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Old 09-29-2021, 10:22 AM   #1
JustRalph
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Da Bears! Buy Arlington park……

https://chicago.suntimes.com/bears/2...locate-chicago

New stadium
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Old 09-29-2021, 12:22 PM   #2
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In addition to destroying one of the premier tracks of American racing (the horse racing angle), I am really sad about this from a football angle as well. The City of Chicago gave the Bears everything they wanted, and tore apart a historic stadium to do it. New Soldier Field has a low capacity (keeping ticket prices high), a large percentage of luxury boxes and club seats, and tons of seats close to the field and between the goal lines. And the renovated stadium isn't even that old.

There's just no reason the Bears should be moving, and it's immoral that they took Chicago's residents for such a ride.
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Old 09-29-2021, 12:37 PM   #3
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There's just no reason the Bears should be moving, and it's immoral that they took Chicago's residents for such a ride.
Seems like CDI found a kindred spirit for a partner/purchaser.
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Old 09-29-2021, 01:14 PM   #4
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It sounds like they may negotiate some kind of better deal with Chicago to stay.

I understand the competition between cities and states for jobs. You sort of need that along with the threat of businesses and people moving to greener pastures in order to keep governments in check and make sure tax payers are getting good value and what they want for their tax dollars. But this kind of thing really smells. It could turn out to be a kind of blackmail that hurts taxpayers.
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Old 09-29-2021, 01:16 PM   #5
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Seems like CDI found a kindred spirit for a partner/purchaser.
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Old 09-29-2021, 02:10 PM   #6
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Looking back on this thread....
http://www.paceadvantage.com/forum/s...lington&page=3

There were some posters that were in denial this was going to happen.
I'm not surprised...the NFL is in a very strong position and horse racing on the other hand in a very weak position and with companies like CDI doing the bidding of the grim reaper for some of the tracks that might be in trouble, you are going to see some more historic race tracks being sold off for development....my guess is CDI doesn't mind if some of their competitors tracks go by the wayside while their marquee track stays on top.
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Old 09-29-2021, 02:12 PM   #7
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It sounds like they may negotiate some kind of better deal with Chicago to stay.

I understand the competition between cities and states for jobs. You sort of need that along with the threat of businesses and people moving to greener pastures in order to keep governments in check and make sure tax payers are getting good value and what they want for their tax dollars. But this kind of thing really smells. It could turn out to be a kind of blackmail that hurts taxpayers.
Actually without the city in the way, they get to keep all the revenue in the Bears organization. So yes they would have to spend more initially to acquire the property, but they keep all revenue streams generated from a stadium that is in their control.
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Old 09-29-2021, 02:59 PM   #8
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My whole thing is why do these cities pay for it? A very similar thing is going on in Buffalo with the Bills. The stadium is already in the burbs but they need to tear it down and build a new one, which they really need to be updated. But why is a gun put to the tax revenue? These owners are billionaires and the NFL certainly is not hurting for money. It’s like they hold these municipalities at ransom knowing how much the new stadium/renovated means . Legal extortion with no remorse. Of course , the idiot I am , I’ll be at the game Sunday…….. lol

Last edited by burnsy; 09-29-2021 at 03:02 PM.
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Old 09-29-2021, 03:19 PM   #9
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My whole thing is why do these cities pay for it? A very similar thing is going on in Buffalo with the Bills. The stadium is already in the burbs but they need to tear it down and build a new one, which they really need to be updated. But why is a gun put to the tax revenue? These owners are billionaires and the NFL certainly is not hurting for money. It’s like they hold these municipalities at ransom knowing how much the new stadium means . Legal extortion with no remorse. Of course , the idiot I am , I’ll be at the game Sunday…….. lol
One big reason, and I can say this from experience in Los Angeles, one of the few places that has been resistant to providing public financing, is that there's a disconnect between what taxpayers want and what politicians, the media, and local tycoons want.

New stadiums are great for politicians, the media, and local tycoons. Politicians get free tickets in luxury boxes. The media get beautiful new press facilities and a team to cover (which means jobs). Local tycoons get to entertain clients in luxury seats at partial taxpayer expense (through both direct subsidy and a tax deduction). So as a result, proposed new stadiums always get massive support from politicians and local media.

Meanwhile, the public often gets ignored. The big reason why LA held the line is the public was not ignored. It became very clear on several occasions that politicians might lose elections if they voted to subsidize stadium spending. But in other cities, that hasn't happened (it kind of did in San Francisco which is why the Giants and 49ers privately financed).
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Old 09-29-2021, 03:35 PM   #10
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Actually without the city in the way, they get to keep all the revenue in the Bears organization. So yes they would have to spend more initially to acquire the property, but they keep all revenue streams generated from a stadium that is in their control.
That's probably exactly what they are going to say to the city as part of a negotiation to stay.
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Old 09-29-2021, 06:22 PM   #11
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I take great pride in knowing nothing about politics and certainly high finance.

But I have to say. Reading about ANOTHER GREAT race track being demolished for a football stadium sure re opens some old wounds.

WTF is wrong with this world?
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Old 09-29-2021, 06:28 PM   #12
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Yeah, in your case, I bet it does.




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Old 09-29-2021, 06:50 PM   #13
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.....
New stadiums are great for politicians, the media, and local tycoons. Politicians get free tickets in luxury boxes. The media get beautiful new press facilities and a team to cover (which means jobs). Local tycoons get to entertain clients in luxury seats at partial taxpayer expense (through both direct subsidy and a tax deduction). So as a result, proposed new stadiums always get massive support from politicians and local media......

Do you know any local tycoons or businesses writing off entertainment expenses? I agree with your basic message just don't throw the tycoons under the bus for a deduction that no longer exists.
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Old 09-29-2021, 07:01 PM   #14
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Do you know any local tycoons or businesses writing off entertainment expenses? I agree with your basic message just don't throw the tycoons under the bus for a deduction that no longer exists.
They are no longer deductible as entertainment qua entertainment, but they can still be deducted as advertising or promotion or some similar line-item.
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Old 09-29-2021, 07:12 PM   #15
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They are no longer deductible as entertainment qua entertainment, but they can still be deducted as advertising or promotion or some similar line-item.

I am sure your tax department would write a favorable opinion regarding that strategy.
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