CHICAGO (WBBM NEWSRADIO) — The Bears met with the head of the Illinois Sports Facilities Authority earlier this week as the team looks to get help paying for a new stadium on the lakefront.
The meeting with authority CEO Frank Bilecki was described by Crain’s Chicago Business as a “high-level” discussion about the team’s looming request that the agency issue tax-exempt bonds to help pay for the project. The cost would be more than $3 billion, with the Bears having publicly stated they're willing to commit $2 billion.
The Authority is still paying off hundreds of millions in debt from the 2003 renovation of Soldier Field.
The Bears and White Sox were both expected to look to the agency for assistance with new developments.
"The impression is that both teams are working to try and get something done and get shovels in the ground as soon as possible,” Bilecki said.
The Illinois General Assembly and the governor would have to sign off on issuing new bonds.