The Move to Arlington Heights - Official Thread

[dll2000]

https://www.axios.com/2024/08/27/nfl-to-allow-private-equity-ownership

This move is nearly free 2 - 5 billion for most every NFL team to invest how they choose.

This is what will allow Bears to build a stadium, because they aren't getting (much) free money from Illinois (which really doesn't have much to give).

Still an open question where new stadium will end up.  But it makes zero sense from Bears perspective to stay at Soldier Field under current lease.

Interest rates are dropping so they can either put it up in cash or finance the rest.  

I would personally push hard for a long term property tax deal and get it done in Arlington.

People who think McCaskeys are selling when Virginia dies are wrong I think.  They have a golden goose and will only sell if they have to.

If her will does something stupid and divides everything amongst all kids and grandkids they may have to, but I highly doubt it does that.  

 

[soulman]

16 hours ago, dll2000 said:

https://www.axios.com/2024/08/27/nfl-to-allow-private-equity-ownership

This move is nearly free 2 - 5 billion for most every NFL team to invest how they choose.

This is what will allow Bears to build a stadium, because they aren't getting (much) free money from Illinois (which really doesn't have much to give).

Still an open question where new stadium will end up.  But it makes zero sense from Bears perspective to stay at Soldier Field under current lease.

Interest rates are dropping so they can either put it up in cash or finance the rest.  

I would personally push hard for a long term property tax deal and get it done in Arlington.

People who think McCaskeys are selling when Virginia dies are wrong I think.  They have a golden goose and will only sell if they have to.

If her will does something stupid and divides everything amongst all kids and grandkids they may have to, but I highly doubt it does that.  

 

What we don't know is the tax ramifications of the transfer but based on what I believe Ginny is not the owner.  If accurate as has been reported before and GSH set up a GST then upon his death ownership passed to his grandchildren via that trust which makes the McCaskey clan the beneficial owners and not Ginny.

As far as the location goes I believe if via private equity money the Bears could build on the Lakefront and own the stadium themselves that might be ideal because Warren sure seems committed to having his stadium in the city proper.  I see the benefits of that approach but wonder if it will ever be doable.

[dll2000]

7 hours ago, soulman said:

What we don't know is the tax ramifications of the transfer but based on what I believe Ginny is not the owner.  If accurate as has been reported before and GSH set up a GST then upon his death ownership passed to his grandchildren via that trust which makes the McCaskey clan the beneficial owners and not Ginny.

As far as the location goes I believe if via private equity money the Bears could build on the Lakefront and own the stadium themselves that might be ideal because Warren sure seems committed to having his stadium in the city proper.  I see the benefits of that approach but wonder if it will ever be doable.

You aren't supposed to be able to own property there privately.  That is why Park District owns it.

I doubt they pay for whole thing and don't own it.   It would have to be a 100 year renewable lease or some work around.

Still that 100 years comes up eventually.  Ask British Hong Kong (I don't know all details of that so don't ask me).

 

 

[dll2000]

Chicago says it has a near billion dollar budget deficit next year on top of 223m this year.

 

[soulman]

12 hours ago, dll2000 said:

You aren't supposed to be able to own property there privately.  That is why Park District owns it.

I doubt they pay for whole thing and don't own it.   It would have to be a 100 year renewable lease or some work around.

Still that 100 years comes up eventually.  Ask British Hong Kong (I don't know all details of that so don't ask me).

 

 

A long term land lease may work.  Hell NYC is full of them.  It wouldn't need to be 100 years either.  Even a new stadium won't be around that long.  My suggestion based on selling 10% to private equity owners is to build it themselves and own it 100%.

[dll2000]

12 hours ago, soulman said:

A long term land lease may work.  Hell NYC is full of them.  It wouldn't need to be 100 years either.  Even a new stadium won't be around that long.  My suggestion based on selling 10% to private equity owners is to build it themselves and own it 100%.

I think that is plan C and the likely outcome at this point.

Plan A was Arlington Heights plus 50% free money.  Then no tax deal.

Plan B was Chicago where it is now with 50% free money.  But no free money as state and especially city are broke.

Plan C will probably be build it themselves with extra money from selling 10% equity.

I don't know if it will be at Arlington though.  That is most likely.

