The Chicago Bears are eyeing a major move to Indiana, with lawmakers announcing a potential deal to bring the team's new stadium to northwest Indiana. This development hinges on the passage of a bill that outlines a financial package for the proposed site in Hammond. It's a bold move, nearly two months after the Bears' president expressed frustration with the stalled negotiations in Illinois.
House Speaker Todd Huston emphasized the significant investment, revealing that the Bears are ready to pour $2 billion into the project. Senate Bill 27 outlines commitments from the state and local counties to make this vision a reality.
The Bears have expressed their commitment to completing the necessary due diligence to build a world-class stadium near Wolf Lake in Hammond. However, as Gov. Mike Braun pointed out, this is just a framework for a final deal, highlighting the collaborative relationship with the Bears that aims to benefit taxpayers.
Back in December, Bears President and CFO Kevin Warren voiced his dissatisfaction with the Illinois site negotiations and expanded the search to include northwest Indiana. This move caught local leaders by surprise, but they were ready. The "Northwest Indiana professional sports development commission" had already been laying the groundwork to attract a professional team.
Indiana leaders quickly mobilized, drafting a bill to create a stadium authority with the power to acquire and finance construction. This bill swiftly moved through the legislative process, gaining unanimous approval from the House Ways and Means committee.
The Bears have welcomed these developments, but they face competition from Illinois and Iowa, both eager to present their own incentive packages.
Alongside the Bears' $2 billion commitment, Indiana plans to back bonds repaid through tax revenue from the stadium site, with contributions from Hammond and Lake and Porter counties. Proposed tax sources include revenue from a professional sports taxing area, a 12% admissions tax on large events, a 1% food and beverage tax, and a 5% innkeepers tax.
This approach mirrors the state's support for Lucas Oil Stadium, with plans to back bonds without actually using state funds. Huston highlighted that facility users would essentially foot the bill.
The bill also allows for renegotiating the Indiana Toll Road lease terms to fund infrastructure projects tied to the stadium development.
Local officials, gathered at the Statehouse, expressed optimism about the transformative potential of this project. Hammond Mayor Tom McDermott, initially skeptical, now believes the stadium will revolutionize the city, envisioning a vibrant "Bearsville" with new amenities and a bustling community atmosphere.
This potential move is more than just a stadium; it’s a game-changer for Hammond, promising to reshape the city’s landscape and economic future.