The Chicago Bears have kicked off discussions with state and city officials regarding public subsidies to help fund a new domed stadium along the city’s lakefront.
Bears representatives recently met with Illinois Sports Facilities Authority CEO Frank Bilecki to deliberate on the team’s request that the agency issue tax-exempt bonds for the planned stadium near its longtime home Soldier Field, Crain’s reported.
The envisioned stadium, set to cost $3 billion, would anchor a surrounding mixed-use development, which would require an overhaul of the nearby Museum Campus and extensive public infrastructure upgrades.
While the Bears have committed $2 billion in private funding, it still needs at least $1 billion in subsidies, including assistance from the Illinois Sports Facilities Authority. Funding sources could also stem from redirecting portions of state tax revenue to offset shortfalls in the hotel tax, which currently underwrites the Illinois Sports Facilities Authority’s debt.
The Illinois Sports Facilities Authority’s involvement in stadium financing dates back to the construction of Guaranteed Rate Field for the Chicago White Sox in 1987. It later financed renovations to Soldier Field, with outstanding debt obligations scheduled for full repayment by 2033. Any expansion of the Illinois Sports Facilities Authority’s bond cap or issuance of new bonds necessitates approval from the Illinois General Assembly.
Specifics of the Bears’ proposal were not discussed during the preliminary meeting. Bilecki characterized negotiations as introductory, stating that the Bears presented high-level concepts and cost estimates for the project
The White Sox are concurrently seeking public subsidies for a new ballpark in the South Loop.
“The impression is that both teams are working to try and get something done and get shovels in the ground as soon as possible,” Bilecki told the outlet.
Gov. J.B. Pritzker has expressed reservations about using public funds for stadium projects, emphasizing the need for comprehensive financial plans from the teams before engaging in discussions. However, stakeholders remain optimistic about reaching a mutually beneficial agreement.
—Quinn Donoghue
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Chicago Bears willing to invest $2B in domed lakefront stadium
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