Democratic leaders in the Illinois General Assembly have met with Related Midwest, the developers in talks with the White Sox to build a new stadium on vacant South Loop land known as The 78.
It’s the next step in a process that is looking very different than the path the Chicago Bears have taken in their quest to get support for a property tax freeze to support an Arlington Heights stadium.
The Sun-Times on Jan. 17 first reported the Sox are in “serious negotiations” with Related Midwest , which owns the 62-acre site at Roosevelt and Clark — one of the city’s largest undeveloped tracts.
Related Midwest met with Illinois House Speaker Emanuel “Chris” Welch, D-Hillside, on Jan. 24, while Illinois Senate President Don Harmon, D-Oak Park, held meetings with the developers on Jan. 25, according to both offices.
Developers did not ask for state money, but instead said they want the Illinois Sports Facilities Authority (ISFA) to be granted authority to “rearrange existing bonds.” They were also aware of Gov. J.B. Pritzker’s disdain for using taxpayer funds for sports stadiums — which is viewed as politically unpopular despite its prevalence in other cities.
Pritzker had not been briefed by Related Midwest, or the White Sox, as of Wednesday, according to the governor’s office.
According to someone close to the talks, there have been no discussions about creating new revenue or tax increases to help fund the new stadium. The goal is to work creatively within the current system.
Sources familiar with the plan say the development would include residences, offices, a hotel and dozens of restaurants and bars.
Last week Mayor Brandon Johnson said he had a “very positive” conversation with White Sox Chairman Jerry Reinsdorf about the plan. He called the multi-billion-dollar development the new ballpark would anchor “the way new stadiums should and could look.”
State legislators left the spring session last year without any action on a Bears bid for “property tax certainty” for the Arlington Park project to move forward. A new stadium is estimated to cost at least $2.5 billion. The Bears and three northwest suburban school districts are also still far apart — $100 million to be exact — on their valuation of the former Arlington International Racecourse.
chicago.suntimes.com
It’s the next step in a process that is looking very different than the path the Chicago Bears have taken in their quest to get support for a property tax freeze to support an Arlington Heights stadium.
The Sun-Times on Jan. 17 first reported the Sox are in “serious negotiations” with Related Midwest , which owns the 62-acre site at Roosevelt and Clark — one of the city’s largest undeveloped tracts.
Related Midwest met with Illinois House Speaker Emanuel “Chris” Welch, D-Hillside, on Jan. 24, while Illinois Senate President Don Harmon, D-Oak Park, held meetings with the developers on Jan. 25, according to both offices.
Developers did not ask for state money, but instead said they want the Illinois Sports Facilities Authority (ISFA) to be granted authority to “rearrange existing bonds.” They were also aware of Gov. J.B. Pritzker’s disdain for using taxpayer funds for sports stadiums — which is viewed as politically unpopular despite its prevalence in other cities.
Pritzker had not been briefed by Related Midwest, or the White Sox, as of Wednesday, according to the governor’s office.
According to someone close to the talks, there have been no discussions about creating new revenue or tax increases to help fund the new stadium. The goal is to work creatively within the current system.
Sources familiar with the plan say the development would include residences, offices, a hotel and dozens of restaurants and bars.
Last week Mayor Brandon Johnson said he had a “very positive” conversation with White Sox Chairman Jerry Reinsdorf about the plan. He called the multi-billion-dollar development the new ballpark would anchor “the way new stadiums should and could look.”
State legislators left the spring session last year without any action on a Bears bid for “property tax certainty” for the Arlington Park project to move forward. A new stadium is estimated to cost at least $2.5 billion. The Bears and three northwest suburban school districts are also still far apart — $100 million to be exact — on their valuation of the former Arlington International Racecourse.
Developers eyeing new White Sox stadium at The 78 meet with state Democratic leaders
Developers did not ask for state money, but instead said they want the Illinois Sports Facilities Authority to rearrange existing bonds. They were also aware of Gov. J.B. Pritzker’s disdain for using taxpayer funds for sports stadiums — which is viewed as politically unpopular despite its…
chicago.suntimes.com
