Chicago can't bear its crappy stadium any longer, moving to the 'burbs.

[67YAZ]

Does the family have the kind of cash to just walk away from the racetrack purchase? They don't have many assets beyond the team itself.

I don't think so based on what is out there in the media. The family's wealth is tied up in the team and it doesn't appear that they have leveraged that into a lot of other investments that balance the portfolio.

My theory has been that they are all in on Arlington Heights because it would leverage the team into a massive multi-use real estate portfolio for the family.

I suppose they could try to flip the old race track land or develop it themselves or sell some to if and develop some of it...but that all seems a lot more difficult without the team to anchor the project. Banks will line up with favorable terms for a revenue generating monster like an NFL team. For a low cash flow family without track record in real estate?

 

[Nator]

I don't think so based on what is out there in the media. The family's wealth is tied up in the team and it doesn't appear that they have leveraged that into a lot of other investments that balance the portfolio.

My theory has been that they are all in on Arlington Heights because it would leverage the team into a massive multi-use real estate portfolio for the family.

I suppose they could try to flip the old race track land or develop it themselves or sell some to if and develop some of it...but that all seems a lot more difficult without the team to anchor the project. Banks will line up with favorable terms for a revenue generating monster like an NFL team. For a low cash flow family without track record in real estate?

Also, if they think they are facing hurdles in Arlington Heights, getting that dome started in Downtown Chicago will be even worse.

 

[67YAZ]

Also, if they think they are facing hurdles in Arlington Heights, getting that dome started in Downtown Chicago will be even worse.

If Rahm couldn't beat Friends of the Park with all of George Lucas' money and cache, I don't see how the Bears are going to win this one.

 

[singaporesoxfan]

The short of it is that the county assessor is valuing the land at about what the Bears paid for it (~$190m). The team thinks that with the old race track torn down, the land should be assessed at about $60m. The difference is about $15m in property taxes annually.

The assessor & board of review refused appeals to lower the valuation, now the Bears can negotiate directly with the taxing bodies who’d collect those monies. It’s 3 schools districts that are holding out the hardest.

Says here that the Bears were re-opening negotiations with the taxing districts on Friday. Still think this is a shameless leverage play. The team is already well over $200m into this project and they’re going to pivot to a whole new plan that will take another year-plus for approval? All over $15m a year in taxes?

I guess NFL teams will leverage whatever argument they want, but arguing that a piece of land shouldn't be valued at perhaps the purest expression of its value, the price it actually sold for, is funny to me.

 

[67YAZ]

The Bears released renderings of a new lake front stadium today. Looks amazing. Love how they redevelop Soldier Field in these very expensive JPEGs.

The organization must have timed this the day before the draft to capitalize Caleb Williams buzz. They even got the the mayor out there saying he supports the stadium and it will take "no new taxes" to get it done. To quote the wire, "they always disappoint."

But Governor Pritzker had a press conference for a different event an hour before the Bears' unveiling and when asked, said he "remains skeptical" that this is the best use of public funds. Mind you, the Bears will be asking for $2.3b in public money...not sure if this pays off the outstanding $631m on the Soldier Field renovation bonds from 20 years ago or if this is just on top of that old debt. And mind you, Jerry Reinsdorf is also scrounging around the legislature for $2b to build a new stadium.

My sense is that it is that the new lake front proposal is preferred by the team IF they get the $2b+ in public dollars. That's just too much to pass up. But if that can't happen - and it really shouldn't - then Arlington Heights is still on the table because the mixed-used development around the stadium generates financing and revenue opportunities too good to pass up despite the higher property taxes.

 

[Ale Xander]

The Bears released renderings of a new lake front stadium today. Looks amazing. Love how they redevelop Soldier Field in these very expensive JPEGs.

The organization must have timed this the day before the draft to capitalize Caleb Williams buzz. They even got the the mayor out there saying he supports the stadium and it will take "no new taxes" to get it done. To quote the wire, "they always disappoint."

