For the primary time, the Chicago Bears confirmed Tuesday that the stadium the workforce is contemplating constructing in Arlington Heights could be domed — however the workforce additionally known as for taxpayer funding of a portion of the mission, and famous the plan was nonetheless tentative.
The Bears’ launched illustrations of the proposed mission, and an announcement that was essentially the most detailed but on its proposal to purchase Arlington International Racecourse. It stated the stadium could be a “best-in-class enclosed stadium, providing Chicagoland with a new home worthy of hosting global events such as the Super Bowl, College Football Playoffs, and Final Four.”
The 326-acre growth would additionally embrace eating places, workplace areas, a lodge, health middle, new parks and open areas.
The workforce estimated that building of the proposed mission would create 48,000 jobs, a $9.4 billion financial affect for Chicagoland, and $1.4 billion in annual financial affect. The workforce wouldn’t search taxpayer assist to construct the stadium, however given the financial affect, would search public funding for the remainder of the mission.
“We remain under contract to purchase the property, but there are conditions that must be met in order to be in a position to close,” the workforce wrote within the assertion. “If we do close on the property, it does not guarantee we will develop it.”
The illustrations launched Tuesday present a map that signifies that the stadium could be alongside Route 53 and the Metra commuter tracks. A mixed-used district could be southeast of the stadium.
Two different illustrations present aerial pictures of the complicated, which would come with a number of buildings together with the stadium.
The workforce has performed at Soldier Field in Chicago for half a century, and pays about $6.5 million a yr in hire. Its lease runs via 2033, however the workforce may break the lease for $84 million as of 2026. In July, Chicago Mayor Lori Lightfoot proposed choices to construct a dome over Soldier Field for $2.2 billion, with out specifying how it might be paid.
In September of 2021, the Bears signed a preliminary settlement to purchase the Arlington web site from observe proprietor Churchill Downs Inc., which shut down the racetrack final yr.
“We remain under contract to purchase the property, but there are conditions that must be met if we are to be in a position to close,” the Bears acknowledged, however didn’t specify these circumstances.
“While under contract with the seller of Arlington Park, we will not be discussing or exploring any other alternative stadium sites or other opportunities, including renovations of Soldier Field,” the workforce acknowledged.
“If the team does proceed with the purchase of the Arlington property, and if the Bears organization then chooses to proceed with the development of the property, the project will be one of the largest development projects in Illinois state history.”
Team projected that building would generate $3.9 billion in labor earnings to staff, with greater than 9,750 long-term jobs, and $601 million in annual employee earnings.
As for tax income, the Bears estimated the deal would generate $16 million yearly for Arlington Heights, $9.8 million for Cook County, and $51.3 million for the state of Illinois.
The workforce didn’t present specifics on how such projections had been made. Economists have have questioned such “promotional” research, discovering that shopper spending on sports activities usually merely replaces different forms of leisure spending.
The research concluded that new sports activities amenities have a minimal impact on financial exercise and employment, however didn’t tackle the affect of a multiuse district like what the Bears are proposing.
“We are taking serious steps to evaluate the opportunity presented to us,” the workforce stated. “The Bears stay dedicated to Soldier Field and can honor the phrases of its lease… there’s a lot work to be accomplished earlier than we will shut on the property, after which whether or not we are going to develop it.
“We look forward to working with key partners and stakeholders across the Chicagoland community and State of Illinois in the months ahead.”
The Bears will maintain a group assembly Thursday night time at Hersey High School in Arlington Heights to speak concerning the plan.
Check again for updates.
Chicago Tribune’s A.D. Quig contributed.
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Source: www.bostonherald.com