Lori Lightfoot is the Bears Biggest Obstacle
The Bears recently put in a bid for the Arlington Park racecourse property in Arlington, Illinois. A clear sign that the Bear's time at Soldier Field is winding down, with the McCaskey's set on leaving how probable is it for the Bears to move to a new stadium?
Well if Mayor Smeagol has anything to say about it, things won't be so easy. The Bears have been fighting the Chicago Parks District over renovations for some time now and it seems their patience is running out.
With the closing date looming, the Bears are about to own 326 acres of land. Lori Lightfoot, A.K.A Franklin the Turtle has failed at mediation between the city and the owners and the only card she has left is to withhold funding.
Most NFL owners can't afford the average 2-5 billion dollars it takes to construct a new stadium on their own. They rely on state funding to cover up to 60% of a new stadium. This would leave the city on the hook for upwards of 1.114 billion, with the architects from Allegiant Stadium predicting a 1.9 billion dollar price tag.
«Mayor Lori lightfoot, however, has factored in her favor for keeping the bears. As you read details of stadium subsidies, you get repeated references to bond issues and taxes on retail sales, hotel stays and car rentals, all ready-made Chicago revenue sources Arlington Heights cannot match. The city has better odds of drafting a package for the bears that doesn't require state money.»
The Bears now will likely look to private investors to raise the capital they need. Perhaps selling off parcels of land to businesses that would want to be next to the new stadium.
Any way it goes there are still significant hurdles to pass before any progress is made. I don't know how I feel about a potential move, I will say a name change should be entirely out of the question.
