Economists who’ve studied the issue say public funding for such sports stadiums and related development are usually a bad deal for taxpayers.
. He said such “pie in the sky” projections are often illusory. One common problem in estimating economic impact, he said, is the “substitution effect” — the idea that most of the money spent at stadium complexes by local residents would have otherwise been spent at other local restaurants, bars and businesses.
Another issue is that much of the money spent goes to the team, which is then spent on multimillion dollar salaries for players who often don’t live in the town where they play. “The numbers are often wildly exaggerated,” he said. “We see white elephant stadiums and developments all over. It’s glamorous and seductive, but the economic realities are almost always disappointing.”
Baade said the team’s demands for public financing are typical of the “thinly veiled threats” by teams to take their ball and play elsewhere — as the Oakland Raiders did before moving to Los Angeles and then Las Vegas. In the Bears’ case, they could remain at Soldier Field. They have a lease through 2033, and Mayor Lori Lightfoot has proposed adding a $2 billion dome to the stadium —though she hasn’t said how that would be paid.
Audience members listen as representatives from the Chicago Bears present their concept for building a stadium and entertainment district on the site of Arlington International Racecourse during an informational public meeting at Hersey High School in Arlington Heights on Sept. 8, 2022.
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