As Arlington Heights and Hammond continue to position themselves as the best destination for a new Chicago Bears stadium, the City of Chicago is considering potential plans for a Bears-less future at Soldier Field.
First reported by Fox 32’s Paris Schultz, sources confirmed to WGN-TV News that the Chicago Park District has pitched a $630-million transformation plan for Soldier Field as the Bears continue to plan their likely departure for the northwest suburbs or Northwest Indiana.
The plan intends to convert Soldier Field into a massive concert and special events venue, where $130 million is earmarked for direct stadium renovations, and the remaining $500 million would go toward surrounding infrastructure that would aim to improve traffic and parking around the stadium.
The funding package would include money from the State of Illinois’ road fund to help pay for infrastructure upgrades. Sources also said the Bears could cover a portion of the cost. The franchise would owe approximately $90 million if they break their lease with the Park District, which runs until 2033.
According to Illinois Policy, the City of Chicago still owes $356 million on the 2003 Soldier Field renovations, but when considering interest and the total amount to be paid over the life of the bonds, the total cost will likely be north of $500 million.
The lever that has and will continue to pay for that debt is a 2% hotel tax, which is why the pitch centers on emphasizing Soldier Field as a year-round concert venue. Big concerts drive hotel occupancies up, which could then help generate more funds from the hotel tax to pay down the Soldier Field renovation debt.
