Chicago Bears' lakefront stadium proposal: What's been said, what we know -- and what we need to know

The Bears project $8 billion in regional economic impacts during construction, with 43,000 job-years. Once operational, the team projects 4,000 permanent jobs, generating $450 million in annual regional impact, though only about 25% of that would be new.

Economists often are skeptical of such estimates, saying that officials must consider how else they could spend money to promote public benefit and productivity.

What’s unknown

The Bears have not specified what they would expect in return for their investment. Pritzker has said the Bears are asking for revenues from other events at the stadium, including from tickets, concessions and parking. That could cut into a major revenue source for the landlord, the Chicago Park District, which is budgeted to make $54 million from Soldier Field in 2024.

What happens if this doesn’t fly?

Just last year, the Bears paid $197 million to buy the former Arlington Park racecourse. Similar to its presentation for a Chicago stadium, the team proposed building a $2 billion domed stadium in Arlington Heights, while saying it would need unspecified public help for infrastructure. The major difference was that the suburban stadium would be surrounded by a $5 billion mixed-use development, with housing, hotels and entertainment, that would generate significant revenues and taxes.

That project stalled after the team could not agree with local school districts on property taxes, though they were apart only a few million dollars — a pittance compared with the overall costs. Warren said that plan is now off the table while the team pursues Chicago, but noted that the Bears remain the largest property owner in Arlington Heights.

Village officials are biding their time, saying they think the Bears will be back. Mayor Tom Hayes said “we are ready, willing and able,” if the Bears want to turn again to the suburbs.