Debt Legacy Haunts Bears' Stadium Plans

Illinois Governor JB Pritzker has emphasized that the Chicago Bears must settle their existing debts before moving forward with plans for a new stadium. The Bears aim to construct a state-of-the-art domed stadium in Arlington Heights, pledging $2.7 billion for the project, including funds from the team and the NFL.

However, the team is seeking state legislation approval this fall to proceed with the project. The Bears are looking to secure future tax assurances through a "mega project bill," which includes a payment in lieu of taxes (PILOT) to freeze property tax breaks and negotiate an annual payment instead of the regular rate. They are also seeking public funding for infrastructure improvements on the 326-acre site in Arlington Heights.

Soldier Field, the current home of the Bears, underwent renovations in 2002-03, costing $632 million. The Illinois Sports Facility Authority still owes $534.4 million in principal and interest from that project. The Bears extended their lease at Soldier Field through 2033 but have the option to leave earlier with a three-year construction timeline for the new stadium.

Governor Pritzker, who has been against public funding for sports stadiums, is open to a public-private partnership for infrastructure improvements. While he prefers the Bears to stay in Chicago, he acknowledges the team's decision is ultimately private. Illinois Rep. Kam Buckner and other legislators see resolving the old debt as crucial for supporting the Bears' Arlington Heights project.

The Bears' plan for a new stadium in Arlington Heights has raised concerns about the future of Soldier Field, which hosts various events besides football games. Legislators are discussing the implications of the Bears potentially leaving Chicago and the financial impact of the debt they would leave behind.