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Post by mikecubs on Apr 24, 2024 5:06:10 GMT -6
Report: Bears to ask for over $2 billion in public assistance for new stadiumhe Chicago Bears are expected to unveil a multi-billion-dollar plan for a new lakefront stadium in the City of Chicago on Wednesday, and according to a new report in the Chicago Tribune, that plan will ask taxpayers to kick in about half of the costs to build the new stadium. P er the Tribune’s reporting, sources spoke to the news outlet on conditions of anonymity, telling them the plan is estimated to cost $4.6 billion to execute, with $3.2 billion directed toward building the new stadium itself, and another $1.4 billion dedicated to infrastructure improvements around and outside the stadium.Sources told the Tribune the Bears plan to put forward $2.3 billion in private capital, which would include some financing coming from the National Football League, But the Bears plan will also ask for $2.3 billion in public financing, along with refinancing outstanding debt from previous publicly-financed stadium projects for the Bears at Soldier Field, and the Chicago White Sox at Guaranteed Rate Field.
Taxpayers would be charged with paying for the proposed infrastructure improvements to the new stadium, as well as about $1 billion in new borrowing to finance the new stadium being built south of Solder Field, according to the Tribune’s sources. Among other interesting tidbits, Tribune sources said some of the new borrowing would be used to roll over existing stadium debts that would be paid off in 40 years (pending legislative approval), but the new borrowing and corresponding debt wouldn’t call for a raise in the 2% hotel revenue tax that already goes toward the Illinois Sports Facilities Authority and debts for previous stadium renovation projects at Soldier Field and GRF. On top of the large ask in public money, the Tribune’s reporting also points toward multiple dubious hurdles for the Bears to overcome and make a new stadium along the lakefront a reality. The 2% hotel revenue tax has fallen flat on its face, leaving taxpayers with more than half-a-billion dollars to make up for in existing debt at the Bears and White Sox’s current homes, due mostly to the COVID-19 pandemic’s heavy and wide-reaching effects on Chicago’s hotel and tourism industry. Legislators and government officials across the State of Illinois have been lukewarm, at best, toward proposals that involve heavy public money investment in privately-owned sports stadium projects, with Governor JB Pritzker being among them. 40th Ward Alderman Andre Vasquez offered the following take after learning of the Bears alleged plans to propose for more than $2 billion in public money Wednesday: “The Bears got a better chance winning an NBA Championship,” Vasquez said. “Not. Gonna. Happen.”Questions also surround the legality of whether the Bears can build on Soldier Field’s current lakefront site, which is protected by a city ordinance that calls for public use of the lakefront. Friends of the Park (FOTP), a non-profit organization that has opposed large-scale developments along the lakefront in the past, could put up a legal battle that sinks the Bears stadium plans. Back in 2016, FOTP successfully ousted Star Wars creator George Lucas from plans to build a movie art museum on the same site. There’s also the situation playing out around the Bally’s Casino development, where the city moved forward with the development proposal, only to find the project is already being scaled back and is experiencing funding issues, according to the Tribune. Civic Federation President Joe Ferguson told the Tribune in a recent interview that the Bears and White Sox need to come together and show vetted cost and revenue projections to help push lawmakers toward making a deal. “Everybody wants to keep the teams (in the city) — the question is, on what terms?” Ferguson told the Tribune. “There’s not a lot of information necessary to say one of these (plans) actually is viable, or whether it’s a way to take us to the cleaners when we’re already carrying hundreds of millions of dollars of debt for the last time we did something like this.” wgntv.com/sports/bears-report/report-bears-to-ask-for-over-2-billion-in-public-assistance-for-new-stadium/
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Post by 2b9 on Apr 24, 2024 8:37:39 GMT -6
^^^Great read, thanks Mike👍.
