The Hammond Indiana Bears? 😅
- Thread starter HBK4life_rivals100467
- Start date
If this happens it will be SUCH a win for Indiana and such a giant huge stain for Chicago.
It's bad enough to leave the city but the state? That's bad.
No kidding. I am guessing Indiana set them up with an amazing deal.
I don't think so but the fact that it is getting so close is embarrassing.
Imagine being known as the guy that basically chased off one of the most well known sports teams in America...
Maybe some but it is more about the business...
A home game in Lincoln brings in 3-6 million to the local economy. I would imagine it is similar for a home game for the Bears.
Lmfao. Democrats and their mental retardation is astonishing.
If the Bears are leaving Chicago either way, I'm not sure why anyone cares. If I owned a hotel or restaurant or sports bar in downtown Chicago, I would be more pissed about the Bears moving to Arlington Heights or Naperville than to Hammond.
This is true. As we saw with the CWS moving across town, it killed those bars and the move was not even that far.
Bears fans on reddit are pissed, and they seem to be placing most of the blame on the greedy owners and Kevin Warren (yes that Kevin Warren). What a mess, the fans come in last once again.
So people come to the games and spend lots of money around and in the stadium and the city/state gets more taxes. But didn’t they have to give the team huge tax breaks to build and stay there?
"Indiana would issue a bond for the construction of the stadium, to be repaid through the city of Hammond’s admissions tax and a Professional Sports Development Area (PSDA) specialized tax district, Huston said.
The state used a similar approach to finance the Lucas Oil Stadium for the Indianapolis Colts. The state appropriates within its budget to ensure bond holders know the state has the money, but the state hasn’t had to use that money because the admissions tax and tax district have funded the bond, Huston said.
To further support infrastructure costs, Huston said the state will renegotiate its lease with the Indiana Toll Road. The state has also asked Lake and Porter counties to adopt a 1% food and beverage tax and for Lake County to pass a 5% innkeepers tax, Huston said."
It sounds like they are making a profit on the Colts or at least not having to use the rainy day fund, the taxes alone are enough to pay it.
It's probably a win for Indiana but if the Bears are determined to move, I'm not sure there's much Illinois can really do about it. It's not like there's ultra-cheap land on the Illinois side like there is in Hammond or Gary. There's plenty to criticize Illinois politicians for, but they can't just confiscate land in Arlington Heights and build the Bears a new football village.
A Bears-commissioned economic impact report projects the combined stadium and mixed-use development would generate around $1.3 billion in annual statewide economic impact once complete — including spending on jobs, tourism, retail and events.
This report also suggests that the total fiscal revenue effect (tax revenue to city/county/state) could reach around $64 million per year in additional tax receipts. Other figures from related studies report net annual statewide economic impact of about $220 million, and new tax revenue generation of roughly $15 million annually for local taxing bodies under some scenarios.
Chicago and Illinois lawmakers are jokes if these estimates are accurate. Of course any study like this is often inflated to a degree because local entertainment dollars aren't necessarily new dollars but transferred from one area of business to another. But on the flip side new dollars spent are always there when something new and exciting is built up. Long term who knows.
Yeah cities like LA or New York would never let that happen
I don't understand a lot of what they are asking for or being offered because I don't really care about them LOL
But this is a high level view from what I have found: The Bears have been pushing for legislation that would allow them or a developer building a new stadium to freeze the amount they would pay in property taxes and lock in a property tax assessment for up to 40 years rather than pay much higher taxes if assessed at full commercial value once complete. Commercial property tax rates in Illinois are relatively high, and a new stadium/mixed-use district would face much higher annual property taxes once fully developed.
They have also asked for exemptions on sales tax for construction which reduces the building costs and is common in large development projects. They also want public funding for infrastructure improvements tied to a new stadium: which we have seen around these parts in order to get these types of facilities built or at least considered.
So the economic boost is certainly tempered by what is 'lost' or 'given away' to keep them there and to build. Indiana must have really worked a honey of a deal rather quickly. Almost feels like they just want to snipe them away to be dicks. HA
He doesn't care. His fortune from the hotel chain is more than the McKaskey's.
No!!! The money is in the broadcast and licensing. It is not in parking, concessions, etc.
This has to be racism. By tomorrow at 5pm MSDNC, The View and the Dem leaders will explain how and why it’s racist.
If what you posted is accurate, I don't know how you reach that conclusion. There weren't even asking for a stadium, just low taxes?