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PSL'S COULD HELP FUND MCDOME IN CHICAGO
Published August 23, 1995
"Bears fans would pay up to $7,000 apiece for the right to buy tickets to games played at a domed stadium near McCormick Place" under developer Richard Stein's plan --but that still leaves a $50-$80M "funding gap," according to the CHICAGO SUN- TIMES. The plan reportedly assumes the $340M stadium will be partly financed by PSLs. The one-time PSL fee would range from $1,500-7,000, with the average around $3,500. The new stadium would also include 171 skyboxes leased for an average of $85,000 per year. Sources said Stein "is so convinced that the PSL concept will fly in Chicago," he offered to purchase them all himself in exchange for the right to turn around and sell them for market price. Bears President Michael McCaskey is "unlikely to take him up on the offer." Mayor Richard Daley "is so skeptical" about Stein's assumptions, he has asked for an independent review of Stein's revenue and cost estimates (Fran Spielman, CHICAGO SUN-TIMES, 8/23).