The Chicago Bears’ $5 billion proposal for a brand new lakefront stadium, ahead of their anticipated No. 1 overall pick at tonight’s NFL Draft, marks an inflection point for a franchise reimagining itself for the future.
Under the plan, the new stadium would be built next to the current Soldier Field, one of the NFL’s smaller venues. It would sport a translucent roof and enormous windows to allow natural light to enter while providing spectacular views of the city’s lakefront.
The franchise made the announcement on Wednesday, detailing the team’s plans to privately invest more than $2 billion to cover over 70% of the costs of constructing the futuristic-looking venue. Moreover, the stadium would be enclosed, allowing the Chicago Park District-owned stadium to host significant events year-round, including a future Super Bowl.
“This marks a pivotal moment for Chicago as we introduce a visionary project prioritizing the public good,” Chicago Mayor Brandon Johnson said at the Wednesday press conference.
Johnson added that the “The Chicago Bears’ proposal goes beyond mere construction: It will cultivate economic growth, job creation, and community enrichment. I commend the team for their dedication to serving the greater good with private investment, and I look forward to the positive impact it will have on our beloved city.”
Renderings of the Chicago Bears’ $5 billion stadium proposal (Courtesy of Manica).
The Bears say that the stadium project would expand open space, generate over $8 billion in regional economic impact and bring 43,000 construction jobs and 4,200 new annual jobs to the Chicagoland region.
“Contributing more than $2 billion in private dollars into this new publicly owned stadium will unlock tremendous economic development opportunities, add jobs for the city and the region, and create a tremendous home field advantage for the Chicago Bears,” Chicago Bears President and CEO Kevin Warren said. “When we complete this investment, Chicago will be able to bid for the Super Bowl, the Final Four, college events, concerts, and other mega events that could be hosted in our city. This means billions of tourism dollars that Chicago currently cannot capture—helping our city regain its reputation for hosting global events.”
Overall, the Bears say it would kick in $2.025 billion with $300 million from the NFL in the form of a loan and $900 million more in bonds from the Illinois Sports Facilities Authority. The funding from the ISFA would involve extending bonds of the existing 2% hotel tax.
According to the release, “The Illinois Sports Facilities Authority, created by the Illinois General Assembly in 1987 for the purpose of constructing stadiums for professional sports teams, is the proposed resource to fund an additional $900 million for the publicly owned stadium. The project finance proposal can be accomplished with the existing 2% hotel tax (predominantly funded by tourists) used to back ISFA bonds and would both restructure existing ISFA debt and create new capacity by extending bonds for 40 years. This extension would pay off existing debt, secure resources for the replacement stadium, and create a liquidity reserve to cover any hotel tax shortfall.”
But not everyone is on board with the plan.
At issue is the $2.4 billion of the total $4.75 billion project cost taxpayers would be responsible for.
Moreover, taxpayers still owe almost $600 million for the existing Soldier Field, though, under the new plan, that debt would be refinanced and rolled into a 40-year payback plan. Taxpayers would also be on the hook for infrastructure costs.
Before Wednesday’s press conference, Gov. JB Pritzker said, “I remain skeptical and I wonder whether it’s a good deal… there are a lot of priorities and I’m not sure this is among the highest priorities for taxpayers.”
The Friends of the Parks, which prevented George Lucas from constructing a museum on the lakefront, oppose the Bears’ plan for a new stadium on the Museum Campus. FOTP has asked why the Bears are “rushing the process” and why other parks aren’t being considered, among other questions.
Still, the stadium announcement, which came on the eve of the NFL Draft, when the Bears will be the focus of attention from around the sports world, feels like an elaborate rollout for a team going through a reinvention.
All signs point to Chicago drafting the prodigiously talented and eccentric Caleb Williams to be their quarterback and face of their franchise, which is a sharp departure for a franchise that took pride in its defensive identity.
When asked whom he would like the Bears to draft with their No. 9 pick, Williams named a highly-rated offensive lineman who was his high school teammate or receiver.
“I’d probably go Olu Fashanu because I know he’d put his life on the line for me, protecting me,” Williams said. “Then I’d go one of the top three wide receivers.”
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