But Governor Pritzker had a press conference for a different event an hour before the Bears' unveiling and when asked, said he "remains skeptical" that this is the best use of public funds. Mind you, the Bears will be asking for $2.3b in public money...not sure if this pays off the outstanding $631m on the Soldier Field renovation bonds from 20 years ago or if this is just on top of that old debt. And mind you, Jerry Reinsdorf is also scrounging around the legislature for $2b to build a new stadium.

My sense is that it is that the new lake front proposal is preferred by the team IF they get the $2b+ in public dollars. That's just too much to pass up. But if that can't happen - and it really shouldn't - then Arlington Heights is still on the table because the mixed-used development around the stadium generates financing and revenue opportunities too good to pass up despite the higher property taxes.

How much do you expect season ticket prices (face) to go up for comparable seats? 20%? More?

 

[NextBigThing8184]

I get that it’s the way of the future but football in Chicago in a dome is sad

 

[Ale Xander]

I get that it’s the way of the future but football in Chicago in a dome is sad

In September and early October, yes.

It would be great in December and January.

 

[NextBigThing8184]

In September and early October, yes.

It would be great in December and January.

Taking the elements out of football is bad for the game IMO

sure, if you’re a fan and paying 100’s of dollars to sit through crappy weather to watch crappy football, it sucks. But I don’t know a single person who was at the “tuck rule” game or the 2004 AFFCG who regrets going because the weather stunk

even the TV experience of watching big games in sterile domes played in climate controlled conditions takes something away from the experience.

 

[Vinho Tinto]

Taking the elements out of football is bad for the game IMO.

This is a downstream of the skyrocketed cost of these stadiums. These things aren't low cost Shaefer Stadium. If I live in that area, and the local government is being shake down for billions, the stadium cannot go dark for months every year. The days of stadiums being slabs of concrete with benches are long over. The only responsible thing elected officials do, before they sign off issuing bonds and increasing taxes for funding while schools and roads remain screwed, is to make sure the stadium can host events or conventions year round.

 

[luckiestman]

I get that it’s the way of the future but football in Chicago in a dome is sad

My favorite sporting events are tuning in to these snow night games. Seems like it’s going to be going away over time.

 

[Vinho Tinto]

My favorite sporting events are tuning in to these snow night games. Seems like it’s going to be going away over time.

Mud games have been gone for a long time. Snow/wind effects will be greatly diminished as long as all of the owners want the stadiums to be massive tribute to themselves. Local schools, roads or anything else a community can use be damned.

 

[luckiestman]

Mud games have been gone for a long time. Snow/wind effects will be greatly diminished as long as all of the owners want the stadiums to be massive tribute to themselves. Local schools, roads or anything else a community can use be damned.

For my own selfishness, I don’t mind mud games being gone, and losing straight up fog games where you can’t see at all…that’s fine too. But I will miss the snow games.

 

[67YAZ]

Here’s one of our local sports guys doing a great, grilling interview of the Mayor.

The stadium will be publicly owned and it is being pitched as a year round space - Super Bowls, Final Fours, Big10 championships, residencies by major artists like Beyoncé & Swift, etc. I have no idea how likely any of that is.

The Friends of the Parks, the same group that sank the Lucas Museum on this site, is already out firing. They called it a “Bear-a-dice.” Not sure how the Mayor let that pun slip by

]

 

[Nator]

Here’s one of our local sports guys doing a great, grilling interview of the Mayor.

The stadium will be publicly owned and it is being pitched as a year round space - Super Bowls, Final Fours, Big10 championships, residencies by major artists like Beyoncé & Swift, etc. I have no idea how likely any of that is.

The Friends of the Parks, the same group that sank the Lucas Museum on this site, is already out firing. They called it a “Bear-a-dice.” Not sure how the Mayor let that pun slip by.

The Friends of the Parks are 2-0 against Star Wars and Barack Obama (they nixed his library).
I get the sense they can probably make the Bears life Holy hell too.

They will end up back at Arlington Park.