Chicago Construction News staff writer
The Northwest Indiana city of Portage launched a long-shot bid Wednesday to lure the Chicago Bears, unveiling a $5 billion stadium project called Halas Harbor that would be offered rent-free to the team.
The 300-acre site would be fully privately financed with “zero taxpayer burden” and “zero debt on the team,” according to a city video. Chicago businessman Lou Weisbach would fund the stadium, with a portion of non-football revenue being used to repay the investment.
“This is the financing plan of the future,” Weisbach said at a news conference.
Shovels could be in the ground as soon as June and the project is being called A rent-free stadium built to the Bears’ specifications, delivered through private financing with zero taxpayer dollars and zero debt to the team..
Portage Mayor Austin Bonta said the Bears were aware of the proposal, and Weisbach said he looked forward to meeting with Bears president and CEO Kevin Warren and Indiana Gov. Mike Braun.
Other competitors vying for the team include Gary, Indiana offering three potential sites, including Wolf Lake in nearby Hammond. In Illinois, Arlington Heights, where the Bears currently own 326 acres, is pushing to keep the team.
However, the Bears officials have cited infrastructure support and tax certainty as key issues in Illinois. Frustrated by a lack of progress in Arlington Heights, the team announced in December they would consider locations in Indiana. That prompted Indiana lawmakers to introduce Senate Bill 27, establishing a stadium authority to help finance a new venue.
Iowa legislators have proposed expanding a state economic development program to incentivize building an NFL stadium there and Illinois officials are also moving forward with a Mega Projects Bill to give the Bears flexibility on property taxes and other large-scale development projects.
