Illinois politicians have expressed skepticism about the NFL’s Chicago Bears’ stadium plan, which would require $2.3 billion in public funds, and Gov. JB Pritzker (D) has expressed skepticism about the NFL’s Chicago Bears stadium plan, which would require $2.3 billion in public funding, with Gov. He said there were “issues”.
Progressive Chicago Mayor Brandon Johnson (D) endorsed Bears CEO and President Kevin Warren on Wednesday in support of the franchise’s debut of a nearly $5 billion stadium plan.
Chicago Bears President Kevin Warren and Chicago Mayor Brandon Johnson meet in the left seat to discuss the NFL football team’s plans to build an enclosed stadium next to its current home base in Chicago, Wednesday, April 24, 2024. announced a nearly billion dollar proposal. At Soldier Field. (AP Photo/Teresa Crawford)
“Construction of the stadium itself will cost $3.2 billion, with an additional $1.4 billion in proposed infrastructure improvements.” chicago tribune report.
The Bears have reportedly committed $2.3 billion, but the team’s plan calls for an additional $2.3 billion in public financing and refinancing the Bears’ and White Sox’s previous public-funded stadium debt. It is.
Taxpayers will pay for about $1 billion in “new debt” to finance the stadium, as well as infrastructure improvements, the paper said.
Mr Johnson has vowed not to raise taxes to pay for it, but other members of his party have voiced opposition to the proposal.
Pritzker: “I remain skeptical about this proposal and wonder if it’s a good deal for taxpayers.” Said in another event Wednesday, according to WTVO. “It’s early. I haven’t heard that announcement today. But for me it’s very important to think about what the national priorities are in light of everything the nation needs to achieve. is.”
“The state has a lot of priorities, but I don’t know if that’s one of the top priorities for taxpayers,” the governor added.
Illinois Governor JB Pritzker speaks during an interview in Chicago, Illinois, February 23, 2023. (Christopher Dilts/Bloomberg via Getty Images)
State Senate President Don Harmon (D) echoed Pritzker’s sentiments.
“On its face, more than $2 billion in private funding is better than zero and is a more credible opening offer. But clearly large gaps remain, and I share the governor’s skepticism.” Saidby tribune.
“There’s very little appetite to build a new stadium with people’s tax dollars,” Harmon said.
State House Speaker Emanuel “Chris” Welch (D) added that he expects the proposal to fail in Congress.
Joe Ferguson, president of financial watchdog the Civic Federation, told a local newspaper that the plan did not appear to be viable given the amount of debt the franchise had from past projects.
“We don’t have that much information to say one of these (plans) is actually viable, or that it puts us at risk when we’re already hundreds of millions of dollars in debt as of last time. “It’s something like this where you don’t have a lot of information to decide whether taking them to a dry cleaner is the way to go,” Ferguson said. “I think Governor Pritzker said exactly the right thing by being very cautious about public funding for sports stadiums. Before we start the conversation, I think we should look at reliable and thorough revenue projections on this. need to do it.”
Sports economist J.C. Bradbury told the Bears, “Pay for your own stadium.”
“The Bears have no intention of leaving one of the most iconic football markets in the country. Tell the Bears to pay for their own stadium, and if they don’t like it, jump in Lake Michigan.” ” he said.
