NEW SKYLINE AS SOON AS 2028 WITH THE ADDITION OF A NEW NFL STADIUM, THE BEARS ANNOUNCEMENT OF A DON'T STADIUM QUICKLY.

DREW CRITICISM, THOUGH, OVER THE MORE THAN 4 BILLION DOLLAR PRICE TAG AND THE LAKEFRONT LOCATION.

>> JOINING US NOW, OUR JOE FERGUSON, PRESIDENT OF THE CIVIC FEDERATION AND FORMER INSPECTOR GENERAL FOR THE CITY OF CHICAGO AND ON ZOOM, WE HAVE SPORTS ECONOMIST AND UNIVERSITY OF CHICAGO PROFESSOR ALLEN SANDERSON.

WE SHOULD MENTION WE ALSO INVITED THE BEARS ORGANIZATION, BUT THEY DECLINED.

BUT THEY DID SEND A STATEMENT WHICH WE'LL GET TO IN JUST A MOMENT.

THANKS TO BOTH OF YOU, GENTLEMEN, FOR JOINING US.

ALLEN SANDERSON, WANT TO START WITH YOU, PLEASE.

THERE ARE STILL A LOT OF QUESTIONS, OBVIOUSLY FOLLOWING LAST WEEK'S BIG ANNOUNCEMENT, ESPECIALLY FUNDING TOP LAWMAKERS EXPRESSING DISAPPROVAL OF THE USE OF PUBLIC FUNDING TO MAKE THIS HAPPEN.

IF PUBLIC FUNDING IS NOT MADE AVAILABLE, IF IT'S NOT APPROVED, HOW ELSE COULD A STADIUM LIKE THIS GET BUILT?

>> WELL, MIGHT NOT GET BUILT.

THAT'S A GOOD THING.

PUBLIC FUNDED.

WERE YOU PUBLIC FINANCED?

SPORTS STADIUMS ARE ONE OF THE WORST INVESTMENTS POLITICIANS LIKE TO USE THE WORD INVESTMENT, NOT SPENDING WHATEVER YOU WANT TO CALL IT THEIR WORD.

OVERWHELMINGLY THE EVIDENCE IS THEY DON'T STIMULATE ECONOMIC GROWTH.

THEY DON'T REALLY DO ANYTHING OTHER THAN REDISTRIBUTE SOME INCOME CITIZENS IN GENERAL TO TAXPAYERS.

>> AS WE MENTIONED, THE BEARS DID SEND A STATEMENT AND IT READS, QUOTE, TO THE CHICAGO BEARS ARE COMMITTED TO INVESTING MORE THAN 2 BILLION DOLLARS IN PRIVATE MONEY INTO A PUBLICLY OWNED STADIUM PARK AND RECREATION SPACES.

ONCE COMPLETE.

WOULD BE ONE OF THE LARGEST PRIVATE INVESTMENTS INTO A PUBLICLY OWNED PROJECT IN U.S. HISTORY.

IT GOES ON TO SAY THE CHICAGO BEARS AND THE CITY OF CHICAGO AND ALL INTERESTED PARTIES WILL NEED TO WORK TOGETHER SO THAT WE CAN ACHIEVE MUTUALLY BENEFICIAL AGREEMENT FOR OPERATING THE NEW STADIUM AND CULTURAL AND RECREATION CAMPUS.

SO AS WE MENTIONED, PROJECTED COSTS THE NEW DOME STADIUM IS 4.7 BILLION DOLLARS.

THIS IS A NUMBER FROM THE BEARS.

OF COURSE, THE CHICAGO SUN-TIMES ARE REPORTING INFORMATION SAYING THAT IT WILL BE MUCH THE TEAM IS SEEKING 900 MILLION DOLLARS IN PUBLIC FUNDING.

JOE, DO WE KNOW YET IF AND HOW MUCH THIS COULD COST THE CHICAGO TAXPAYERS?

>> THAT IS ONE OF THE MOST REMARKABLE THINGS ABOUT THIS IS WE HAD THE DATA POINT OF THE PRESS EVENT LAST WEEK AND IT HAS BEEN NOTHING BUT A ROLL OUT FROM THE MEDIA OF ADDITIONAL COMPONENTS OF THINGS THAT ACTUALLY WERE DRESSED IN THE PRESS CONFERENCE.

YOU MENTIONED THE 900 MILLION.

