Chicago taxpayers could be on the hook for a $29 million shortfall in hotel tax revenue needed to retire Soldier Field renovation bonds, thanks to the pandemic's lingering impact on hotels.
For the second straight year, the Illinois Sports Facilities Authority doesn't have enough money to repay over $400 million in outstanding debt. Most of the debt is tied to renovations of Soldier Field that were completed long before the Bears agreed to purchase the shuttered site of Arlington International Racecourse, where they now might be planning to build a new stadium.
The Sun Times reports a reason for the shortfall is occupancy and room rates in Chicago hotels. They haven't come close to rebounding to pre-pandemic levels.