Now the stadium game begins.
The ownership group of Major League Soccer’s Chicago Fire franchise is beginning the process of taking its plan to the Chicago streets. The Fire’s ownership group claims it will foot the bill to build a 22,000-seat facility at “the 78”, a parcel of land in the city. Sports owners never pick up the bill entirely for a stadium. A municipality generally pays for infrastructure around the stadium. Then there is a matter of financing such as does the municipality give the developer a break on the property tax bill or does the developer give a municipality a payment in lieu of taxpayers. Or will a gadget be used that would kick back all the sales tax generated within a stadium or in the Fire’s ownership case, a stadium-village, to help pay down the project’s debt. The plan is to surround the stadium with dining and shopping, local artwork, outdoor gathering space, affordable housing, and a half-mile riverwalk. The estimated cost of the stadium is $650 million but that price could go up significantly with a steel tariff of 50 percent
Joe Mansueto, the owner and Chairman of the Chicago Fire Football Club, hit all the right notes that a sports owner plays leading the band to get a stadium-village. “But this project is more than just a stadium. It’s a space for fans of all ages, backgrounds and neighborhoods to come together and celebrate the beautiful game right in the heart of our city. It’s about investing in Chicago, not just on match days, but every day as a committed community partner. This new home for the Chicago Fire Football Club will anchor the city’s future 78th neighborhood and serve as a catalyst for job creation, economic development and vibrant community life.” There will be public money going into the Fire ownership’s planned project.
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