Bears officially complete purchase of Arlington

[bbaker]

The article isn’t just dumb, it’s either intentionally misleading, or Morrissey is truly ignorant about Economics. If Arlington Heights proceeds wisely, they can partner with the Bears in creating a destination that helps the Bears make lots of money (sorry, Rick… that’s the goal of every business… and profit isn’t evil) while also providing lots of jobs for people in their community, economic opportunities for other businesses in their community (which will also create jobs), and more tax revenue for their city.

But yes, the article is super dumb. We are all dumber for having read it.

[The Cooler King]

The article isn’t just dumb, it’s either intentionally misleading, or Morrissey is truly ignorant about Economics. If Arlington Heights proceeds wisely, they can partner with the Bears in creating a destination that helps the Bears make lots of money (sorry, Rick… that’s the goal of every business… and profit isn’t evil) while also providing lots of jobs for people in their community, economic opportunities for other businesses in their community (which will also create jobs), and more tax revenue for their city.

But yes, the article is super dumb. We are all dumber for having read it.

Eh the lesson from sports stadiums has not been that.

AH is going to have a very limited revenue base to draw from (a little under $200M annual operating budget). Their only options are to raise property taxes from their ~30k households and businesses or muni bonds secured by the sales tax increases (probably not great borrowing rates right now).

State or County probably needed for serious funds and then all those jobs things aren't rwalt a benefit as they'll just draw derive and entertainment jobs from one part of county/state to another.

It's gonna be a slam dunk money maker for Bears compared to Soldier Field. They have the resources for it.

[LacertineForest]

The article isn’t just dumb, it’s either intentionally misleading, or Morrissey is truly ignorant about Economics. If Arlington Heights proceeds wisely, they can partner with the Bears in creating a destination that helps the Bears make lots of money (sorry, Rick… that’s the goal of every business… and profit isn’t evil) while also providing lots of jobs for people in their community, economic opportunities for other businesses in their community (which will also create jobs), and more tax revenue for their city.

But yes, the article is super dumb. We are all dumber for having read it.

You said it yourself - if Arlington Heights proceeds wisely. They need to be careful to protect themselves, as well. I didn't read the article, so I'm not going to comment on whether it's dumb or not, but exercising caution about something like adding a stadium for one of the biggest NFL franchises into your community is no small thing and should be carefully considered.

[bbaker]

The article isn’t just dumb, it’s either intentionally misleading, or Morrissey is truly ignorant about Economics. If Arlington Heights proceeds wisely, they can partner with the Bears in creating a destination that helps the Bears make lots of money (sorry, Rick… that’s the goal of every business… and profit isn’t evil) while also providing lots of jobs for people in their community, economic opportunities for other businesses in their community (which will also create jobs), and more tax revenue for their city.

But yes, the article is super dumb. We are all dumber for having read it.

You said it yourself - if Arlington Heights proceeds wisely. They need to be careful to protect themselves, as well. I didn't read the article, so I'm not going to comment on whether it's dumb or not, but exercising caution about something like adding a stadium for one of the biggest NFL franchises into your community is no small thing and should be carefully considered.

Well, YES. that's the point of the word "if"

[Atkins&Rebel]

The Bears wouldn't just own the stadium, they would own all the bars, restaurants, hotels, office space, gaming and tourist buildings in the "park". If they were creative enough, rent would include a % of all sales from each location. Think "Shark Tank" type deals to do business on their property if they want to lure business in. Or they could create their own brand of everything and really turn some profit.
So besides what they were getting anyway for each game, they also get the parking, the concessions, the PSL's, concerts, NFL draft, superbowl and whatever else they can squeeze out of the stadium, they would have the ability to generate year round revenue from everything else they put in there.
The Bears might not have to fund everything themselves with investment capital from businesses, but they certainly could fund everything and be making a huge profit if they keep everything Bears brand or get the right deals for anyone else to do business there.

I dont think they'll go about owning actual businesses. They'll develop the land and lease it and become AHs largest landlord to businesses who will pay a premium to get adjacent to the product at the stadium.

To fill all the planned buildings you are absolutely correct that they'll lease a good chunk of it.
But they could just as easily create several businesses such as arcades, gift shops, other tourist trap businesses and even bars or restaurants.
They could partner with chains to have Bears branding on the store...Hotels do this...
There really isn't a limit to what they can do.

[The Cooler King]

I dont think they'll go about owning actual businesses. They'll develop the land and lease it and become AHs largest landlord to businesses who will pay a premium to get adjacent to the product at the stadium.

To fill all the planned buildings you are absolutely correct that they'll lease a good chunk of it.
But they could just as easily create several businesses such as arcades, gift shops, other tourist trap businesses and even bars or restaurants.
They could partner with chains to have Bears branding on the store...Hotels do this...
There really isn't a limit to what they can do.

I think everything they own will be within the confines of the stadium and parking. If they own anything it will be small. Being in RE biz is way better for the McCaskey family goals than owning a bunch of other tertiary operating businesses.

Branding and merchandising will definitely happen too, but that will all just be licensing agreements, I presume.