2b9😉😃👍
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Post by mikecubs on Apr 24, 2024 13:47:48 GMT -6
Chicago Bears' new stadium plans revealed, from roof to plaza and moreThe team revealed plans for more than just a stadium, rather showcasing an entertainment hub that can host Super Bowls, playoffs, concerts and more The Bears on Wednesday gave fans and all of Chicago a first look at what they're planning to build along the city's lakefront, announcing everything from a location to roofing plans to green space to plaza details. The team revealed plans for more than just a stadium, rather showcasing an entertainment hub that can host Super Bowls, playoffs, concerts and more. "We have the best museums in the country. We have the most beautiful lakefront. We have the most vivid downtown architectural design. And this affords us the opportunity to be able to bring this all together in the greatest city on the planet," Bears President and CEO Kevin Warren said during a press conference live Wednesday. "We want to build a recreational and cultural campus to enhance upon the things that we have here in place. We view young students being able to study here in the park, [to] take the classrooms out of the classroom, out of the museums, and bring it into the open area and take it back into the museums and back into the classrooms," he said, adding that there's an "opportunity to bid for the Super Bowl, for the Final Four, for college football playoffs, Big Ten championship games, concerts." "This really becomes an international destination [for] the Olympics, World Cup," Warren said. The proposal offers the first chance for fans and the city to view what the team has planned since shifting gears away from the Arlington Heights property they previously purchased. The Bears bought 326 acres of land in Arlington Heights last year, and previously announced plans to build a new stadium there. But contentious negotiations about property taxes in the suburbs have become an obstacle for that plan. Earlier this year the team said it was switching its focus away from Arlington Heights back to the city. "They're our team," Chicago Mayor Brandon Johnson said as he touted the team's decision to return their sights to the city. Renderings of the proposed new stadium include a "fixed" roof, with the stadium situated atop the current South Parking lot of Soldier Field. As for Soldier Field, the columns exist, but the stadium is gone. (See the full renderings here)
Among the new features highlighted by the team were:
Expanded green and open space Added playfields, creating more safe places for youth and families to gather Public restrooms along with food and beverage options to enhance park user experience Better infrastructure that improves access to Museum Campus A year-round venue that can host community events of all sizesOne of the biggest question from residents involved financing for the new plan. Johnson addressed those concerns Wednesday. “I’m going to repeat that one more time to make sure that everybody gets it,” Johnson said during the announcement. “This project will result in no new taxes on the residents of Chicago.”T he Bears have previously committed to contributing $2 billion to the construction of a new stadium in Chicago, but the project is expected to cost significantly more money, with estimates of a total of $4.7 billion between the stadium and infrastructure needs. The team said their investment will cover 70% of the project's funding needs.The move has faced some criticism from preservation group Friends of the Parks, which successfully sued to prevent George Lucas from building a museum along the lakefront and has previously voiced opposition to the construction of any new stadium project on Museum Campus. Friends of the Parks declined comment ahead of the Bears' announced press conference. The Bears' plans have also faced increased scrutiny amid a separate push from the Chicago White Sox to secure public funding for a stadium project in the South Loop. According to a recent Crain's report, the teams have been told that there is little appetite on the part of lawmakers to approve separate financing plans for stadiums, and urged the two teams to work together. W arren and the Bears have said they are still happy to own the Arlington Park property, and officials there remain optimistic that the team could return to the negotiating table.
"We are the largest landowner in Arlington Heights right now. 326 acres," Warren said. "We own a beautiful piece of land. And I have great respect for Mayor Hayes and Randy Recklaus and all of the politicians there. My belief right now, these projects are incredibly difficult. And just learning the various things that I did in Minnesota, you have to be laser-focused. And right now, we're putting our energy to downtown Chicago, to the museum campus, just from an energy and resource standpoint. So we still own the land. We’re the largest landowner. We’ll stay in communication with Arlington Heights, but the focus now has to be on Chicago to give us the best opportunity for success." Arlington Heights officials said they will be ready and waiting for if the Bears change their minds. " There’s a lot of challenges ahead with respect to the lakefront stadium in terms of financing and opposition by interest groups like Friends of the Parks… We stand ready to continue discussions with the Bears if they do get a no on the lakefront," Mayor Tom Hayes told NBC Chicago.
