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The White Sox continue to project beautiful images around town of their proposed new, taxpayer-funded stadium, while also making vague promises about the community benefits the stadium is supposed to bring. , it’s good to see Gov. JB Pritzker expressing some skepticism, at least initially. Beyond planning.
“The information we have so far is still very limited,” Pritzker said earlier this week. “It hasn’t been shown to us yet how the taxpayers will benefit from this. That’s exactly what’s needed. And of course the photos we’ve seen, the ones in the newspapers… I think all the pictures are great. But again, in my opinion of Springfield, that alone isn’t enough to make it a priority.”
With all the underlying issues that both Chicago and Illinois need to fund and help solve, Sox owner Jerry Reinsdorf has stepped to the forefront and decided on the next direction. There is a long way to go, a really long way to make a convincing case for where we should go. He called on the public to help him build a $1.2 billion stadium on the site of The 78.
So while Mr. Reinsdorf is making the rounds in public service, we have Mr. Pritzker telling billionaire sports franchise owners that Illinois has bigger fish to fry than figuring out how to pay for a ballpark. , and agree with the reminder that stadium funding is not just for the sake of it. I’m taking it.
“I’m very reluctant at first…unless there’s a case to be made that the investment has a long-term benefit to taxpayers and can be justified in some way,” Pritzker said. “I haven’t seen it yet.”
To be sure, funding for the stadium would not be taken directly from the national treasury, if at all. Sox & Related Midwest, which owns the land for the 78 development, wants the Illinois Sports Facilities Authority to sell bonds to raise money for the stadium.
But the bond would be backed by a tax increment financing district around Route 78 that would pay for infrastructure improvements. Existing statewide his 2% ISFA hotel tax. And the new special district will help pay off the bond debt with $400 million in city and state sales taxes expected to be generated by the improved site.
ISFA is currently issuing bonds that will be used to fund renovations to Soldier Field in 2003 and improvements to Guaranteed Rate Field, the Sox’s current home, which are currently repaid in 2034. It is planned. These bonds would be extended for an additional 30 years.
But the $400 million to support the White Sox (a franchise worth $2 billion) will help maintain and improve public schools, strengthen public transportation, fund hunger programs, support arts initiatives, and more. could be put to better use, such as filling the hole at DuSable Lake Shore Drive.
Reinsdorf, White Sox officials and Midwest officials have not met with Pritzker about the stadium. But state legislative leaders were presented with the proposal last week.
“For example, the idea of using tax dollars to subsidize the construction of a stadium instead of subsidizing the construction of a birthing center doesn’t make me think that the stadium should be a higher priority,” Pritzker said. Ta. .
Meanwhile, we couldn’t help but contrast Pritzker’s statements about stadiums with those of Mayor Brandon Johnson.
The mayor said earlier this month that he was willing to help subsidize the stadium. And last month, Johnson discussed the proposed stadium and “appreciated what they’re considering and that’s what a new stadium should be and could be. There are community benefits to the stadium.” “There is,” he said.
I can see that the mayor is remaining flexible about his options. But neither the mayor nor Sox have yet outlined what those community benefits will be. If the Sox pull out, will he redevelop the sea of parking lots around Guaranteed Rate Field? If the property is redeveloped, will there be better public access to the Chicago River along Route 78?
More than a month has passed since Fran Spielman, Tim Novak and David Roeder of the Sun-Times first reported news of the stadium plans.
And the public has yet to hear details from any of the parties about what they will get for that money, other than the upscale neighborhood and new baseball stadium that will be built anyway. Information like this is very important, especially considering the opinions of experts who have studied these things. The new stadium would not bring any economic benefit to the community as sports teams claim.
With that in mind, Pritzker’s comments serve as a reminder of the true price the public may be asked to pay.
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