CHICAGO, Ill. – The City of Chicago has reportedly rejected an idea the Chicago Bears and Chicago White Sox proposed for joint stadium funding, according to a report.
Both the Sox and Bears are looking to the Illinois Sports Facilities Authority to help fund their new stadiums, Crain’s Chicago Business reported Friday morning.
According to Crain’s, the ISFA has current debt, which is backed by a 2 percent tax on hotel stays in Chicago. That tax is meant to provide the ISFA with enough to make its current debt payments.
The idea to bring extra tax revenue to the overall sum, which would be divided between the teams, was rejected by Chicago, Crain’s reported. The idea proposed to Chicago was to set aside a portion of revenue the city would make from its amusement tax stemming from ticket sales at the stadiums.
Crain’s reported the White Sox advocated for the idea.
Crain’s also reported that Chicago Mayor Brandon Johnson’s administration is holding discussions with the Bears and White Sox this week. Both teams are trying to arrange a financial deal that would let both teams build new stadiums in Chicago.
“On April 8, the parties discussed adding revenue from the city’s amusement tax on ticket sales at the teams’ existing and potential new stadiums to the complicated mix of public financing they argue is needed to pay off the current debt that built the teams’ current homes and build new ones, according to sources familiar with the negotiations,” Crain’s Chicago reported.
This report comes in the same week when the Bears tried to get some money back from Arlington Heights.
The Bears are appealing its property tax bill in Arlington Heights, seeking a refund of 2023 taxes of $7.2 million for the site where the Bears proposed building a new stadium.
Last month, the Bears announced they would invest over $2 billion in a new lakefront stadium instead of the proposed Arlington Heights location. The franchise cited a rise in development costs and having improved relations with city leaders.
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