THAT IS JUST FOR THE STADIUM FROM THE WHICH CARRIES JUNK BOND STATUS RIGHT NOW THE LAST DAY ON FORCE FACILITY AUTHORITY WHICH EXISTS TO ACTUALLY FUND THE RENOVATION OF THE BUILDING OF SPORTS ARENA OR THE LAST BOND RATING DIDN'T EVEN FACTOR FOR THIS SORT OF ACTIVITY.

AND BEYOND THAT IS THE FACT THAT WELL OVER HALF A BILLION DOLLARS ON EXISTING DEBT FOR THE STADIUM THAT WE'D BE DECONSTRUCTING.

THIS HAS VERY, VERY CHICAGO FEEL TO IT RIGHT NOW.

WE'RE GOING TO PAY FOR 40 YEARS FOR SOMETHING WE'RE TAKING APART NOW.

BEYOND THAT, YOU HAVE THE INFRASTRUCTURE ELEMENTS WHICH WERE LIGHTLY TOUCHED UPON ACKNOWLEDGE, BUT LIGHTLY TOUCHED UPON WITHOUT SPECIFICS AS TO HOW THAT WOULD BE FUNDED.

REALLY IN ALL OF THIS WAS THE FACT THAT WE HEARD VERY LITTLE ABOUT WHAT THE RELATIONSHIP, THE FINANCIAL RELATIONSHIP WOULD BE BETWEEN THE BEARS AND THE PARK DISTRICT.

WITH RESPECT TO REVENUE.

AND THERE IS AN EXISTING ARRANGEMENT RIGHT NOW AND THE REPORTS ROLLING OUT FROM THE SUN TIMES.

THE TRIBUNE CRANES, JUSTIN LAWRENCE TODAY, WHO YOU HAVE ON THE SHOW REGULARLY ALL INDICATE THAT THERE WOULD BE AN ENORMOUS AMOUNT OF MONEY THAT THE BEARS ARE TRYING TO CAPTURE IN REVENUE THAT EXTEND BEYOND SIMPLY THE GAMES.

BUT 2 OTHER EVENTS AT THE STADIUM, WHICH IN SOME RESPECT ACTUALLY WOULD PAY FOR WHAT THE BEARS THEMSELVES SAY.

THEY'RE PUTTING FORWARD.

THIS IS A MOVING TARGET AND WE DON'T HAVE A PROCESS RIGHT NOW.

RAISING A LOT MORE ONE THING THAT THE BEARS ARE PROMISING IS A BIG ECONOMIC IMPACT.

>> INCLUDING 43,000 CONSTRUCTION JOBS TO BUILD THE PROPERTY.

PLUS, 4200 NEW ANNUAL JOBS.

ALLAN, WHAT COULD BE THE RETURN ON THIS IS THIS IS THE NEW STADIUM GOING TO BE A MONEYMAKER IN.

AND YOU MENTIONED EARLIER, STADIUMS LIKE THIS DON'T ACTUALLY MAKE THAT MUCH MONEY.

THEY DON'T BRING THAT MUCH REVENUE.

>> YOU KNOW, MY LICENSE.

USED TO SAY IT'S FROM CUSTODY.

TURNED OUT TO BE.

TOO CLOSE TO THE TRUTH.

IF YOU TAKE WHATEVER NUMBER SPONSOR SAYS THIS WILL PROVIDE IN TERMS OF ECONOMIC JOBS OR ECONOMIC IMPACT, TAKE THAT DOLLAR FIGURE, JOBS FIGURE, MOVE THE DECIMAL 0.1 TO THE LEFT YOU'RE PRETTY CLOSE KNOW.

IT WAS 90% OF IS JUST NONSENSE.

THE NUMBER OF YEARS AGO WITH THE JOHNSON WHO OWNS THE NEW YORK JETS.

WANTED TO MOVE THE JETS OUT OF THE MEADOWLANDS PUT IN THE HUDSON YARDS AREA THAT TO BE ONE.

THE DUMBEST IDEAS I'VE EVER HEARD BUT I WAS HIRED BY MADISON SQUARE GARDEN CITIZENS FOR BETTER CHOICES AND OTHERS EXAMINE THAT.

AND ONE OF THE COMMISSIONERS ASKED ME WELL, IF WE DON'T BUILD A FOOTBALL STADIUM THERE IN THE HUDSON YARDS, WILL ARE WE GOING TO DO WITH AND I THE THAT'S A VERY VALUABLE PIECE REAL ESTATE.

AS IS THE LIFE, AN AREA IN CHICAGO.

