The Chicago Bears have set noon Wednesday to announce plans for a new domed stadium on the lakefront.
Team officials will make the announcement at Soldier Field, which would be demolished under the proposal.
In what will be a busy week for the team, the announcement will come one day before the Bears are scheduled to make the No. 1 pick in the NFL Draft.
The team said it plans to present a “state-of-the-art, publicly owned enclosed stadium, along with additional green and open space with access to the lakefront for families and fans, on the Museum Campus.”
The team has pledged to spend $2 billion in private money for the project. The cost of the stadium is estimated at $2.5 billion to $3 billion, plus $1 billion for associated roads and other infrastructure.
The crucial question is how any taxpayer cost would be funded, and whether city and state lawmakers would approve that. Taxpayers were still on the hook for $631 million for Soldier Field debt as of last year.
Chicago Mayor Brandon Johnson has said any deal must involve public benefit, and Gov. J.B. Pritzker has said he is not inclined to spend public money for a private business.
The new site would be on what are now parking lots just south of Soldier Field. The colonnades from the old structure would be saved. The proposal is believed to potentially include a hotel and improved access to and from DuSable Lake Shore Drive.
The Bears bought the former Arlington International Racecourse in Arlington Heights for $197 million last year, and announce plans for a $5 billion mixed use development with a stadium, housing and entertainment. But the team switched focus back to Chicago this year after property tax negotiations with local school districts broke down.
Several other communities, including Naperville and Aurora, also expressed interest in luring the Bears.
This is a breaking story. Check back for updates.
