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Sources: Chicago Mayor To Announce Plans For $300M DePaul Basketball Arena

Chicago Mayor Rahm Emanuel this week is "expected to announce" plans for a $300M, 12,000-seat arena for DePaul Univ. at McCormick Place -- a proposal that will "call for millions in taxpayer dollars," according to sources cited by Korecki, Spielman & Sneed of the CHICAGO SUN-TIMES. Sources said that the "tentative plan is for a 'shared burden' of resources, to be divvied up among DePaul University, private sponsorship, taxpayer money that is in a McPier Bond fund, and possibly city tax-increment financing money." Sources also said that the city would "attempt to sell the proposal as not just a basketball arena for DePaul but as a place to attract mid-size convention shows that are too small for McCormick Place and too large for Navy Pier." Illinois Gov. Pat Quinn is "ruling out any direct infusion of money from the state budget." DePaul earlier this year "turned down a 10-year, rent-free offer to move" the school's basketball games to United Center in "favor of pursuing Emanuel’s plan to build a new basketball arena" (CHICAGO SUN-TIMES, 5/14). Comcast SportsNet Chicago's David Kaplan said, "What caught my eye in the tentative plan is for DePaul to commit $100M to the project, the state will put up another $100M of taxpayer dollars and a naming-rights sponsor will pick up the rest of the cost." Yahoo Sports' Jason Goch said, "It's uncalled for for the state to kick in money; this is a bankrupt state. They should not be paying for any type of arena." WGN Radio's Jordan Bernfield said, "If I'm (Cubs Chair) Tom Ricketts and I'm reading this ... I'd be furious honestly because I just feel like how can you do this for DePaul?" ("Sports Talk Live," CSN Chicago, 5/13).

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