In a new report that could potentially sway public opinion, it has been revealed that taxpayers may end up shouldering a substantial financial burden for the proposed state-of-the-art, domed stadium along Chicago's lakefront. The Chicago Bears have been trying to garner support from city and state government officials, but according to an investigation conducted by the Sun-Times, the ultimate cost to taxpayers could reach a staggering $5.9 billion.

The report, which takes into account 40 years of projected interest rates, highlights the Bears' plan to have the Illinois Sports Facilities Authority issue over $1 billion in new bonds that would be repaid over four decades. These bonds would be backed by the 2% hotel tax, which was previously used to fund the construction of Guaranteed Rate Field and the renovation of Soldier Field.

It is important to note that the estimated cost includes not only the construction and financing of the new stadium but also the retirement of existing debt related to the renovation of Soldier Field and Guaranteed Rate Field. When factoring in the $1 billion that has already been spent on those projects, the projected cost balloons to almost $7 billion, according to the report.

Last week, during a press conference, the Bears indicated that the total cost for their new stadium would amount to $4.7 billion, with the team contributing just over $2 billion. However, the report states that these higher costs were determined based on figures provided by the Bears during their initial meeting with the Illinois Sports Facilities Authority.

While the Bears' proposed contribution of $2.025 billion and the utilization of parkland owned by the Chicago Park District may make the deal more favorable to city and state leaders, concerns have been raised about the team's request to retain all revenue generated from events held at the stadium, including concerts and other gatherings.

Government officials, including Governor JB Pritzker, have expressed their opposition to using public funds for any new stadium proposal. They were quick to voice criticism of the Bears' plans as soon as they were announced. The state's top leaders have continually stood firm in their disapproval of taxpayer-funded stadiums.

As discussions on the Bears' stadium financing deal continue, the findings of the Sun-Times report may fuel further scrutiny and debate surrounding the financial implications for taxpayers. The pending decision on this significant investment will undoubtedly shape the future of Chicago's sports landscape.

For more in-depth information, readers can refer to the complete report by the Sun-Times on the estimated cost to taxpayers by the Illinois Sports Facilities Authority. Additionally, WGN News provides further insights into what individuals need to know about the Bears' new stadium plans.