Bears' $3.2B Stadium Proposal A 'Non-Starter' For Governor
The Chicago Bears may need to call an audible on the team's new lakefront stadium proposal after an unproductive meeting with state leadership Wednesday over public financing.
Gov. J.B. Pritzker's chief of staff, Anne Caprara, and Deputy Gov. Andy Manar met with team leadership to review the stadium plans and came away unconvinced. Pritzker wasn't present.
"The current proposal is a non-starter for the state," Pritzker's press secretary, Alex Gough, said in a statement. "To subsidize a brand new stadium for a privately owned sports team, the Governor would need to see a demonstrable and tangible benefit to the taxpayers of Illinois."
Gough said the Governor's office remains open to conversations with the Bears "with the understanding that responsible fiscal stewardship of tax-payer dollars remains the foremost priority."
"We had a productive conversation with the governor’s office," a Bears spokesperson said in a statement. "We share a commitment to protecting the taxpayers of Illinois and look forward to further discussions."
The financial feasibility of the Bears' $3.2B stadium plan hinges on financial support from the state government.
The team pledged $2B in private financing and is aiming for a $300M loan from the NFL and another $900M in bonds from the Illinois Sports Facilities Authority for the stadium's construction. The proposal would make use of the existing 2% hotel tax that backs ISFA bonds, Karen Murphy, Bears chief operating officer and executive vice president of stadium development, said at an April press conference about the stadium plans.
The team is also asking for $325M to finance core infrastructure improvements it needs to open the stadium, Murphy said. Additionally, it seeks $1.1B across two additional phases of development in the surrounding area for a nearly $1.5B total infrastructure investment.
The Bears hope this money, which would drive the overall cost of the project to $4.7B, will come from the public. The project would replace Soldier Field, where the Bears have played since 1924, with playing fields, gardens and pedestrian connections.
Bears President Kevin Warren said at the press conference the team aims to lock down state support for the project during its current legislative session, as that would allow construction to start next summer. The stadium would then have an expected completion date in 2028. Every year the project is delayed would increase costs by $150M to $200M, he said.
"This truly is one of those adages that time is money," Warren said. "We need to figure this out."