He added that while the village is respectful of the Bears' plan to explore a lakefront stadium, they believe the Arlington Heights property is a better fit.
“Other than a lake which we don’t have in Arlington heights, I think everything else in Arlington heights is a better solution for them," he said.www.nbcsportschicago.com/nfl/chicago-bears/chicago-bears-new-stadium-plans-revealed-from-roof-to-plaza-and-more/557054/
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Post by mikecubs on Apr 24, 2024 13:50:25 GMT -6
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Post by mikecubs on Apr 24, 2024 14:14:27 GMT -6
Ben Bradley @benbradleytv One hour before it's unveiled, Gov. Pritzker throws cold water on the Bears' new stadium plan:
"I remain skeptical and I wonder whether its a good deal... there are a lot of priorities and I'm not sure this is among the highest priorities for taxpayers" @wgnnews
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Post by 2b9 on Apr 24, 2024 17:33:45 GMT -6
Ben Bradley @benbradleytv One hour before it's unveiled, Gov. Pritzker throws cold water on the Bears' new stadium plan: "I remain skeptical and I wonder whether its a good deal... there are a lot of priorities and I'm not sure this is among the highest priorities for taxpayers" @wgnnews It looks really nice! 2b9😉😃👍
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Post by 2b9 on Apr 24, 2024 17:35:48 GMT -6
Chicago Bears' new stadium plans revealed, from roof to plaza and moreThe team revealed plans for more than just a stadium, rather showcasing an entertainment hub that can host Super Bowls, playoffs, concerts and more The Bears on Wednesday gave fans and all of Chicago a first look at what they're planning to build along the city's lakefront, announcing everything from a location to roofing plans to green space to plaza details. The team revealed plans for more than just a stadium, rather showcasing an entertainment hub that can host Super Bowls, playoffs, concerts and more. "We have the best museums in the country. We have the most beautiful lakefront. We have the most vivid downtown architectural design. And this affords us the opportunity to be able to bring this all together in the greatest city on the planet," Bears President and CEO Kevin Warren said during a press conference live Wednesday. "We want to build a recreational and cultural campus to enhance upon the things that we have here in place. We view young students being able to study here in the park, [to] take the classrooms out of the classroom, out of the museums, and bring it into the open area and take it back into the museums and back into the classrooms," he said, adding that there's an "opportunity to bid for the Super Bowl, for the Final Four, for college football playoffs, Big Ten championship games, concerts." "This really becomes an international destination [for] the Olympics, World Cup," Warren said. The proposal offers the first chance for fans and the city to view what the team has planned since shifting gears away from the Arlington Heights property they previously purchased. The Bears bought 326 acres of land in Arlington Heights last year, and previously announced plans to build a new stadium there. But contentious negotiations about property taxes in the suburbs have become an obstacle for that plan. Earlier this year the team said it was switching its focus away from Arlington Heights back to the city. "They're our team," Chicago Mayor Brandon Johnson said as he touted the team's decision to return their sights to the city. Renderings of the proposed new stadium include a "fixed" roof, with the stadium situated atop the current South Parking lot of Soldier Field. As for Soldier Field, the columns exist, but the stadium is gone. (See the full renderings here)
Among the new features highlighted by the team were:
Expanded green and open space Added playfields, creating more safe places for youth and families to gather Public restrooms along with food and beverage options to enhance park user experience Better infrastructure that improves access to Museum Campus A year-round venue that can host community events of all sizesOne of the biggest question from residents involved financing for the new plan. Johnson addressed those concerns Wednesday. “I’m going to repeat that one more time to make sure that everybody gets it,” Johnson said during the announcement. “This project will result in no new taxes on the residents of Chicago.”T he Bears have previously committed to contributing $2 billion to the construction of a new stadium in Chicago, but the project is expected to cost significantly more money, with estimates of a total of $4.7 billion between the stadium and infrastructure needs. The team said their investment will cover 70% of the project's funding needs.The move has faced some criticism from preservation group Friends of the Parks, which successfully sued to prevent George Lucas from building a museum along the lakefront and has previously voiced opposition to the construction of any new stadium project on Museum Campus. Friends of the Parks declined comment ahead of the Bears' announced press conference. The Bears' plans have also faced increased scrutiny amid a separate push from the Chicago White Sox to secure public funding for a stadium project in the South Loop. According to a recent Crain's report, the teams have been told that there is little appetite on the part of lawmakers to approve separate financing plans for stadiums, and urged the two teams to work together. W arren and the Bears have said they are still happy to own the Arlington Park property, and officials there remain optimistic that the team could return to the negotiating table.
