Chicago Bears to seek public funding in $5bn plan for new lakefront stadium

The Chicago Bears on Wednesday unveiled a nearly $5 billion proposal for an enclosed stadium next to their current home at Soldier Field, part of a major project that would transform the city’s waterfront, and they are asking for public funding to help make it happen .

The plan calls for $3.2 billion for the new stadium, plus another $1.5 billion in infrastructure. The team and the city said the project would add green and open space while improving access to the city’s Museum Campus and could also include a state-owned hotel.

“This is not an easy project, but Chicago doesn’t like easy,” Bears President Kevin Warren said.

The announcement at Soldier Field comes during a busy week for the Bears. They are expected to select 2022 Heisman Trophy winner Caleb Williams with the No. 1 overall pick in the draft on Thursday night and rely on the USC quarterback to solidify a position that has long been a sore point for the founding NFL franchise.

The team said last month it was willing to provide more than $2 billion in financing for a public stadium in the city.

The proposal calls for $2.025 billion from the Bears, $300 million from an NFL loan and $900 million in bonds from the Illinois Sports Facilities Authority. Financing the ISFA would consist of extending bonds from the existing 2% hotel tax.

The Bears said the project would generate $8 billion in economic impact for the region. Construction would take place in three phases and take a maximum of five years. The new stadium would be built on a parking lot just south of Soldier Field, the Bears’ home since 1971. The team’s lease on the 100-year-old stadium runs through 2033.

Mayor Brandon Johnson expressed his full support and said the project is in line with Daniel Burnham’s “Chicago Plan.” He said there will be no tax increases or new taxes on Chicago residents.

Renderings show that the Bears’ stadium would feature a translucent roof and massive glass panels that would bring in sunlight and provide views of Chicago’s famous skyline. The plan is to host major concerts throughout the year, as well as Super Bowls, Final Fours and Big Ten championship games.

Although Soldier Field’s famous colonnades would be preserved, the spaceship-like stadium installed in the renovation 20 years ago would be demolished and replaced with both playing fields and park space. The plan calls for a pedestrian area, food and beverage outlets, a promenade and a plaza.

“My administration insisted that any new project – especially one on public lands – must provide a strong public benefit and use for the city of Chicago, and today I am pleased that this plan does just that,” Johnson said.

However, Illinois Governor JB Pritzker said he was not on board.

“I remain skeptical of this proposal and question whether it is a good deal for taxpayers,” Pritzker told reporters at an unrelated news conference on Wednesday. “I’m not sure this is one of the highest priorities for taxpayers.”

Illinois’ top legislative leaders were also dubious.

“If we were to put this issue before the council for a vote now, it would fail, and it would fail miserably,” Emanuel “Chris” Welch, Speaker of the Illinois House of Representatives, said at an unrelated news conference. “There is no environment for something like this today.”

However, he added that the environment in Springfield is certainly changing.

The proposal comes as two other Chicago sports teams, including the White Sox and Red Stars, have expressed interest in public financing for new stadiums.

Warren, who replaced the retired Ted Phillips a year ago, played a role in the construction of US Bank Stadium in Minneapolis through a public-private partnership while working in the front office of the Minnesota Vikings from 2005 to 2019.

The Bears spent $197.2 million to buy the shuttered Arlington International Racecourse property from Churchill Downs Inc. more than a year ago. They planned to build a stadium on the 326-acre plot of land about 30 miles northwest of Soldier Field, with restaurants and shops. and more about the real estate – all for about $5 billion, with some taxpayer help.

The Bears had said they would pay for the Arlington Heights stadium with taxpayer money to cover infrastructure costs such as roads and sewer. Those plans stalled, with the team citing a property valuation that they believed was too high.

They would remain tenants by staying in Chicago rather than owning a stadium in Arlington Heights. But Warren said he sees it more as a partnership with the city than a landlord-tenant relationship.

“I believe in Mayor Johnson,” Warren said. “I believe in his staff, his vision, I believe in this city. I don’t see it as a tenant. I see it as being able to develop a relationship, being able to come together. People asked that same question in Minnesota: Why would you want to be a renter?