doing. I said it earlier the Sox will be in a new stadium before the Bears figure out where they want to be. The NFL should step in and put a brand new AFC team in Arlington

Comment by DuPage Saint Friday, Feb 2, 24 @ 3:45 pm
===How is that Starwars museum doing===

Click the link.

Comment by Rich Miller Friday, Feb 2, 24 @ 3:46 pm
No

Comment by Hank Sauer Friday, Feb 2, 24 @ 3:49 pm
===The NFL should step in and put a brand new AFC team in Arlington===

NFL rules give existing teams veto power over new teams within a certain distance so that’s never happening.

I don’t see how either teams get anything big out of ISFA. The days of Thompson and Madigan literally stopping the clock and dictating large blocks of votes are long gone.

Comment by Former Downstater Friday, Feb 2, 24 @ 3:51 pm
AH makes a ton of sense in terms of a blank canvas, but you NEED to have hotels, things to do, etc. if you want to draw big events. Rare is the Final Four held in a suburb (Glendale is the only exception in last 25 years).

Comment by DuPage Dad Friday, Feb 2, 24 @ 3:51 pm
Ok, this is Going to sound crazy, but you put the dome over Solder Field, cover the tracks with Hotels, put in the casino and sports book, and integrate with McCormick Place. You might have enough. Go crazy and use the “Batcave” for rail to Navy Pier and tie it all together.

I would at least like to see some drawings of that.

Comment by OneMan Friday, Feb 2, 24 @ 3:57 pm
OneMan- who’s paying for it?

Comment by Former Downstater Friday, Feb 2, 24 @ 4:05 pm
Veto or lame duck

Comment by Tiger Friday, Feb 2, 24 @ 4:07 pm
How come the United Center isn’t suitable for the Final Four?

Comment by Fivegreenleaves Friday, Feb 2, 24 @ 4:12 pm
===How come the United Center isn’t suitable for the Final Four?===

It’s about 50,000 seats short of capacity.

Comment by 47th Ward Friday, Feb 2, 24 @ 4:14 pm
Here comes the rub on having had rock-solid restrictions on lakefront development. Now that it’s the only open space left in the city, developers want it that much more.

Comment by North Park Monday, Feb 5, 24 @ 12:29 pm