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Originally Posted by Halsted & Villagio
And kindly excuse me if my figures are not exactly correct -- I am ballparking it because I am in a rush/meeting coming up. But you get my point -- the Bears don't have the money to do the build in AH.
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I would speculate that you are correct. The Bears likely got overwhelmed by the long-term financing and complications of owning and building an actual community and stadium in the suburbs. The city of Chicago also has much deeper pockets to snatch from.
That said, given that leverage is on the city's side, it makes even less sense to capitulate to the idea that the stadium needs to be built exactly where and how the Bears propose. It would be a needless self-own by the city to not dictate much more favorable terms.
The Bears can likely build this project much more cheaply (maybe even near the 2.5billion'sh they have committed) using primarily their own resources to build elsewhere in the city. In that scenario the approximately number of jobs are still realized without the city/state throwing in billions that is better spent elsewhere.
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More importantly, in dealing with the post-Covid reality that just about all major cities are facing/high vacancy rates/slower development, etc. here, this stadium, is something that has the potential to spur development/growth/jobs/revenues.
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Paying the penalty of extra billions by taxpayers is a rather convoluted and exorbitant method to gain a few thousand jobs to spur development. What development is this going to spur anyhow? It isn't located within a neighborhood. If it was actually located near a real neighborhood perhaps the stores and restaurants that would adjoin it would have a chance of staying open on non-event days.
Let's be real, this Bears plans effectively do little to improve accessibility or integration of the Museum Campus into the fabric of the community and downtown Chicago. There is no light rail or plans for below grade street connections from Bronzville to the Lakefront. This will essentially be an amusement island from which the Bears want to be the primary beneficiaries, but away from event days will be scarcely more utilized than it is now.