Last year, the owner of the Chicago Fire, Joe Mansueto, announced that the MLS club was moving forward with plans to build a new stadium. While the costs varied between $650M and $750M, the stadium would be “privately-funded.” Local media and other news outlets praised Mansueto for not forcing costs onto taxpayers.
All of this at a cost of $30M...and would be "paid for by the San Jose Sharks." The mayor mentioned that she was "pleased" that taxpayers were being asked to spend "next to no cost" for this project. The mayor wrote a letter to the Gilroy Dispatch to again state that this project would "be paid for and operated by Sharks Sports & Entertainment."
Now, the Portland Trail Blazers would like some of that money. According to OregonLive, the Blazers want an “estimated $20 million per year” to be given to them “from the state’s general fund.” The team claims that this allows them to start a $600 million renovation of the current arena. However, as OregonLive notes, the Blazers' situation is not similar to last year's MLB giveaway. The NBA team's players/staff have already been paying “into the…
According to Port St. Lucie city leaders, this agreement “is designed to bring economic growth, entertainment, and new opportunities to the community.” In this instance, the taxpayer money given to ESC will come from the TIF revenue. However, for the last few weeks, many city leaders have been trying their best to express one specific thing: taxpayers will not pay for the stadium. This message has been expressed time and time again whenever this subject is…
When the Kansas City Royals tried to garner some support for the sales tax vote last year, they paid a company, Jones Lang LaSalle, a Chicago-based real estate company, to write and release an economic impact report on a potential ballpark. But, it didn't take long for problems to come out of this idea. The Royals paid Jones Lang LaSalle to write this report without caring or realizing that Jones Lang LaSalle had no experience…
The Chicago Bears also forgot to add in the multiple billions that taxpayer would owe for stadium and infrastructure costs. This means that taxpayers would likely be paying 70% of the cost, if not more. What about the other sports teams wanting billions for their own stadiums? If the team had somehow gotten this deal to go through, the bill for taxpayers could have been so much higher than what the team claimed.
The Chicago Bears have already talked about what they want to do on this land. Was I dreaming when I read the following: “The team has sketched out designs on a new entertainment district anchored by a $5 billion domed stadium”? Why would the city, much less anyone, allow the team to peg this land as vacant or residential land? Well, the Bears have an answer for that too.
Last year, 16 cities, including Seattle and Vancouver, were selected to be hosts for the 2026 World Cup matches. Then FIFA told every city to just shut up if anyone asked about expenses. FIFA was tired of answering questions from cities. It is well-known that the hosting cities are expected to pay most of the costs. But when cities like Chicago, Vancouver and Minneapolis tried to get a basic level of certainty on some major unknowns,…
Yet even with the questions and people pre-selected, the Chicago Bears GM, Kevin Warren, still got “confrontational” and threatened people who asked questions. The original price of the Stadium and Entertainment District for the Bears new stadium was projected around $5 billion. Billionaires don't become billionaires without keeping every last cent that they can, and I can only guess that is the attitude that the Bears are taking.
Yesterday, I read an interesting opinion piece in the Chicago Tribune. In it, a woman claims that the city of Chicago should just hand back naming rights money along with ownership of the Chicago Bears stadium land. Why? Because the Bears owners family is nice? I don't know. I couldn't find anything substantive or factual about her belief that the city doing this would make a single difference compared to today.
Last week, Crain’s Chicago Business had a good article discussing the financial issues that the city is facing with the current Bears stadium. Even though the Bears are trying to scam another city into paying for a new stadium, their current one continues to cost the city of Chicago millions of dollars. Basically, the city […]
The Chicago Bears publicly admitted to buying land in nearby Arlington Heights to likely build a new stadium. However, it appears that a Chicago (technically Cook County) assessor is now holding the Bears accountable for future property taxes on this land. The county assessor raised the property tax value of this land by six times (applies to tax year 2022 and beyond), and that does not even include the construction that will be done.
In fact, the Florida Marlins would stay at their place for several more years and win a World Series in Sun Life Stadium. It wasn't until 2009 that they were able to screw-over or con or get Miami to give them at least $300 million in taxpayer money for a new ballpark. Opps, I meant to say $500 million in taxpayer money.
