So much going on of late with the Chicago Bears stadium plans! If, that is, by “so much” you mean team execs getting multiple doors slammed in their face by the state legislature, which adjourned over the weekend without taking action on any of three bills that the team wanted to help fund a new stadium, either in Arlington Heights or somewhere. The three bills would have: 1) allowed local government to freeze property taxes on “megadevelopment” projects, effectively providing massive tax breaks to developers; 2 and 3) some two other things, none of the news reporters bothered to mention what these were, they got places to be, man.
(Meanwhile, the Chicago Sun-Times article on all this described the legislative session as expiring “without the Chicago Bears breaking the line of scrimmage in Springfield” after the failure of legislation that “could’ve thrown the team a block in their rush to the former Arlington International Racecourse,” Bears lobbyists being “left on the Capitol sideline,” because of course it did. This is becoming less a Sun-Times tic than a journalistic cry for help.)
The Bears stadium push will now have to wait for the fall legislative session, when possible language allowing a weighted vote of all affected local taxing bodies to approve tax breaks is expected to push it across the goal line into the end zone like Walter Payton playing the game the way it was supposed to be played or something:
“We were super close and just ran out of time,” state Rep. Mary Beth Canty, a Democrat who represents the northwest suburb [of Arlington Heights] and surrounding areas, said Sunday.
Or, alternatively, the Bears bills are still somewhere deep in their own half, trying desperately to get a first down before having to give up and punt:
[Gov. JB Pritzker’s chief of staff Anne] Caprara sent a message that Pritzker has no plans to support funding for the stadium unless Illinois receives something “substantial” in return.
“Back on here briefly to respond to this bc it’s absurd,” Caprara posted on X. “No one in the Gov’s office or in state government is an expert in NFL finances. The governor has been clear that he’s not going to support state funding for a new stadium unless the state got something substantial in return.”
In the midst of all this (I am so sorry) Monday morning quarterbacking, Chicago Fire owner and investment fund billionaire Joe Mansueto announced plans for a $650 million soccer stadium to be built on the “The 78” property that had previously been targeted by White Sox billionaire owner Jerry Reinsdorf. But where Reinsdorf wanted around $1.7 billion in public money to make his stadium happen, Mansueto says he’ll build his stadium entirely with his own money — with the tiny exception of the $700 million in tax kickbacks already approved for the property in 2019:
There are railroad tracks that need to be relocated and a crumbling seawall that needs to be rebuilt. Water, sewer and power lines need to be installed, and parking garages and surface lots need to be built. So does the last leg of the Riverwalk between Lake Street and Ida B. Wells Drive that had an initial price tag of $140 million…
[Related Midwest CEO, Curt] Bailey said he was still working on what the final infrastructure plan will look like and how large of a TIF subsidy Mayor Brandon Johnson and the City Council will be asked to authorize amid the rising cost of construction materials tied to President Donald Trump’s tariffs.
So a Fire stadium is likely a ways off as well, even if Mansueto says he wants one open for 2028.
If you’re a fan of goal-line stands against stadium subsidies, all this is at least somewhat good news: Pritzker and the Illinois legislature are continuing to push back on even the kind of tax breaks that lawmakers are usually happy to throw at pro teams, and team owners are left having to scrape together whatever public money they can find around the edges, which is certainly a lot more taxpayer-friendly than what’s on the table in some other places. Tax kickbacks are real money, though, and it’ll be important to keep a close eye on what’s being proposed for both the Bears and Fire stadiums, lest the team owners pull off a trick play involving multiple laterals — okay, that’s enough for one morning, let’s blow the whistle on this now.
I first saw this reported in the Wall Street Journal as, you guessed it, the Fire are paying for their own stadium. First thought was “I wonder what they aren’t reporting.”
Turns out, quite a bit.
Like “as much as or more than the initial stadium estimate in TIF subsidy” quite a bit. What’s hundreds of million dollars amongst friends?
Ha, I saw that WSJ headline first as well, and had the exact same thought. Great minds.
It looks like the Fire would only be applying for part of the TIFs that were already approved, at least. But the facts available so far are so hazy that it’s really hard to say for sure.
Most of the approved TIFs are just repairs to existing city infrastructure in the surrounding neighborhood so they’re not very controversial. Riverwalk public easements are usually reimbursed.
Also, the new Red Line station was canceled so $364 million of the $700 million TIF is unofficially off the books.
The stadium doesn’t need the Metra tracks to be realigned. That was intended for the original office building plan. Obviously Related Midwest would still want that option available.
It might be approved if Metra prefers the tracks to be realigned for operations.
“So does the last leg of the Riverwalk between Lake Street and Ida B. Wells Drive…”
And here the developer is just wishcasting. These blocks are downtown and have minimal relation to the property in question and whether a stadium is feasible.
So all in all, the Chicago Fire’s 2028 deadline looks accurate. Additional infrastructure TIFs are unlikely and not really necessary.
Instead of speculation, a look at the actual existing TIF would be more useful and less scandalous.
Most of the TIF covers maintenance and repairs for existing city infrastructure that run near the 78 and needed to be completed with or without a stadium.
(Taylor St Bridge repairs, Clark St improvements, Wells-Wentworth Connector, seawall reconstruction)
Riverwalk public easements are legally required so those also qualify for TIFs.
Metra Track realignment isn’t necessary for a stadium, but that was the compromise for including the other repairs.
And the $400 million for the Red Line station construction canceled.
Thanks — do you have a link to the list of TIF-eligible items? I did look for one, but the city’s site on The 78 financing hasn’t been updated since 2019:
https://www.chicago.gov/city/en/depts/dcd/supp_info/the-78.html
Also, the $700m was based on how much future property tax revenue was going to be kicked back to pay for project infrastructure, right? So if the Red Line station isn’t built, where does that money go? To the city? To an improvement district fund?
It’s certainly possible that this will (maybe, sorta) turn out to be a subsidy-free Fire stadium, if it ever ends up getting built. But right now there are still more questions than answers.
Chicago usually does TIF sweeps and closures to recover unallocated TIF surpluses, distributed according to taxing districts. General Budget, School, Park, Transit, ect.
At this point, Related Midwest has not established the agreed upon financing and escrow payments to start any construction or be eligible for any futher reimbursement.
Development TIF legal contracts are saved online on this website.
https://webapps1.chicago.gov/ChicagoTif/
At this time, there are 5 items remaining in the Roosevelt/Clark 78 TIF with the completion of the Wells-Wentworth Connector.
Underpass repair and underground storage tank remediation projects on other properties are also withdrawing funds at this time.
CTA Station – $364,600,000
Metra Realignment – $84,500,000
Clark Street – $79,000,000
15th Street – $13,000,000
Seawall – $10,100,000
Related Midwest does not plan to pursue financing for the CTA Station now that DPI and offices are out of the picture.
Metra Realignment followed by Clark Street Improvements are required to make space for additional apartment buildings East of the tracks, but are well outside the scope of the 10 acre stadium footprint.
The big picture seems fairly simple: the Sports Team tenant wants to proceed ASAP with construction and a probable purchase of their land parcel(which needs city approval).
Meanwhile, the developer is using the media moment to fish for additional TIF funds to move the rest of their stalled project along.
My prediction is that the stadium construction proceeds quickly, while the rest of the Related Midwest development haggles.
Thanks. That does sound like a reasonable prediction, except that I have no clue why Mansueto wants to spend $650m on an MLS stadium.
Mansueto’s a multi-billionaire with a fortune of liquid cash not locked up in assets.
By all accounts, managing soccer teams is his genuine retirement hobby, and haggling with government is no fun compared to just paying for a mancave stadium.