The issue is that the team wants clarity in state law regarding their future property tax liability if they build in IL.
They’re afraid they’re going to get gouged, and you can’t move the stadium after you build it.
“They’re afraid they’re going to get gouged”
In chicango? NEVER! 😂
The state of Illinois wanted to gouge the Bears in property taxes to the tune of $200 MM annually. The Bears did some research and of all the NFL stadiums the newest one SoFi in Los Angles pay $8.8 MM annually. Illinois thought they could charge 20 X’s that to the Bears. The Cubs (Ricketts Family) pay $3.9 MM annually for property taxes on Wrigley Field. The Cubs also pay around $14.1 MM for all the other properties they own that surround Wrigley Field. The White Sox pay 0. The stadium is owned by by the Illinois Sports Facilities Authority a public entity making it exempt from property taxes. The team pays about $2 MM a year in rent. The Bulls and Blackhawks pay about $10.8 MM annually, they split that.