NFL News The Bears appear to be moving to Indiana

[fourhour]

Municipalities don’t foot the bill for things like this.

The state, or county or whatever political subdivision gets chosen to hold the bag, sets up a separate legal entity, a commission or district or whatever is most appropriate, for the project. That entity has authority to issue bonds backed by their assets and the full faith and credit of that entity. Of course the only assets are the stadium and contracts to use it. But the bond markets know that a contract with an NFL team is a pretty solid asset. So the team gets a modern stadium built using OPM (other people’s money) without burdening their balance sheets with the associated debt obligations.

Smarter is the way Kraft did it. The way I described ends up with the stadium owned by that public entity, so the team does not control it. As I understand Kraft did it all on his own dime so he has no strings on the ownership. What he did instead was to get the public money committed for projects he could not undertake on his own, like upgrading Route 1 and other highway annd transportation infrastructure.

I used "municipalities" because I believed it to mean the populace that is expected to pay the bill. No matter what is done with the financial structures, the tax payer is expected to pay while the billionaire corporations make bank.

I like the Kraft way. Sure there was some tax payer expense, but it wasn't used for the seats! Be interested in information related to the public ROI with his deal.

 

[borisman]

Not a fan of tax payers being stuck with the bill. Most can't afford their taxes never mind attending a game in a building they paid for.

I guess we'll have to see what that bill actually looks, before I, myself pass judgement. But other than that, the greed and some common sense will take businesses, not just the NFL, out of certain areas of the country and into more tax friendly confines. It's been happening for years now.

 

[n1997y]

I used "municipalities" because I believed it to mean the populace that is expected to pay the bill. No matter what is done with the financial structures, the tax payer is expected to pay while the billionaire corporations make bank.

I like the Kraft way. Sure there was some tax payer expense, but it wasn't used for the seats! Be interested in information related to the public ROI with his deal.

You missed the point. The taxpayers do not pay.

Those are revenue bonds backed by the future revenues from the stadium.

The credit rating seems like it’s backed by the citizenry but it’s really not, it’s backed by the credit rating of the stadium authority. The rest is all window dressing.

 

[festy1986]

Found the guy that doesn't like facts and thinks stating facts is a "**** take". Also found the guy that apparently never took Econ 101.

It was you're totally subjective take in the last sentence of your post that heavily implied your political ideology bias that I took issue with.

No one thought that the move wasn't financially motivated.

 

[Triumph]

Economics is basically rational behavior. People b*tch about Irsay and the Colts moving to Indy in the middle of the night but the Maryland Governor threatened to take the team by eminent domain and the only reasonable act was to move.
https://www.forbes.com/sites/instit...d-to-use-eminent-domain-to-seize-an-nfl-team/

Maybe the Bears looked at Illinois' fiscal position and Chicago's tax policies and financial situation ( Chicago finished fiscal year 2024 with a $41.1 billion gap between the money it has available to pay bills and the obligations it owes, ) and realized they are the cash cow that may get soaked in the future and the only rational move is to move 20 miles way to a state friendlier to them.

Chicago Forward 2026: A pro-growth plan to end city budget deficits

Maybe it is a Kraft to Hartford bluff/negotiating position but with that 24-0 vote in Indiana legislature, they are rolling out the red carpet. Illinois is not really in a strong position to sweeten the pot to keep them and I give it even odds they do move. Who had Indiana potentially joining NJ, Cal, OH, PA, FL, TX as states with multiple NFL teams ?

Go Woke and end up Broke.

How long before Kraft wants a Dome with a retractable roof?

 

[ALP]

Hammond and Hartford.

If your teams says it's going to build a stadium in a distant town that begins with the letters HA, don't believe it. It's a ruse.

The Chargers aren't moving to Havasu, the Saints aren't moving to Harvey, the Jaguars aren't moving to Harmony, the Packers aren't moving to Hanover.

I want to know how you got all those names. Looked them up or knew them off hand?!?

 

[One-If-By-Sea]

I want to know how you got all those names. Looked them up or knew them off hand?!?

Most likely an AI inquiry. Takes 10 seconds.

 

[upstater1]

I want to know how you got all those names. Looked them up or knew them off hand?!?

I cheated. I had only ever heard of Havasu.

 

[upstater1]

Most likely an AI inquiry. Takes 10 seconds.

