Report: White Sox, Jerry Reinsdorf to ask for $1 billion in public money for new stadium in ‘The 78’

“The two (Reinsdorf and Related Midwest President Curt Bailey) are bullish they can win state support by arguing the stadium subsidies will bring along billions more in private investment, and the deal is structured in a way to not require new or increased taxes,” the report states.

Reinsdorf and the White Sox reportedly hope to extend the 2% hotel occupancy fee for decades more as part of this plan. The continuation of the existing tax, which is meant to pay the Illinois Sports Facilities Authority’s annual debt service for their bonds towards the White Sox’ stadium and the Bears’ renovations to Soldier Field, would stretch beyond 2034 – when outstanding bonds are meant to be paid.

As it stands right now, this could also have implications for the Chicago Bears and their attempts at a new stadium. The two teams have not met to create a joint plan, meaning the clubs are essentially competing with each other for the potential state funding. Should the White Sox receive ISFA financing, this would likely prevent the Bears from seeing any of their own for a potential stadium along the city’s lakefront.

Reinsdorf and Pritzker have not yet met about the proposal, though the governor is reportedly looking for a full plan to be developed before any conversations begin. The ISFA would also want a plan for Guaranteed Rate Field if the White Sox were to receive the necessary funding to leave their current ballpark. Recently released renderings suggested the Bridgeport neighborhood would receive 1,000+ new residential units and 10+ acres of open space – perhaps foreshadowing what could happen to the current stadium site that is largely filled with parking lots.

The current South Loop stadium plan puts the new ballpark in the center of the action, with a Petco Park-esque vibe among the renderings. The ballpark would lay right along the river and would ensure a skyline background. It would also be part of a larger “ballpark village” that is reminiscent of what the Braves and Cardinals currently have.

We also receive more concrete information about the financial impact of these plans. The economic impact is expected to be as follows:

• $9 billion economic investment in Chicago
• $4 billion stabilized annual economic impact
• $200 million annual stabilized tax revenue
• 10,000+ construction jobs
• 22,000+ permanent jobs

Rumors of Arlington Heights, the United Center, and even Nashville sprung up before the latest talks of a South Loop Stadium at “The 78” earlier this offseason. Things have moved quickly from there, with these renderings and the proposal proving this is far from just an unsubstantiated idea. Recently, Rob Manfred and the Chicago Federation of Labor expressed their support for this new stadium plan, and former NBC Sports Chicago member and current ESPN radio host David Kaplan went so far as to say the White Sox’s new South Loop stadium was ” basically a done deal.”

The 78 Chicago website is dedicated to a vision for the future of the land that “can galvanize communities and transform the city.” Prospective plans include an innovation center, riverfront access, and housing, among other ideas. However, the only concrete plan for this land is Governor J.B. Pritzker’s plan to use part of the property for a University of Illinois tech research center known as “Discovery Partners Institute.” Bill Jackson, the executive director of Discovery Partners, said he has heard the White Sox may be interested and thinks the team would make a great neighbor for the four acres of land they plan to use.

As a reminder, the White Sox’s current lease for Guaranteed Rate Field does not end until after the 2028 season, but there would still be plenty of work necessary to get a stadium ready by 2029. Things are far from a sure thing here, so it will be interesting to see how things play out in the coming weeks and months.