"We are the largest landowner in Arlington Heights right now. 326 acres," Warren said. "We own a beautiful piece of land. And I have great respect for Mayor Hayes and Randy Recklaus and all of the politicians there. My belief right now, these projects are incredibly difficult. And just learning the various things that I did in Minnesota, you have to be laser-focused. And right now, we're putting our energy to downtown Chicago, to the museum campus, just from an energy and resource standpoint. So we still own the land. We’re the largest landowner. We’ll stay in communication with Arlington Heights, but the focus now has to be on Chicago to give us the best opportunity for success." Arlington Heights officials said they will be ready and waiting for if the Bears change their minds. " There’s a lot of challenges ahead with respect to the lakefront stadium in terms of financing and opposition by interest groups like Friends of the Parks… We stand ready to continue discussions with the Bears if they do get a no on the lakefront," Mayor Tom Hayes told NBC Chicago.
He added that while the village is respectful of the Bears' plan to explore a lakefront stadium, they believe the Arlington Heights property is a better fit.
“Other than a lake which we don’t have in Arlington heights, I think everything else in Arlington heights is a better solution for them," he said.www.nbcsportschicago.com/nfl/chicago-bears/chicago-bears-new-stadium-plans-revealed-from-roof-to-plaza-and-more/557054/ Great read, and thanks for the link👍. Cheers, 2b9😉😃👍
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Post by mikecubs on Apr 25, 2024 12:57:33 GMT -6
Ben Bradley @benbradleytv One hour before it's unveiled, Gov. Pritzker throws cold water on the Bears' new stadium plan: "I remain skeptical and I wonder whether its a good deal... there are a lot of priorities and I'm not sure this is among the highest priorities for taxpayers" @wgnnews It looks really nice! 2b9😉😃👍 It does. I love the window part where you can see the skyline. It looks like the Minnsesota Vikings and Las Vegas Raiders stadium had a baby. The window is exactly like the Vikings the roof is like the Raiders/Rams. My favorite part of this is taking the seating bowl out of Soldier Field and making the kids football fields and baseball fields. Soldier Field is an eyesore. The reaction to this is really negative because of the cost. Lot of people think the is a leverage ploy for Arlington Heights. If the Bears do go to Arlington Heights the city should still rip the seating bowl out of Soldier Field. I hope the get the downtown stadium for the skyline view but I'll setting for Arlington Heights too. I just want the bears to leave Soldier Field.
