©
Stadium Plan Unveiled by Bears Faces Economic Challenges
Soldier Field opened in 2003 but would be torn down with the old colonnades outside from the original facility from 100 years ago left in place near park area.
The Bears unveiled their Soldier Field south lot stadium plan Wednesday along with all the hoopla associated normally with a Super Bowl—something they hope to bring to Chicago for the new facility.
Now comes the hard part, which is getting the necessary public funds for infrastructure as well as some of the stadium investment.
The Bears plan to invest $2.3 billion in equity and debt mix to a project that could cost up to $4.7 billion total, so getting approval from Sprinfield will be the key point. They needed to come forth with the plan now before this session of the state legislature ends, according to team president Kevin Warren, in order to have the construction begin in summer of 2025.
Public infrastruture improvements would be about $1.3 billion for the completed project. The domed stadium would be a public-private project with about $900,000 coming in public funds from the Illinois Sports Facilities Authority. They would roll over existing stadium debt, and the plan calls for the new borrowing to be paid off over 40 years, which also would require legislative approval. The approval would be for the bond usage from the ISFA.
The stadium itself would be over $3.2 million.
The Bears' funds also include about $300 million from the NFL funds allotted for new stadium construction.
Warren touted the private investment as key and historical for Chicago. They would be funding about 72% of the construction of the stadium itself.
They had researched when private funds totalling $2 million had last been used for investment in Chicago.
"We couldn't find any, and we couldn't even find any of over a billion or more," Warren said.
The roof would be made of translucent material that allows light in and gives off the impression the stadium is outdoors. There would be a huge glass window on the north side of it overlooking the city of Chicago. The roof on the dome is stationary to keep down costs.
The Bears also stressed how they'll be helping the economy with construction jobs and jobs of other types.
The area for the stadium would be south of the current stadium. The current 21-year-old Soldier Field structure would be torn down and replaced with about 14 acres of green area, athletic fields and park space, with the colonnades from the original Soldier Field still left standing.
Warren called it a crossroads of sorts for the city.
"Im going to set forth a challenge," he said. "We need to decide who we are and whwere we're going to go to go."
Warren said the pursuit of this project reiterates the team's intent to remain in the city rather than develop a similar project at the 326-acre Arlington Park International Racecourse land it currently owns.
Mayor Brandon Johnson, in attendance, acknowledged this plan from the team.
MORE CONCERN FOCUSED ON CALEB WILLIAMS AND BEARS COACHES
"As a life-long Bears fan, it is an honor to be here to celebrated the Bears committment to remaining the Chicago Bears."
The Bears unveiled their Soldier Field south lot stadium plan Wednesday along with all the hoopla associated with a Super Bowl -- something they hope to bring to Chicago for the new facility.
Now comes the hard part, which is getting the necessary public funds for infrastructure as well as some of the investment.
The Bears plan to invest $2.3 billion in equity and debt mix to a project that could cost up to $4.6 billion, so getting approval from Sprinfield will be the key point. They needed to come forth with the plan now before this session of the state legislature ends, according to team president Kevin Warren, in order to have the construction begin in summer of 2025.
Public infrastruture improvements would be about $1.3 billion for the completed project. The domed stadium would be a public-private project with about $900,000 coming in public funds from the Illinois Sports Facilities Authority. They would roll over existing stadium debt, and the plan calls for the new borrowing to be paid off over 40 years, which also would require legislative approval. The approval would be for the bond usage from the ISFA.
The Bears' funds also include about $300 million from the NFL funds allotted for new stadium construction.
Warren touted the private investment as key and historical for Chicago. They would be funding about 72% of the construction of the stadium itself.
They had researched when private funds totalling $2 million had last been used for investment in Chicago.
"We couldn't find any, and we couldn't even find any of over a billion or more," Warren said.
The roof would be made of translucent material that allows light in and gives off the impression the stadium is outdoors. There would be a huge glass window on the north side of it overlooking the city of Chicago. The roof on the dome is stationary to keep down costs.
The Bears also stressed how they'll be helping the economy with construction jobs and jobs of other types.
The area for the stadium would be south of the current stadium. The current 21-year-old Soldier Field structure would be torn down and replaced with about 14 acres of green area, athletic fields and park space, with the colonnades from the original Soldier Field still left standing.
Warren called it a crossroads of sorts for the city.
"Im going to set forth a challenge," he said. "We need to decide who we are and whwere we're going to go to go."
Warren said the pursuit of this project reiterates the team's intent to remain in the city rather than develop a similar project at the 326-acre Arlington Park International Racecourse land it currently owns.
Mayor Brandon Johnson, in attendance, acknowledged this plan from the team.
"As a life-long Bears fan, it is an honor to be here to celebrated the Bears committment to remaining the Chicago Bears.
Improving public transportation to the lakefront would also be part of this infrastructure improvement.
"It's something that needs to be done and it's something that's overdue," Warren said.
The full project would take five years and Warren said the team will be able to continue playing at Soldier Field while it occurs.
Johnson stressed how much the city gets out of the project and benefits into the future with possible Super Bowls, Final Fours, concerts and shows that could be hosted.
"Were talking about 8 billion dollars in economic vibrancy as a result of this investment," he said. "The time is now for this investment."
Twitter: BearDigest@BearsOnMaven
