(ConservativeHub.com) – Some financial experts along with Gov. J.B. Pritzker, D-Ill., have indicated that they are uncertain about the proposal that would use taxpayer money to pay for the new stadium of the Chicago Bears.
The skepticism reportedly relates to the NFL’s plan to build a new stadium while also improving the lakefront. The NFL wants to spend $4.6 billion on the project, with a significant portion of the project being paid off by the state’s taxpayers.
The stadium would reportedly cost around $3.2 billion, while $1.4 billion would be used for infrastructure improvements.
For the construction of the project, the Chicago Bears plan to pledge $2.3 billion, which would include the NFL funds. However, the remaining $2.3 billion, according to this plan, would need to be provided through public financing. The plan also involves refinancing outstanding debt for the previous publicly financed stadium projects for the White Sox and the Bears.
The state’s existing debt and the cost of this new project have led to the governor, lawmakers, and financial experts expressing doubt that this is the best way of spending their funds, with some arguing that there are other funding priorities that they should focus on.
The governor stated during a press conference that it was important that they consider the priorities for the state, and that he was unsure that a new stadium was a high priority for the taxpayers.
State Senate President Don Harmon (D) agreed with Pritzker’s assessment, arguing that while the over $2 billion in private funding is a good start, the remaining amount that would need to be covered with public funds is still significant.
Other reports have suggested that thanks to existing debt and future costs to build the stadium, the project could come to an overall cost of nearly $6 billion for taxpayers, despite estimates from the Bears.
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