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Several aldermen expressed concerns that taxpayers would be
funding construction of a city-owned parking garage for the
stadium.
Alderman Daniel La Spata said, according to city estimates, the
garage would generate $3 million to $4 million in annual
revenue.
“At best, and even if you increase that by 50%, we are maybe
recouping our investment in 50 years time,” La Spata said.
La Spata said most stadiums don’t last 50 years.
Alderman Pat Dowell defended the project in her ward, saying
there would be housing and retail on top of the garage.
“That podium will bring into the city’s coffers property taxes,
sales tax revenue, so it is not just a parking garage,” Dowell
said.
Dowell said the city would also have the opportunity to gain
revenue from advertising and signage at the site.
The $750 million, privately-funded stadium is slated to open in
2028. The funding approved Wednesday is for site preparation,
streets, transit, utilities, open space connections, a Chicago
River wall and the parking garage podium.
"Field of Schemes" co-author and fieldofschemes.com operator
Neil deMause said it is becoming more common for team owners to
say they’re not using public money for stadiums.
“It's starting to sort of creep into, you know, we're building
the stadium ourselves, but of course all the stuff that allows
the stadium to exist, we're asking for taxpayer money,” deMause
told The Center Square.
The deal includes a shift of TIF funds from the neighboring
Canal-Congress district to the stadium district.
“This doesn't necessarily mean that it's more public money. It
just means that the initial pool of tax money that was going to
be used to pay for this infrastructure looks like it's falling
short,” deMause said.
deMause said there are a lot devils in the details with stadium
deals.
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