Illinois state leaders have informed the Bears and White Sox that they will not support individual public funding plans for their stadium projects. The teams are now working on a joint funding plan to meet everyone's needs, but face challenges in gaining approval.
Illinois state leaders have told the Bears and White Sox they won't support separate public funding plans for their respective stadium aspirations.
Feeling out of the loop? We'll catch you up on the Chicago news you need to know. Sign up for the weekly"The ISFA’s current debt is backed by a 2% tax on hotel stays in Chicago that is meant to provide enough revenue to meet its annual debt payments," Justin Laurence wrote for Crain's."When that revenue falls short, like it has the past three years, Chicago’s portion of taxes that the state doles out annually to municipalities is used to cover the difference.
The amusement tax, according to Crain's, is a 9% tax on entertainment services including sporting events, theaters and concerts. The tax is projected to bring in around $262 million in 2024, according to the report.It's unclear at this juncture where the teams plan to bring in more tax revenue to help support the ISFA bonds.
The Bears, on the other hand, haven't drawn up their public funding plan. They did, however, say they would need public funding for infrastructure i.e. sewers, roads, etc. to support that aspect of the stadium. The Bears said this during their town hall meeting with Arlington Heights in June 2023.
Illinois State Leaders Bears White Sox Stadium Public Funding Joint Plan Amusement Tax Debt ISFA Guaranteed Rate Field Soldier Field Renovations Chicago News
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