MCDOME TALKS HEAT UP AFTER BEARS BREAK OFF TALKS WITH CITY
With the Bears rejecting the city of Chicago's plan to
renovate Soldier Field, advocates of a domed stadium are
"redoubling their efforts to finance" a $389M project by using
"revenue sources tied to existing bonds," according to Borden &
Strahler of CRAIN'S CHICAGO BUSINESS. The break in negotiations
by the Bears "is seen as clearing the decks for Gov. Jim Edgar to
revive his plan for a multipurpose stadium." Another plan being
pushed is a 72,000-seat proposal developer Stein & Co. contends
"could be supported with $205 million in McPier bond revenues."
The appeal is that "new bonds could be floated without a tax
increase by using unanticipated surplus funds generated by an
existing McPier-related tax." The remaining balance could come
from skybox and PSL sales and $80M in debt service by stadium
operations. Sources "don't expect" Mayor Richard Daley to "jump
on the McDome bandwagon, but believe he won't stand in the way"
of talks (CRAIN'S CHICAGO BUSINESS, 12/18 issue).
END AROUND? The TRIBUNE's "Inc." column reports talk Bears
President Michael McCaskey "has been putting in regular calls" to
Mayor Mike O'Malley of Hoffman Estates, a northwest suburb of
Chicago (CHICAGO TRIBUNE, 12/17).