A report from the Chicago Sun-Times suggests the Bears' estimate of $4.7 billion to build the team's proposed new lakefront stadium doesn't tell the true story of how much Illinois taxpayers will actually be on the hook for should the project move forward.
Frank Bilecki, executive director of the Illinois Sports Facilities Authority, told the Sun-Times that Illinois taxpayers would actually end up paying $5.9 billion to help the Bears build and finance the stadium, while retiring existing debt used to renovate Soldier Field and the White Sox's Guaranteed Rate Field.
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About $1 billion has already paid to revamp Soldier Field and Guaranteed Rate Field, and the overall cost to taxpayers for the new stadium comes to about $6.9 billion, Bilecki said.
The Bears made “a thoughtful presentation on their plans for the new stadium and surrounding property along Chicago’s lakefront,” Bilecki told the Sun-Times. “This included high-level financial information. ISFA looks forward to further discussions with the Bears to gain a clear understanding of their assumptions, payment schedules, interest rates and more.”