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Post by 2b9 on Apr 25, 2024 13:42:14 GMT -6
It looks really nice! 2b9😉😃👍 It does. I love the window part where you can see the skyline. It looks like the Minnsesota Vikings and Las Vegas Raiders stadium had a baby. The window is exactly like the Vikings the roof is like the Raiders/Rams. My favorite part of this is taking the seating bowl out of Soldier Field and making the kids football fields and baseball fields. Soldier Field is an eyesore. The reaction to this is really negative because of the cost. Lot of people think the is a leverage ploy for Arlington Heights. If the Bears do go to Arlington Heights the city should still rip the seating bowl out of Soldier Field. I hope the get the downtown stadium for the skyline view but I'll setting for Arlington Heights too. I just want the bears to leave Soldier Field. Wherever they end up, I hope they use this shown Stadium concept. Cheers, 2b9😉😃👍
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Post by mikecubs on Apr 25, 2024 15:57:23 GMT -6
It does. I love the window part where you can see the skyline. It looks like the Minnsesota Vikings and Las Vegas Raiders stadium had a baby. The window is exactly like the Vikings the roof is like the Raiders/Rams. My favorite part of this is taking the seating bowl out of Soldier Field and making the kids football fields and baseball fields. Soldier Field is an eyesore. The reaction to this is really negative because of the cost. Lot of people think the is a leverage ploy for Arlington Heights. If the Bears do go to Arlington Heights the city should still rip the seating bowl out of Soldier Field. I hope the get the downtown stadium for the skyline view but I'll setting for Arlington Heights too. I just want the bears to leave Soldier Field. Wherever they end up, I hope they use this shown Stadium concept. Cheers, 2b9😉😃👍 I don't think they'd go with an open window in Arlington Heights since there would be no skyline view to capture like in Vegas/Minnesota
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Post by 2b9 on Apr 25, 2024 18:29:03 GMT -6
Wherever they end up, I hope they use this shown Stadium concept. Cheers, 2b9😉😃👍 I don't think they'd go with an open window in Arlington Heights since there would be no skyline view to capture like in Vegas/Minnesota Ok. Guess we will see what happens. Cheers, 2b9😉😃👍
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Post by mikecubs on Apr 25, 2024 23:02:23 GMT -6
The bears took Caleb Williams at number 1 as expected tonight. The Bears got lucky with their number 9 pick. WR Rome Odunze fell to 9 after Atlanta screwed up and stunned everyone by picking Michael Pennix jr. as QB despite signing Kirk Cousins to a 4yr $160M dollar deal. Pennix has already had 2 ACL tears and 2 major shoulder injuries. Odunze will be a star. The Bears have their 1st ever franchise QB in history 3 stud receivers, an almost pro bowl tight end, a 1,000 yard rusher in D'Andre Swift a great young secondary including pro bowler Jaylon Johnson, a pro bowl DE in Montez Sweat. The only hole is the 2nd DE and maybe a new punter. The Bears with all this talent will get their new stadium somewhere. I have a feeling Chicago will get a super bowl in their new stadium that the bears will win. Beside all this the Blackhawks signed 23 year old D Alec Vlasic to a 6 year contract extension. He really played great this year. So they have him, Conor Beddard(19 yrs old), F Frank Nazar(20 yrs old) who was the number 13 overall pick in 2022 signed his entry level contract the last week of the season and scored a goal, Philipp Kurashav(25 yrs old) took a major step forward this year and scored 54 points this season, D Kevin Korchenski(20 yrs old) and was the number 7 pick in 2022(this is who the got for Alex DeBrincat from Ottawa) showed some signs this year. Oliver Moore who was the 19th pick overall last year looked good at Minnesota U this past season. The hawks have their own very high pick and Tampa's number 1 pick 2 second round picks plus 3 3rd round picks. They also have 2 1st round picks next year their own and Toronto's. The Cubs are 16-9 and have gotten great contributions from their young players that have come up the past few years with many more on the way. CF Cody Bellinger broke a few ribs 2 days ago and went on IL so the cubs called up their top prospect Pete Crow-Armstrong who is 22 and he hit the game winning home run today. We could very easily see a year soon where the Bears win the super bowl, Hawks win the cup and cubs win the world series. I think we are looking at at least 2 sure dynasties(Hawks/Bears) and a team that could be a contender for a long time and maybe win another world series(Cubs) Bad news is the White Sox are 3-22 and might lose 120+ games and relocate. The Bulls finished 39-43 and were eliminated in the playin game by Miami just like last year. The GM say he realizes they need to make changes because this isn't working then talked about resigning the same players and keeping the team intact.
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Post by mikecubs on Apr 26, 2024 1:07:49 GMT -6
now White Sox owner Jerry Reinsdorf says he is willing to pay for part of the new White Sox ballpark
The Bears new stadium would seat around 70,000 compare to the 61,500 at current Soldier Field
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