The Chicago Baars are looking for $ 855.2 million in public funding to pay the infrastructure associated with a new stadium that would be built on an old horse racing track in Arlington Heights, ill., About 25 kilometers north -its current location in Soldier Field in the Grant Park in Chicago.
The application for the National Football League franchise team is in a report published on October 1 and prepared by the Hr & A Advisors Real Estate Consulting firm. Discover the expected costs and income related to the new stadium that the team wants to build to attract Super Bowls, national university football championships and other premium events.
The Bears have pledged to pay the cost of $ 2 billion from the stadium, which, together with a mixed district development, would represent a total capital investment of more than $ 5 billion, according to the report, which also estimates that the project would create 56,600 construction jobs throughout the state.
A general contractor has not yet been named by the stadium. The architect is Manica Architecture based in Kansas City. Hart Howerton, based in New York and San Francisco, works on the Master Plan for a mixed district that surrounds him It would count in detail, restaurants, homes, a hotel and parkland.
Recent representations published for the stadium proposed for a fixed roof, with a stadium with sitting of 65,000 to 70,000 fans. Plans also call for access to public traffic trains, Expanded parking and new infrastructure to improve access and flow. The Railway System of the Metra Suburban Metra Suburban already went to the old Horse Race of Horses of Arlington Park in the site.
Chicago Bears have launched returns from a proposed $ 2 billion stadium in Arlington Heights.
Courtesy of Manica Architecture
The report estimates that redevelopment would generate severe public revenue for more than 40 years of almost $ 2.28 billion, which would go to local, regional and state jurisdictions, without including property taxes.
“Adding a state -of -the -art closed facility capable of hosting events throughout the year, surrounded by a vibrant mixed district and connected to the 3rd largest city in America will dramatically raise the sport and entertainment of Chicagoland,” says the report.
The plan calls for 326 hectares to be redeveloped, which is “one of the last large -scale traffic -oriented development opportunities in the region,” according to the report.
The Bears confirmed in September that they want to move forward with the construction of a new stadium outside Chicago and wait for the construction to begin in 2026.
The team cannot start building the stadium until they are approved by the state legislature in a “Mega Project” bill that would allow Bearings and other $ 100 million project developers to $ 500 million to negotiate property tax levels with local municipalities, instead of paying an annual rate based on the evaluated property value.
The bill took place in the spring and it will be harder to go to the autumn veto session, which requires a majority of three -fifths for all invoices and is scheduled for October 14.
Crain’s Chicago Business He reported by 2024 that bears still owed $ 620 million for the last soldier field reconstruction in 2003, which can also make it difficult for a new stadium to be.
“We need to ensure that taxpayers are not loaded with debt that occurred in the construction of [Solider Field] The stadium, if we are going to support more funding for anything that has to do with the following stadium, “said Governor JB Pritzker (D) in an event not related on October 2.
A Super Bowl organized in Arlington Heights would generate more than $ 230 million in economic activity in Chicago and generate more than $ 7.2 million in tax revenue for the city of Chicago, according to the report.
