SPRINGFIELD (WBBM NEWSRADIO) - White Sox Chairman Jerry Reinsdorf will be in Springfield today for meetings about financing for that possible new Sox stadium.
Multiple sources confirm that Reinsdorf will sit down with legislative leaders, including Illinois House Speaker Chris Welch, to discuss financing the construction of a new stadium in the South Loop, with roughly $1 billion in public funding.
The team renderings show plans to build a six acre sports complex on the property known as "The 78" near Clark and Roosevelt.
The lease at Guaranteed Rate Field expires after the 2029 season.
Friday, Crain’s Chicago Business reported the 87-year-old chairman is "bullish" about winning support from the state. He and Related Midwest president Curt Bailey, whose company would lead the development of this stadium project, are preparing to pitch how this plan would bring in billions in private investment. That would include housing, bars, restaurants and parking.
Reinsdorf's plan is seeking to extend the 2% hotel occupancy tax for decades more. It would be the continuation of an existing tax formed with the Illinois Sports Facilities Authority, extending this tax beyond when outstanding bonds are meant to be paid in 2034.
The White Sox could prevent the Bears from receiving ISFA funding for their own stadium plans along the city's lakefront, according to the report, which said the two teams are essentially competing with each other for the potential of state funding.
Reinsdorf and Pritzker have not yet met about the proposal, though Pritzker is seeking a full plan before those conversations begin, according to the report. The ISFA would also want a plan for Guaranteed Rate Field if the White Sox were to receive funding to leave their current ballpark.
670 The SCORE contributed to this report.
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