I SAID THERE ARE ONLY 2 THINGS THAT YOU DO REALLY NEVER WANT TO PUT ON A VALUABLE PIECE OF REAL ESTATE.

ONE IS A CEMETERY.

AND THE OTHER IS A FOOTBALL STADIUM.

AFTER THAT EVERYTHING'S NEGOTIABLE.

HAHA.

>> AND I SHOULD MENTION, YOU KNOW, WE HAVE A STATEMENT FROM THE FRIENDS OF THE PARK AS WELL IN IT.

THEY SAY, QUOTE, THIS PROCESS NEEDS TO SLOW DOWN.

IT NEEDS TO INVOLVE STAKEHOLDERS AND IT NEEDS TO BE CAREFULLY SCRUTINIZED ALONG THOSE LINES.

IT'S BEEN GREAT TO SEE SO MANY OTHER VOICES CHIMING IN ON THIS PROPOSAL AND TO SEE THE GREAT WORK THE MEDIA IS DOING TO SCRUTINIZE, WHICH SOUNDS LIKE OF US ARE DOING HERE FRIENDS OF THE PARKS IS ALSO FORMALLY THE NEW AND INSTEAD SUGGESTING THE SITE OF THE FORMER MICHAEL REESE HOSPITAL IN BRONZEVILLE JOE, WHAT DO YOU THINK?

THERE'S A PREFERENCE FOR BUILDING A NEW STADIUM ON THE LAKEFRONT, DESPITE, YOU KNOW, THE POTENTIAL COST IMPLICATIONS, ENVIRONMENTAL CONSIDERATIONS.

THAT'S ONE OF THE MYSTERIES HERE.

WHY THE LAKEFRONT SPECIFICALLY?

>> THIS IS A ESSENTIALLY A PRIVATELY OWNED TEAM.

WE HAVEN'T HAD ANY CONVERSATION ABOUT THE CAPACITY OF THE MCCASKEY FAMILY TO ACTUALLY SELL OR LEVERAGE THEIR OWNERSHIP.

THIS IS THE 4TH OR 5TH MOST VALUABLE NFL FRANCHISE IN THE COUNTRY RIGHT NOW RANGING IN ESTIMATES IN VALUE FROM 5 AND A HALF BILLION TO 7 BILLION DOLLARS.

WHY THE LAKEFRONT?

IT REMINDS ME A LITTLE BIT OF R R SITUATION WITH THE CASINO WHICH IS HANGING BY A THREAD RIGHT NOW WITH LINCOLN YARDS, WHICH IS ONE OF THE ALTERNATIVES.

WHAT IT WHAT IS THE HIGHER AND HIGHEST AND BEST USE THAT WE WOULD MAKE HERE.

PROFESSOR SANDERSON IS IS RIGHT TO BE SKEPTICAL BECAUSE THAT'S OUR HISTORY.

CHICAGO, THE CASINO LINCOLN YARDS, THE PREVIOUS STADIUM PARKING METERS, SO ON AND SO FORTH.

REALLY WHAT NEEDS TO BE DONE HERE AND THIS IS WHAT CONCERNS ME ABOUT WHAT'S HAPPENED SO FAR.

THE CITY HAS ABDICATED ITS ROLE TO ACTUALLY BE A NEUTRAL BROKER IN THE BEST INTEREST OF THE PUBLIC AND THE TAXPAYER HERE AND HAS BECOME MUCH A CHEERLEADER OF THIS OF THE SUN-TIMES HAD IT EXACTLY RIGHT.

AND WHAT WE NEED TO DO IS TO STEP BACK.

THERE ARE ALTERNATIVES.

WE NEED INDEPENDENT ECONOMIC ANALYSIS OF A COMPARATIVE NATURE COMPARED TO BOTH AS TO WHAT BENEFITS WE ALREADY GET FROM HAVING A FOOTBALL STADIUM DOWNTOWN NET THAT OUT.

BUT ALSO WHAT THE ALTERNATIVES MIGHT BRING AND WHAT WE HAVE HERE IS A STADIUM CENTRIC PROPOSAL RATHER THAN ECONOMIC DEVELOPMENT IN COMMUNITIES.

CENTRIC PROPOSAL.

AND THAT IS WHY WE SHOULD BE THINKING ABOUT OTHER SITES AS WELL.

SOMETHING THAT I'M SURE WE'LL HEAR A LOT MORE ABOUT GOING FORWARD.

WE HAVE TO LEAVE IT THERE.

MY THANKS TO PROFESSOR ALLEN SANDERSON AND JOE