A "hard look" at the numbers in the package offered the
Bears by Gary, IN, "shows that the advantages touted for the $312
million Planet Park stadium/entertainment complex easily could
evaporate if the group behind the Gary project fails to connect
on any one of a series of long financial bombs," according to
CRAIN'S CHICAGO BUSINESS. If all works as Gary backers hope, the
site would send about $22M/year in revenue to the Bears, compared
with about $16.4M under Chicago Mayor Richard Daley's Solider
Field renovation. To keep that advantage, Gary backers "must
enlist the support of a number of constituencies, including":
50,000 PSL buyers; bond market investors who want to see tax
revenues pledged to support payments; and politicians who must
push through a higher income tax on Lake County, IN. A source
said the Bears "believe the revenue potential of the Gary complex
is much higher than the best deal a renovated Soldier Field could
offer. But the rosy estimates depend on the willingness of Bears
fans to trek to Gary" (Joseph Cahill, CRAIN'S CHICAGO BUSINESS,
11/20 issue).
