1.5 Billion is serious money. Isn’t Chicago broke? Even if they sell naming rights, how the heck.can they recoup such a big expenditure?
And what about the elephant in the room, the issues of crime in the city scaring fans away?
Lightfoot or the next mayor will simply ask Pritzger for the money, and WALA!
Our taxes in Illinois will be raised. That’s how Daley would’ve done it years ago when he wanted the Olympics here.
Do Stadiums Increase Local Tax Revenues?
Stadium supporters often contend that a stadium will increase spending and property values, filling municipal coffers with added sales and property taxes that more than cover the cost of any subsidies. Unfortunately, I am not aware of any stadium that has produced a positive return on investment to its host municipality.
But This One Will Be Different!
In general, it is best to be skeptical of commissioned reports that forecast large economic returns, because such benefits should be evident in existing studies. Instead, they are rarely found. For policymakers, journalists, and interested citizens who wish to evaluate such claims, I recommend using a set of researcher-developed questions to rate the credibility of commissioned studies.
The Bottom Line
University of Chicago economist Allen Sanderson once said that “if you want to inject money into the local economy, it would be better to drop it from a helicopter than invest it in a new ballpark.” It’s a good line – and one to remember the next time your city, municipality, or state is asked to help pay for a sports stadium.
https://globalsportmatters.com/business/2022/06/15/so-your-city-wants-sports-stadium/