(WBBM NEWSRADIO) — A deeper dive into the Chicago Bears lakefront stadium proposal has revealed that the price tag for the public would be significantly higher than it may seem at first glance.
The Bears requested $900 million in public funding to help build their proposed $3.2 billion stadium and additionally asked for $325 million from the public to cover the cost of infrastructure improvements on the site. According to Crain's Chicago Business, though, the total cost for taxpayers will actually be closer to $5 billion over 40 years, largely due to interest payments.
"Anybody who's bought a home or taken out a loan understands that the total cost is usually bigger than the upfront cash that they get," Crain's reporter Justin Laurence said on the WBBM Noon Business Hour.
Taking the interest into account, Laurence said, more clearly shows "a truer number of what's at stake for taxpayers as state lawmakers and Gov. [J.B.] Pritzker consider this deal."
Team officials are expected to meet with the governor and other state leaders on Wednesday. Despite enthusiasm from Chicago Mayor Brandon Johnson, Pritzker has signaled a reluctance to commit public funds to stadiums for both the Bears and the Chicago White Sox.
Laurence said Pritzker's position will ultimately be more important, given that a bulk of the public funding would require approval in Springfield.
"The Bears are pushing for this to be done by the end of May, which is when the current session of the General Assembly ends," he said. "It appears, at this time, that they're the only ones that think that timeline is realistic, but we've seen stranger things happen out of Springfield."
It's expected that state leaders will continue to push for more private investment than what's already been committed.
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