[LacertineForest]

You said it yourself - if Arlington Heights proceeds wisely. They need to be careful to protect themselves, as well. I didn't read the article, so I'm not going to comment on whether it's dumb or not, but exercising caution about something like adding a stadium for one of the biggest NFL franchises into your community is no small thing and should be carefully considered.

Well, YES. that's the point of the word "if"

Agreed, but the rest of your post made it seem like the article's author was an idiot for calling out the downsides or potential pitfalls that come with a stadium.

[Grizzled]

Minnesota's 7 year old stdium, spearheded by Warren, needs $48 million in maintenance this year and an estimated $280 over the next 10 years. The team and taxpayers are on the hook for it. I don't know whatnisnthe expected maintenance on a new stadium, if this is a normal amount. The Bears will be the hook for all of it after they move.

[RustinFields]

The article isn’t just dumb, it’s either intentionally misleading, or Morrissey is truly ignorant about Economics. If Arlington Heights proceeds wisely, they can partner with the Bears in creating a destination that helps the Bears make lots of money (sorry, Rick… that’s the goal of every business… and profit isn’t evil) while also providing lots of jobs for people in their community, economic opportunities for other businesses in their community (which will also create jobs), and more tax revenue for their city.

But yes, the article is super dumb. We are all dumber for having read it.

Eh the lesson from sports stadiums has not been that.

[The Cooler King]

Eh the lesson from sports stadiums has not been that.

Theres some success stories littered in with the absolute raw deals, to be fair.

[bbaker]

Well, YES. that's the point of the word "if"

Agreed, but the rest of your post made it seem like the article's author was an idiot for calling out the downsides or potential pitfalls that come with a stadium.

You should read the article (which you stated in your post that you did not). He repeats the same thing multiple times and doesn't balance any of it with any common sense.

Of course AH could screw it up badly IF they don't handle it wisely. I never said it was automatic. Any opportunity has risk. Typically, the bigger opportunities come with bigger risk. The Bears' new stadium brings some huge opportunities. Of course it also brings huge risks.

[HisRoyalSweetness]

Lobbying firm for Arlington Heights area school districts likely to be impacted by Bears redevelopment says ‘we’re still talking’ to the team

A lobbying firm hired by a trio of school districts that tax the former Arlington International Racecourse site the Chicago Bears recently purchased has begun providing updates on the firm’s work, telling Palatine Community Consolidated School District 15 officials Wednesday night there’s nothing substantial to report — right now.

“So far, we haven’t had any conversations that have resulted in an agreement, but we’re still talking to the Bears and we’re trying to set up a more formal meeting with the Bears,” John Dunn, of the Philadelphia-based Cozen and O’Connor law firm, told board members as part of a legislative update during the meeting.

Lobbyists for the Chicago Bears and the one for a trio of school districts that pull funding from the former horse racing venue have met informally about Senate Bill 1350, a massive property tax incentive bill that could divert billions in tax dollars away from school districts to encourage the football team’s proposed redevelopment at the site.

The bill is sponsored by state Sen. Anne Gillespie, D-Arlington Heights.

Dunn told the SD15 board that he and his two colleagues, Matt Glavin and Sydney Holman, have had “informal conversations” with representatives of the team in Springfield about amending the bill.

With five weeks leftin the current legislative session, Dunn said he and his colleagues would “continue our discussions with them to see if we can make some movement on reaching an agreement.”
...

A 19-elementary school district, SD15, along with Palatine-Schaumburg High School District 211 and Township High School District 214, moved in February to hire lobbyists to represent the trio in Springfield after the megaproject SB1350 was introduced.

Additionally Wednesday, Dunn walked board members through the structure of the bill, which he characterized as being similar to a traditional tax increment financing district.

“Technically, it’s not a TIF bill, but it’s kind of the same,” he said. “I would call it a variation of TIF legislation.”

SB1350 provides a framework in which developers investing more than $500 million in a project could be entitled to up to 40 years’ worth of tax breaks. The measure would allow for the property tax level on a particular site to remain flat for 23 years, but offers an option to extend that freeze an additional 17 years if the city or village where the project is located finds that the development provides a “substantial public benefit.”

The legislation provides for a “payment in lieu of taxes,” or PILOT, that a developer would pay to the municipality — on top of the frozen property tax value, but less than what the developer would pay in an ordinary setup. Dunn told board members the issue would be the value of the payment.

SD15 Superintendent Laurie Heinz wrote to Arlington Heights Village Manager Randy Recklaus as early as May 2022 to urge the village against establishing a TIF district for the football team, saying the move would constitute a “real concern” for the school district.

“If it’s a big number that would be great for this district [and] the other two districts. And if it’s a small number, it would be great for the Bears,” he said.

For the last two months, the bill has been sitting in the Assignments Committee of the Senate while its House counterpart, HB 3565, is in the legislative limbo of the Rules Committee. Mark Walker, D-Arlington Heights, is sponsoring the House Bill.

As part of the legislation, the municipality would be required to distribute the PILOT in the same proportions ordinary property taxes are distributed to taxing bodies like school, library and mosquito abatement districts.
...

