This is not fantasy football. Chicago taxpayers are on the hook for the Soldier Field renovation debt. Because the bonds (ONLY around $400 million) were back-loaded, principal payments were delayed and the total repayment cost is estimated at $1.19 billion (NOT $5B).
The bonds were backed by a 2% hotel tax. But hotel occupancy and tax revenues plunged due to The COVID (thanks, Trump, Fauci, Drasak, Chinese Commies!), and there is not enough revenue to service the debt.
Tempo, who fled Chicago, is not on the hook! But Chicago taxpayers are, as Chicago's share of state income taxes (and re-financings that extended the repayment timeline and upped the amount owed) have been used to fill the revenue gap. Which means what? Real estate and other taxes have to be increased to cover the income taxes lost to debt servicing.
Arlington Heights does not have nearly the number of hotels that Chicago does. But Tempo wants everyone to have free stuff, including the Bear!