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The State needs to be cautious. The Bears already have supposedly have private stadium financing that is contingent upon predictable property taxes and infrastructure. The specifics of that financing would change with a different site, but it should be expected that the Bears can secure much more private financing than the Colts. (Much larger market size helps.)
Indiana’s commercial property taxes are much lower than that of Illinois, and they’re capped by the state constitution. Giving additional tax assurances would be stupid. And even with a new Bears stadium, Lake County won’t have much of a tourism industry for decades; a full blown Central Indiana-style PSDA probably wouldn’t make much sense.
I could understand redirecting ticket taxes towards a small stadium subsidy. Any other assistance should be by way of infrastructure. The Indiana Toll Road needs modern open tolling and transit in NWI should see much more investment (the South Shore Line and municipal transit). Anything more than that is not worth it. Clean up the Michigan City NIPSCO plant instead.