Good old fashioned search. AI gets too much stuff wrong. But it did only take 10 seconds.

 

[One-If-By-Sea]

Municipalities are broke and can no longer take on additional financing. Tax payers are fed up and the legislators are under a microscope more than ever. But we all know, just another extortion attempt.

Not a fan of tax payers being stuck with the bill. Most can't afford their taxes never mind attending a game in a building they paid for.

No matter what is done with the financial structures, the tax payer is expected to pay while the billionaire corporations make bank.

The State of Indiana runs a budget surplus of $500M+, has reserves over $2.5B, and their balance sheet has $33B in net worth. The State will probably pay for infrastructure improvements and the rest is financed with bonds based on future revenue (see above post explanation).

The State is happy to pay for the infrastructure as they will setup easy access for anyone working in So. Illinois to live in Indiana like lots of folks working in Boston live in So. NH.

If done properly, it is not an additional tax on residents, but an investment to fuel future growth. My guess is that Indiana will do it properly. The Indiana legislature committee unanimously approved the expenditure. Every State wants to develop new areas for growth, this stadium in Northeast Indiana spurs that regional expansion.

 

[fnordcircle]

The State of Indiana runs a budget surplus of $500M+, has reserves over $2.5B, and their balance sheet has $33B in net worth.

Oh cool, so they can stop taking in more fed funds than they give?

Nevermind, the gap is bigger than $3B, but being yet another welfare state doesn't matter because they vote the right way.

 

[One-If-By-Sea]

Oh cool, so they can stop taking in more fed funds than they give?

Nevermind, the gap is bigger than $3B, but being yet another welfare state doesn't matter because they vote the right way.

No idea what voting the right way means. Sorry building a new stadium makes you anxious.

 

[Bill Lee]

I'm enjoying the posts about this topic where people are talking about the tax situation in Illinois but also simultaneously seem to think that the answer is to make taxpayers pay more to further subsidize a stadium for a multi billion dollar sports organization.

Amazingly enough, a football forum some times doesn't deliver much when it comes to intellectual rigor.

People still haven't figured out that a football team doesn't need to take on the name of the state they play in.

Even citing examples of how this isn't the case hasn't caused the light bulb to go on.

I think we can extend that to the bulk of the places where people have discussions these days.

Years from now, historians will re-discover 'Dumb and Dumber' and think it was a documentary.

 

[Bill Lee]

Hammond is a **** hole, lots of crime and isn’t safe. Super corrupt. I hate the Bears and the fans are awful.

Good news for them: they'll have their own Route 1 experience coming to them soon!

 

[borisman]

Amazingly enough, a football forum some times doesn't deliver much when it comes to intellectual rigor.

People still haven't figured out that a football team doesn't need to take on the name of the state they play in.

Even citing examples of how this isn't the case hasn't caused the light bulb to go on.

I think we can extend that to the bulk of the places where people have discussions these days.

Years from now, historians will re-discover 'Dumb and Dumber' and think it was a documentary.

‘Idiocracy’ is the closest thing to a documentary you’ll ever see.

 

[lancerman]

Not a fan of tax payers being stuck with the bill. Most can't afford their taxes never mind attending a game in a building they paid for.

Here's my thing, I am fine with taxpayers paying for it, IF the stadium is truly owned by the state/county/town whatever and they can use it to get revenue. I hate this whole "we subsidize these billionaires so they can make money off the stadium". If the team wants to make the gate for 8 days a year fine. But this idea that the team owns the stadium we paid for and makes all the money is ridiculous.

 

[Tunescribe]

Political posturing under way and more sure to come. This is far from a done deal.

 

[1960Pats]

ever been? it was a **** hole when i went...

The Fenway Park of football?

 

[1960Pats]

They were morons a long time ago.

Illinois is broke and folks are fleeing outa there.

I saw Kevin O'Leary on CNN discussing Illinois. It's one of five states that are on very shaky ground. CA, NY, NJ are three of the other four. I forgot the last one.

 

[1960Pats]

Oh cool, so they can stop taking in more fed funds than they give?

Nevermind, the gap is bigger than $3B, but being yet another welfare state doesn't matter because they vote the right way.

I have no idea how Indiana votes, but when compared to Illinois they do indeed have it right.