Harvard has a crap ton of land available at old Motorola Site and a Metra stop too.  But it is very last Metra stop.  I wonder if they have even thought of it.  

McHenry County would probably be a lot more complainant and easier to deal with than Cook county machine.  They may even make property taxes 0 and just do a sales tax at stadium and parking or something instead.  

 

 

 

[soulman]

14 hours ago, dll2000 said:

I think that is plan C and the likely outcome at this point.

Plan A was Arlington Heights plus 50% free money.  Then no tax deal.

Plan B was Chicago where it is now with 50% free money.  But no free money as state and especially city are broke.

Plan C will probably be build it themselves with extra money from selling 10% equity.

I don't know if it will be at Arlington though.  That is most likely.

Harvard has a crap ton of land available at old Motorola Site and a Metra stop too.  But it is very last Metra stop.  I wonder if they have even thought of it.  

McHenry County would probably be a lot more complainant and easier to deal with than Cook county machine.  They may even make property taxes 0 and just do a sales tax at stadium and parking or something instead.  

 

 

 

Except that gets them located even farther from downtown Chicago doesn't it?

I think that unlike Jerry Jones and a few other NFL owners a max return on investment means less to the McCaskey's than building a winning organization for the long haul and a world class stadium to play in.  Even GMcC now seems to have his heart set on building in the city.

[dll2000]

5 hours ago, soulman said:

Except that gets them located even farther from downtown Chicago doesn't it?

I think that unlike Jerry Jones and a few other NFL owners a max return on investment means less to the McCaskey's than building a winning organization for the long haul and a world class stadium to play in.  Even GMcC now seems to have his heart set on building in the city.

I think Bears want to stay in city if they can.  

I personally would be looking to get out and build an NFL Disney World and you need space for that.  People will come.  

[AZBearsFan]

6 hours ago, soulman said:

Except that gets them located even farther from downtown Chicago doesn't it?

I think that unlike Jerry Jones and a few other NFL owners a max return on investment means less to the McCaskey's than building a winning organization for the long haul and a world class stadium to play in.  Even GMcC now seems to have his heart set on building in the city.

Since cash is king in the NFL though and since the McCaskeys don’t have football independent wealth like Khan or Benson or Jones, they kinda need the max ROI to build the winning organization in a sustainable way. 

[AZBearsFan]

55 minutes ago, dll2000 said:

I think Bears want to stay in city if they can.  

I personally would be looking to get out and build an NFL Disney World and you need space for that.  People will come.  

Getting to Harvard doesn’t have nearly the infrastructure in place that getting to AH does - that’s why it’s always been the best location outside the city and the best option overall. If they want to build in the city their costs will always be higher and they’ll always have space restrictions. They seem to want Jerry World at a bargain price though, and that just doesn’t happen. 

[dll2000]

38 minutes ago, AZBearsFan said:

Getting to Harvard doesn’t have nearly the infrastructure in place that getting to AH does - that’s why it’s always been the best location outside the city and the best option overall. If they want to build in the city their costs will always be higher and they’ll always have space restrictions. They seem to want Jerry World at a bargain price though, and that just doesn’t happen. 

I agree.  I would love for it to be in Arlington.  But, problem with Arlington is it is still in Cook county which presents ongoing different problems.  

IL, especially Chicago area, is just addicted to electing corrupt politicians.  I don’t know why.  

[soulman]

3 hours ago, AZBearsFan said:

Since cash is king in the NFL though and since the McCaskeys don’t have football independent wealth like Khan or Benson or Jones, they kinda need the max ROI to build the winning organization in a sustainable way. 

I really don't think so.  The McCaskey's don't live at the rarefied wealth level of many other NFL owners.  They don't need to take scads of money out of the team either. IMHO between fan loyalty and NFL revenue sharing they have the cash flow to within reason afford almost everything they want for the team and the facilities.

They're not real estate developers either so you have to think that all of what's planned at Arlington will be done by others they Bears will sell or lease property rights to.  That they've already paid what $200 mil for the property is a drop in the bucket.  If they never build there it will be sold to someone else to build on.

I have no doubt they're looking at ways to expand their cash flow I just don't believe they're all that needy when it comes down to it. At this point in time I believe AH is their hedge against not being able to build in the city not their primary target.