Organizers anticipate a packed home Thursday night time when the Chicago Bears current extra info on plans to construct a brand new enclosed stadium in Arlington Heights.
The staff mentioned its “best-in-class” enclosed stadium can be worthy of internet hosting international occasions such because the Super Bowl, College Football Playoff and Final Four.
Team officers additionally will describe their idea for an adjoining leisure district to incorporate eating places, workplace area, a lodge, health heart, new parks and open areas.
It’s all proposed for the 326-acre web site of Arlington International Racecourse, which closed completely to horse racing final yr.
In 2021, the Bears introduced a purchase order settlement to purchase the park from Churchill Downs Inc. The staff is vetting varied elements of the preliminary deal earlier than anticipating closing late this yr or early subsequent yr.
To achieve this, the staff must pay to interrupt its lease at Soldier Field in Chicago. Mayor Lori Lightfoot has proposed topping the stadium with a $2 billion dome, however the Bears have mentioned they aren’t negotiating with the town whereas the staff is pursuing the Arlington deal.
The staff’s announcement of its plans Tuesday included repeated warnings that the deal is dependent upon assembly varied necessities, similar to, “If we do close on the property, it does not guarantee we will develop it.”
The Bears mentioned they’d not ask for public cash to construct the stadium however would search taxpayer funding to assist develop the mixed-use space.
The staff projected, with out but offering documentation, that development would have a $9 billion financial influence, with subsequent annual stimulus of 9,750 jobs and $1.4 billion yearly.
Economists have continuously questioned such projections, warning that sports activities stadiums don’t sometimes make a superb return on funding for governmental our bodies.
Americans for Prosperity-Illinois, a part of a nationwide libertarian group backed by the conservative Koch brothers, introduced a petition to the village board Tuesday, searching for to ban public funding for the Bears or every other non-public growth.
The group additionally launched a ballot that discovered a majority of Arlington Heights voters supported the Bears coming to their village however opposed utilizing tax {dollars} for the transfer.
Arlington Heights Mayor Tom Hayes has mentioned taxpayer contributions to the challenge could be a “last resort,” however has defended incentives similar to tax increment financing, or TIFs. A TIF would use will increase in property tax revenues on the racetrack web site to assist with the property’s growth.
The public assembly will start at 7 p.m. at John Hersey High School, 1900 E. Thomas St., in Arlington Heights.
Anticipating a big crowd, seats can be obtainable on a first-come, first-served foundation. The parking heaps will open at 5 p.m., with doorways opening at 5:30 p.m.
The assembly is merely informational and the plans are nonetheless imprecise. The village would nonetheless maintain separate public hearings to think about any particular Bears proposal.
Check again for updates.
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Source: www.bostonherald.com