SPRINGFIELD, Illinois – The Chicago White Sox and chairman Jerry Reinsdorf are seeking $1 billion in public funding for a new stadium at “The 78,” a development project in the city. In a joint statement, the team expressed excitement about the potential economic impact of the proposed stadium and said they respected the legislative process. In addition to the White Sox, a real estate firm, Related Midwest, also shared their vision for the development project and emphasized the potential job creation and economic impact.
According to a report from Crain’s Chicago Business, Reinsdorf is confident in his financial plan to secure state approval for the new stadium and believes that the subsidies for the stadium will generate private investment and not require new or increased taxes. The plan aims to use a portion of the hotel occupancy fee to pay for the stadium and a previously renovated football stadium, with the goal of extending the bonds by 30 years to cover starting capital for the new stadium.
The report also mentioned the Bears’ interest in seeking assistance from the Illinois Sports Facilities Authority (ISFA) for their own stadium plans, but there had been no joint plan between the White Sox and the Bears at that point. The plan is structured to use private investments from housing, restaurants, and a parking garage to create funding back to the state.
The proposed stadium is a significant component of the larger development project at “The 78,” and it is seen as a key part of a transformative investment for the city of Chicago. However, the plan still needs state approval, which may be a challenging hurdle given previous skepticism from Illinois Gov. J.B. Pritzker about using public funding for stadiums.
Pritzker has expressed caution about the use of public funding for stadiums, citing the need to be careful with public money and the potential lack of positive dividends for the city or state. Nevertheless, if the plan is approved, it could mark a significant turning point in Chicago’s history.