SD15 Superintendent Laurie Heinz wrote to Arlington Heights Village Manager Randy Recklaus as early as May 2022 to urge the village against establishing a TIF district for the football team, saying the move would constitute a “real concern” for the school district.
...

Full article: https://sports.yahoo.com/lobbying-firm- ... _eeaVjU9aN

[UOK]

[Middleguard]

Assessor just bumped their assessment by 6X.

[The Marshall Plan]

LET'S GO BABY! Get out of that shit hole Chicago and come out to the 'burbs and let's have some fun.

I cannot wait to attend the first game there.

[IotaNet]

If the Bears get this right, they can become one of the leading-edge franchises in the NFL.

I think back to how Oriole Park at Camden Yards ushered in a whole new way of thinking about what MLB stadia could/should be. The Bears have the same opportunity with football.

The whole mixed-use land utilization with residential, retail, gambling, etc. in ADDITION to the sports venue is the way of the future. It will be nice to see The Beloved leading the way.

[Arkansasbear]

https://bearswire.usatoday.com/2023/05/ ... paperwork/

[The Marshall Plan]

If the Bears get this right, they can become one of the leading-edge franchises in the NFL.

I think back to how Oriole Park at Camden Yards ushered in a whole new way of thinking about what MLB stadia could/should be. The Bears have the same opportunity with football.

The whole mixed-use land utilization with residential, retail, gambling, etc. in ADDITION to the sports venue is the way of the future. It will be nice to see The Beloved leading the way.

If done right it’s going to permanently change how Chicago is viewed for major events.

The list is endless:
Super Bowl
NCAA Tournament
Concerts / Festivals
UFC or Boxing matches
Improved contention for Olympics and World Cups

It’s going to be awesome.

[wulfy]

I will admit the tearing down of the racetrack brings mixed emotions .... I've had some really fun days there with family (my dad used to like to go on his birthday) and co-workers (about 15 minutes from our offices). Pretty sure I did not run at a net positive cash flow there, but on a sunny day in July, it was a fun place to be.

[Moriarty]

I will admit the tearing down of the racetrack brings mixed emotions .... I've had some really fun days there with family (my dad used to like to go on his birthday) and co-workers (about 15 minutes from our offices). Pretty sure I did not run at a net positive cash flow there, but on a sunny day in July, it was a fun place to be.

Yep.
Won't be able to bring my daughter there. She would have like the horses, I'm sure.


Yeah, I can maybe take her to a Bears game. For $300, bad seats, and a packed crowd.

[Moriarty]

Assessor just bumped their assessment by 6X.

Good.
Better the money comes from the McCaskeys than from us.

[The Cooler King]

If the Bears get this right, they can become one of the leading-edge franchises in the NFL.

I think back to how Oriole Park at Camden Yards ushered in a whole new way of thinking about what MLB stadia could/should be. The Bears have the same opportunity with football.

The whole mixed-use land utilization with residential, retail, gambling, etc. in ADDITION to the sports venue is the way of the future. It will be nice to see The Beloved leading the way.

If done right it’s going to permanently change how Chicago is viewed for major events.

The list is endless:
Super Bowl
NCAA Tournament
Concerts / Festivals
UFC or Boxing matches
Improved contention for Olympics and World Cups

It’s going to be awesome.

If they really want World Cups or other Fifa events they better figure out a permanent natural grass turf playing surface!

[Grizzled]

The team is still looking for property tax certainty. They also want someone else to pay for the infrastructure for the shops, restaurants, etc. surrounding the stadium. They said they will not seek any public funding for the stadium. The newest stadium, for the Titans, will have dedicated hotel/motel taxes to pay off bonds.

[The Marshall Plan]

If done right it’s going to permanently change how Chicago is viewed for major events.

The list is endless:
Super Bowl
NCAA Tournament
Concerts / Festivals
UFC or Boxing matches
Improved contention for Olympics and World Cups

It’s going to be awesome.

If they really want World Cups or other Fifa events they better figure out a permanent natural grass turf playing surface!

Bermuda grass or retractable fields.

[The Cooler King]

If they really want World Cups or other Fifa events they better figure out a permanent natural grass turf playing surface!

Bermuda grass or retractable fields.

This is the way

[Arkansasbear]

[[/img]

Bermuda grass or retractable fields.

This is the way

[Grizzled]

Anatomy of the deal for the new Bills stadium, which is breaking ground:

https://chicago.suntimes.com/2023/5/4/2 ... ew-stadium

Financing will be from a combination of the NFL's loan program, public funding, and Bills' ownership. The stadium is supposed to be ready for the 2026 season.

[The Cooler King]

1.54B! And that's just an open air stadium.

[IotaNet]

The team is still looking for property tax certainty. They also want someone else to pay for the infrastructure for the shops, restaurants, etc. surrounding the stadium. They said they will not seek any public funding for the stadium. The newest stadium, for the Titans, will have dedicated hotel/motel taxes to pay off bonds.

This is Illinois -- it's just a matter of the right palms being greased.

The dollars are too big for this to proceed until everyone gets their turn at the feeding trough ... it will all happen in time.

THIS is the way.

[docc]

1.54B! And that's just an open air stadium.

The down..until the vig...