Documents obtained by NBC 5 Investigates show taxpayers are on the hook for $640 million for the renovation of Soldier Field, twenty years later.
Indeed, records obtained from the ISFA show that after the initial bond issue in 2001, no payments on the principal were made until 2008, and that during those intervening years more than $51 million in interest was paid. The way the deal was designed, principal payments would not exceed interest until 2030, just two years before the loan was scheduled to be retired.“In retrospect, no one would basically have done the financing the way the Sports Facilities Authority has done it,” Msall said.
“This is likely going to have to require a very significant restructuring if the hotel/motel tax does not bounce back,” Msall said.“The building was obsolete before the concrete dried,” sports consultant Marc Ganis said. “It wasn’t a good deal for the city, and it wasn’t a good deal for the Bears.” Mayor Lori Lightfoot has suggested still further repurposing of the stadium, unveiling three new remodeling schemes – including a dome – which could cost anywhere between an estimated $900 million and $2.2 billion. In a statement to NBC 5, the mayor’s office promised that with or without the Bears, the city is prepared to move forward.
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