Illinois Cities Are Losing Millions On Stadiums
There are cities all over Illinois that are spending millions of dollars on arenas.
There are financial issues throughout our state government.
A lot of tax money coming in, so where is it all going?
According to illinoispolicy.org,
"Too many Illinois taxpayers find themselves shouldering the costs of ill-advised sports stadium ventures."
Several towns either invested in new facilities or they had to save one from being shut down.
A perfect example of the Sears Centre in Hoffman Estates.
That village had to take over the venue in 2009 when the owners couldn't pay back their loan. They have spent $87.6 million on operating it ever since. To help support it, taxes have been raised for the residents.
"Illinoisans are still on the hook for debts incurred by Guaranteed Rate Field, home to the Chicago White Sox, and the construction of Wintrust Arena, home to the WNBA’s Chicago Sky and DePaul University’s basketball teams. Despite having received millions in taxpayer subsidies, both arenas have seen disappointing attendance trends."
Minor league baseball parks in Schaumburg, Joliet, Crestwood, and Rosemont were all publically financed and not turning profits.
The arena in Springfield is also suffering losses.
The stadium business isn't working out for Illinois. It's time to move on and leave it up to private companies. The state is already millions of dollars in debt, there's no need to add to it.
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