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BEARS MAKE IT OFFICIAL -- THEY WANT OUT OF THEIR DEN
Published April 13, 1995
Bears President Michael McCaskey announced the team's latest proposal to move from Soldier Field. The plan calls for a $285M, 74,000-seat stadium financed primarily by public funds to be located at one of three sites -- two in the suburbs and one in the city. The Chicago site is at the "western-most portion" of O'Hare Airport. Chicago Mayor Richard Daley, who earlier this week expressed doubt that the Bears were going to move, "reacted calmly" noting that negotiations are "just beginning" over the Bears' Soldier Field lease, which expires in '99. According to McCaskey, the Bears will seek legislation to issue bonds to cover $185M of the cost. The other $100M would be "raised by the team," from a variety of sources including rent, advertising rights, parking, concessions, and PSLs. However, McCaskey acknowledged that the $285M "would not include the funds" needed to cover land or infrastructure (Reardon & Pierson, CHICAGO TRIBUNE, 4/13).