Amid an ongoing tax dispute that’s thrown a wrench in the Chicago Bears’ $5 billion plan for a new stadium in Arlington Heights, the NFL squad has been sculpting its vision for a gameday venue in the city limits instead.
The Bears will soon unveil its plan for a new domed stadium along the lakefront, proposing millions in private financing and public amenities to fend off legal battles imposed by parks advocates, Crain’s reported.
Both the Bears and the MLB’s Chicago White Sox, are exploring avenues to obtain bonds from the Illinois Sports Facilities Authority to support new stadiums for each professional sports franchise — Related Midwest is pushing to build a baseball field on the vacant riverfront tract known as The 78.
To heighten the lakefront football stadium’s allure, the Bears are proposing infrastructure enhancements that improve the integration of Chicago’s museum campus with the city’s grid and Northerly Island.
The Bears are collaborating with investment giant Goldman Sachs and attorneys from Sidley Austin, a Chicago-based specialist in sports law, to help navigate a potential financial arrangement.
The NFL team this week appointed Karen Murphy as the Executive Vice President of Stadium Development and COO, signaling a dedicated focus on advancing the stadium project.
A Bears spokesperson highlighted the team’s commitment to working with local municipalities to identify the optimal stadium location, emphasizing the potential economic benefits and job creation associated with the project.
Despite the Bears’ substantial private financing efforts, the possibility remains that taxpayers could shoulder a significant portion of the project’s costs. Estimates suggest that construction costs could surpass $3 billion, Marc Ganis, founder of Sportscorp and a Chicago-based stadium consultant, told the outlet.
State Representative Kam Buckner expressed optimism regarding the involvement of private funds, including potential support from the NFL’s loan program. However, any league assistance typically requires corresponding public funding for stadium projects.
State Senate President Don Harmon has urged collaboration between the Bears and White Sox to present a unified financing proposal to state legislators, rather than competing for support separately.
While discussions between the teams indicate a willingness to cooperate, challenges remain, such as securing additional financing and resolving potential conflicts over stadium locations.
Mayor Brandon Johnson has signaled support for the lakefront stadium project, underscoring the city’s efforts to retain the Bears. However, Governor J.B. Pritzker has been cautious about committing state funds to stadiums due to other priorities.
— Quinn Donoghue
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