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This headline is a bit misleading. Of course the money to pay for the stadium will have be recovered, and consumption taxes related to the increased demand due to the Bears relocation is the logical way to do it. When the word “tax increase” is used people will quickly assume property or state income tax increases, which does not appear to be the case.
If so, the People assumed nothing incorrectly.
Locals will pay additional taxes if the Bears are allowed to maul their way into Indiana. That’s what these sweetheart tax abatement deals are designed to do – pass the costs from the Billionaires who own these businesses on to the local taxpayers instead.
It’s not just the flashy deals like this Bears nonsense, it’s common practice to socialize costs and privatize gains.
Perhaps you should reread. The article says if the counties implement the food & beverage tax, which is a new tax and likely required to pay for the stadium. If imposed, that’s a tax on purchases throughout both counties – not just stadium/development related transactions.
Charles, + 1
So we’re going to pay for this stadium on the assumption that fans in Chicago will find the drive so miserable they will just book rooms?
They play, best case, 12 games a year.
The math isn’t adding up. This bill should specify that a financial shortfall in paying the bonds triggers an automated increase in state income tax to pay for it. Let Republicans be clear they won’t pay for this with yet another cut in services.
There will be, though, fans of visiting teams who will spend up to two nights in hotels and have meals during their stays.
I get that all fans are different, but if I’m flying into Chicago for a road trip to see my team, I’m staying in Chicago and enjoying what there is to do there, not sitting in Hammond for two days.
I still think this whole thing ends up being the Pontiac Silverdome and we end up being on the hook for around $400 million as taxpayers after they leave us high and dry with a stadium that has Monster Jam, a spring football team, and that’s about it.
All of this is folly for Indiana. The Bears will strike a “last minute” deal with the State of Illinois to build their new place out on property they already own in Arlington Heights.
A survey of season ticket holders would bring interesting insight as to where the largest percentage of attendees live. My guess is the suburbs of Chicago. To me, Arlington Heights (with all the existing retail and hotels nearby) makes a whole lot more sense than Hammond, IN. and the Wolf lake area. “Woo Hoo, let’s go to Gary and stay a weekend”!
And the tax will never go away, even after the stadium is no longer being used or even exists. Marion County still collected tax on restaurants and bars for the Hoosier Dome until 2020. The Dome was demolished in 2008. The tax still continues and is now being used to pay for Lucas Oil Stadium (and was expanded to include the seven contiguous counties to Marion).
Ultimately, this will bring out of state spending in-state and possibly attract other business in an otherwise economically depressed area. Whether the cost benefit is a good one is pure speculation at this point. Could be great, could be a problem. In the end, it is still likely Illinois will make the concessions needed because clearly they see it as having a lot to lose.
Cost/benefit is not a “good one” – there’s plenty of history an analysis on similar schemes.
Yeah, they tried all this in Atlantic City. A complete bust. Pick a run down location tax the hell out of all the businesses trying to make money there and when things don’t work out the tax and an empty building are all that remain. Oh, and all the folks who never could afford to go to a game, their still there as well. Let Illinois have this boondoggle. Indiana doesn’t need it and neither does Hammond.