From The Center Square:
New tax plan for Chicago Bears stadium draws the ire from grassroots organization
(The Center Square) – A tax subsidy plan for a new Chicago Bears stadium complex is being criticized by an Illinois grassroots organization.
The team bought the old Arlington Racecourse property and unveiled plans for a new domed stadium and entertainment district.
According to a report, a measure would create a new type of tax subsidy called payment in lieu of taxes, or PILT.
The property tax in a PILT district would be frozen for 20 years and part of the revenue from the developments would offset costs for the developers.
PILTs differ from tax-increment financing, since the tax amount can be negotiated.
Brain Costin, Illinois deputy state director for Americans for Prosperity, said the Bears are trying to use their power to protect billionaires and big businesses and not hardworking Illinois taxpayers.
“It’s not good economics because you have government getting into the business of picking winners and losers and a lot of times they pick wrong,” said Costin to The Center Square.
“It’s bad politically, it’s bad economically, it’s just plain bad for the state of Illinois.”
Several organizations reportedly are supportive of the idea, including the Illinois Chamber of Commerce.
In an open letter, the Bears said a stadium project would create 48,000 jobs and have a $9.4 billion economic impact to the region, with the potential to attract year-round events including the Super Bowl and the college basketball Final Four.
“While the Bears will seek no public funding for direct stadium structure construction, given the broad, long-term public benefits of this project, we look forward to partnering with the various governmental bodies to secure additional funding and assistance needed to support the feasibility of the remainder of the development,” the letter said.
Costin said it is dangerous to set up a new program in which lobbyists and politicians can negotiate special property tax reductions for billionaire mega developers.
“The [payment in lieu of taxes] proposal will result in higher property taxes for the small business owners and residents who don’t have access to the special program,” said Costin.
“All businesses in Illinois should be treated equally before the law.”
Present Bears ownership should sell the team to a multi-billionaire and let her/him fund the cost of a new stadium.
Also, if it is in Arlington, then rename Bears to “Illinois Bears”.
Just like the St. Louie Cardinals were renamed to “Arizona Cardinals” when they left that town.
Also, do citizens of Arlington Heights, Palatine, Rolling Meadows and other nearby suburbs WANT the disruption of traffic and other inconveniences on game days?
Eight or nine regular games, two practice games?
Of course not likely to have playoff games for many years to come.
Is Lakewood involved as they like this kind of stuff.
What will they name the dome? Pritzker’s Toilet.
They may as well move the Stadium for the Bulls/Blackhawks out there too.
Who wants to go to that city where you take your life in your hands since lightweight has no clue how to enforce laws
Paul Serwatka killed the TIF District.
Pretty sure all these Illi-nitwits are dreaming of recreating the sports and entertainment leviathan Jerry Jones has created in Arlington, Texas.
The Chicago Bears will stink until the present owners sell the team.
The team was moved because the numbers of fans going toSoldier Field declined every year for the last 16 years.
Main reason: black crime
@Long Time May be correct, the Covid policies,
Chicago taxes, $9 for stale popcorn?
Dangerous walk. from train to lakefront, Crappy team on field, why bother?
Personally haven’t been downtown since Covid crap.
National Felon League? BLM kneelers?
Who the hell cares about bread and circuses NFL.
Jerry Jones just bought a $250M yacht, maybe he could loan Virginia some $$$.
I will LMAO if Illinois taxpayers have to pay one dime!