that vile little toad Rahm is cutting cutting retiree health benefits to build a basketball arena

[Divernan]

13. Apparently a freebie to DePaul,largest US Catholic university

This plan, which includes an arena, new hotels (plural), restaurants and retail space is initially estimated at $195 MILLION; with $125 Mil. from taxpayers; $70 Million from hotel taxes; & $55 Million from tax-incremented financing. There is no mention of how much DePaul is contributing to this massive undertaking. Apparently ZIP!/b]

http://www.opposingviews.com/i/politics/taxes/chicago-mayor-rahm-emanuel-build-revenue-generating-basketball-arena

Alderman Pat Dowell on the city’s board said that building the new arena is about fostering economic growth, though the arena would have to compete with the existing United Center just a few miles down the road.

Marc Ganis, a local arena expert, called the plan complete lunacy. “It makes no economic sense whatsoever.” Ganis said, “As someone who has worked on projects like these for decades, I can tell you there is absolutely no way for this to make any sense in any way. It is not in the realm of possibility.”

Though Emanuel is eager to increase city revenue, he has wanted to abandon the Allstate Center, a facility closer to DePaul’s campus, for some time. His impatience may throw residents into debt, critics say.

According to a Harvard study in 2010, the cost of land, infrastructure, operations and lost property taxes involved in taxpayer funded sports stadiums and arenas increased taxpayer bills by 25 percent, from $89 million to $259 million.

Corrected on edit -

So in addition to the "existing United Center just a few miles down the road", there's another sports arena, the Allstate Arena where De Paul University currently plays its basketball - http://en.wikipedia.org/wiki/Allstate_Arena


Construction cost $20 million
($55.7 million in 2013 dollars[3])

Capacity Concerts: 18,500
Basketball: 17,500
Ice hockey: 16,692
Arena Football: 16,143
Website www.allstatearena.com
Tenants
Chicago Rush (AFL) (2001–2008, 2010–present)
Chicago Wolves (IHL / AHL) (1994–present)
DePaul Blue Demons (1980–present)
Chicago Sky (WNBA) (2010–present)
Chicago Horizon (MISL) (1980–1981)
Chicago Sting (MISL) (1984–1988)
Chicago Bruisers (AFL) (1987–1989)
Chicago Express (WBL) (1988)
Chicago Skyliners (ABA) (2000–2002)
ArenaBowl II (1988) (WWE (1986-present))

Allstate Arena (originally Rosemont Horizon) is a multi-purpose arena in Rosemont, Illinois. It is home to the Chicago Rush of the Arena Football League, DePaul University's men's basketball team, the Chicago Wolves of the AHL, and the Chicago Sky of the WNBA. It is located near the intersection of Mannheim Road and Interstate 90, adjacent to the city limits of Chicago and O'Hare International Airport.