The Chicago Bears set a midday Wednesday to announce plans to build a new domed stadium on the lakefront.
Team officials will make the announcement at Soldier Field, which would be demolished under the proposal.
In what will be a busy week for the team, the announcement will come one day before the Bears make the No. 1 overall pick in the NFL Draft.
The team said it plans to feature a “state-of-the-art enclosed and public stadium, as well as additional green and open space with lakefront access for families and fans, on the museum campus.”
The team has committed to spending $2 billion in private money on the project. The cost of the stadium is estimated at $2.5 billion to $3 billion, plus $1 billion for roads and other associated infrastructure.
The crucial question is how the costs to taxpayers would be financed and whether city and state lawmakers would approve that. Last year, taxpayers still had to pay $631 million toward Soldier Field’s debt.
Chicago Mayor Brandon Johnson has said any deal must involve a public benefit, and Gov. JB Pritzker has said he is not inclined to spend public money on a private company.
The new site would be on what is now a parking lot just south of Soldier Field. The colonnades of the old structure would be saved. It is believed the proposal could include a hotel and improved access to and from DuSable Lake Shore Drive.
The Bears purchased the former Arlington International Racetrack in Arlington Heights for $197 million last year and are announcing plans for a $5 billion mixed-use development with a stadium, housing and entertainment. But the team returned to Chicago this year after property tax negotiations with local school districts failed.
Several other communities, including Naperville and Aurora, have also expressed interest in attracting bears.
This is a revolutionary story. Check back for updates.
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