Chicago Bears’ stadium bid unlikely to fly with unprecedented public subsidies like Buffalo Bills, Tennessee Titans received
This is how it is to be paid: The Titans, NFL and personal seat license sales are to raise $840 million; the state will issue $500 million in bonds; $760 million will be funded by debt issued through the Metro Sports Authority, repaid by a 1% hotel-motel tax increase, sales taxes in the stadium, and half of sales taxes in the district to be built around the stadium.The Tennessee Titans will get $1.26 billion in public funding for a $2.
Now, the state is paying off $377 million in bonds 23 years early, saving $226 million in interest. Most of that will be paid for from a fund generated by electronic pull tabs, a form of gambling on tablets at bars that became popular after the state legalized them as part of the deal. More recently, three NFL teams moved to larger markets — the Los Angeles Chargers, the Los Angeles Rams and the Las Vegas Raiders. The Raiders got $750 million in public funding for the $2 billion Allegiant Stadium in Vegas.
One proposal would create a payment in lieu of taxes, or PILOT, program, which would allow the team to negotiate its future property taxes with the school districts and other public bodies involved. But a bill to that effect stalled in Springfield, as negotiations between the team and schools hit an impasse. Municipalities like Arlington Heights still could create a special tax district that would help fund the Bears’ plan.
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