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Report: Bears New Stadium Plan Projected to Cost $4.6B; Half from Public Financing

Scott Polacek

The Chicago Bears haven't won a playoff game in 13 years, but they reportedly plan on asking residents of their city to foot a $2.3 billion bill to help build a new stadium south of their current Soldier Field home.

According to a Tuesday report from the Chicago Tribune, the NFC North team is on the verge of announcing a new $4.6 billion plan for an enclosed stadium along the Chicago lakefront. The plan will call for $3.2 billion to build the stadium and an additional $1.4 billion in infrastructure improvements.

Yet the Bears intend to cover just $2.3 billion of that cost with some financing through the NFL. The other $2.3 billion will come from the taxpayers if things go according to plan for the team.

Further details about the plan will be publicly discussed during a press conference on Wednesday at 1 p.m. ET.

This is the next step in the team's journey toward a potential new stadium that isn't exactly incredibly time sensitive since the lease at Soldier Field runs through 2033. The Chicago Tribune report explained team officials initially agreed to buy the former Arlington International Racecourse for $197 million in the suburb of Arlington Heights in 2022.

The plan was to create a $5 billion mixed-used development that included an enclosed stadium and entertainment. However, the team was unable to come to terms on an agreement regarding property taxes with local schools in the Arlington Heights area.

With the switch from former Bears president and CEO Ted Phillips to current team president and CEO Kevin Warren came a renewed focus on building downtown.

However, there are plenty of hurdles to overcome, including skepticism and a resistance to public funding:

"Fool me once, shame on you. Fool me twice, shame on me," sports economist J.C. Bradbury said. "The Bears aren't going to leave one of the most iconic football markets in the country. Tell the Bears to pay for their own damn stadium, and if they don't like it, to go jump in Lake Michigan."

The Chicago Tribune report also explained that there are questions regarding whether the team can even legally build on the lakefront area due to Chicago's lakefront protection ordinance that calls for public use of the land.

The nonprofit Friends of the Parks relied on that ordinance to prevent the building of a movie art museum from Star Wars creator George Lucas. The group also opposes the Bears building a stadium in that area.

All this comes on the verge of the Bears likely taking their next franchise quarterback in Caleb Williams with the No. 1 overall pick in the draft.

Chicago has built a roster that now includes DJ Moore, Keenan Allen, D'Andre Swift, Cole Kmet, Gerald Everett and a strong defense, and optimism is high with Williams set to arrive. However, there may not be that same level of optimism surrounding such an expensive tax bill.

   

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