EDDIE.

>>YOU'RE HIRED.

>>THANK

YOU.

[LAUGHTER]

>>NOW TO A LOOK AT WHAT COULD

BE THE

CITY'S NEWEST

SPORTS

VENUE.

>>THE CITY

AND STATE

SPENDS

PUBLIC TAX

DOLLARS NEAR

MCCORMICK

PLACE.

THE

SUN

TIME'S

REPORTS THERE

THERE IS A PLAN FOR A

STAUD

FOR

DePAUL UNIVERSITIES BASKETBALL

TEAM TO DOUBLE AS A CONVENTION

VENUE ALONG WITH TWO NEW

HOTELS,

NORTH AND WEST OF McCORMICK

PLACE.

THE PROJECT WILL BE FUNDED

WITH

125 MILLION IN PUBLIC

FUNDS.

THAT'S 55 MILLION IN GIFT

FUNDS

AND 75 MILLION IN HOTEL

TAXES.

ACCORDING TO SOURCES,

ANOTHER

70 MILLION WOULD COME FROM

DEPAUL.

JOINING US TO DISCUSS THE MERIT

U.S.

OF PUBLICLY FUNDED

CENTER

IS ALLEN

SAN

DERSON.

SANDERSON.

WE INVITED REPRESENTATIVES FROM

THE CITY,

DePAUL AND

THE

METROPOLITAN EXPO SIGNIFICANCE

AUTHORITY BUT THEY ALL

DECLINED.

WE'RE GLAD YOU DIDN'T.

THANK YOU FOR COMING

IN.

TELL ME, SHOULD TAX

DOLLARS,

PUBLIC TAX

DOLLARS

BE SPENT TO

BUILD A

STADIUM FOR

DePAUL?

>>IT'S HARD TO IMAGINE A

BASKETBALL ARENA

BY ITSELF IS

USED SO INFREQUENTLY,

MAYBE 10

OR OR 20

TIMES A YEAR FOR

GAMES.

THE UNITED CENTER, ON THE OTHER

HAND, HAS

BOTH TWO MAIN

TENANTS,

BLACKHAWKS AND BULLS

AND YOU

THROW IN THE

CONCERTS AND

CIRCUSES AND YOU COULD GET

INTO

200 NIGHTS A

YEAR AND THEN IT

PAYS.

BUT SOLDIER FIELD IS USED

SO

INFREQUENTLY.

SO IN SOME WAYS, THERE'S

AN OL

JOKE ABOUT A GUY

WHO GETS

MUGGED

AND RESISTS AND

THEY

EVENTUALLY

WRESTLE HIM TO THE

GROUND AND

TAKE $3 OUT OF HIS POCKET AND

WHY DID YOU PUT UP SUCH A

FIGHT

FOR P DOLLARS?

OHWORKS I THOUGHT YOU WANTED

THE

$200 IN MY SHOE.

I

THINK THERE'S SOMETHING ELSE

GOING

ON.

IT DOESN'T MAKE ANY SENSE

WHATSOEVER SO BUILD THIS

AS A

BASKETBALL

ARENA.

>>THE CITY IS SAYING IT WOULD

ACTUALLY -- THEY HAVEN'T SAID

MUCH.

THEY'RE BEING

CLOSED MOUTHED

ABOUT IT.

BUT IN A RELEASE THEY SAID

THE

CITY IS LOOKING FOR A

STATE-OF-THE-ART EVENT

CENTER.

, WHICH WOULD

BE ATTRACT

CONVENTIONS, TRADE

SHOWS AND

SPORTING EVENTS.

SO DOES THIS KIND

OF

COMBINATION

WORK IN AN

EVENT CENTER?

>>NOT REALLY.

IT'S JUST THE VENUES DON'T WORK

IN TERMS OF WHAT

A CONVENTION

WANTS AND WHAT A

SPORTING EVENT

WANT.

THEY DON'T GO TOGETHER WELL AND

THERE HAVE BEEN CITIES THAT

HAVE

TRIED IT'S AND

LARGELY

UNSUCCESSFUL.

WE THAT TO POSSESS, THE CITY AS

A WHOLE, THE LARGEST

SQUARE

FOOTAGE, 2 MILLION SQUARE FEET

OR SOMETHING, FAR MORE THAN

ANY

OTHER CITY ALREADY.

>>ONE THING THE CITY

IS SAYING,

THOUGH, IT'S KIND OF SELLING IT

AS A SITE FOR

CONVENTIONS

THAT

ARE TOO

SMALL FOR McCORMICK

PLACE BUT TOO

BIG

FOR

NAVY

PIER.

>>AGAIN,

YES, NAVY PIER ON

THE

ONE HAND AND

McCORMICK I

S

ANOTHER UNIT.

THERE

ARE SEPARATE

BUILDINGS.

ALSO, I THINK THE

OTHER THING,

THERE'S A LOT OF SPACE

BETWEEN -- AS WE LOOK

AT

MCCORMICK PLACE OR A LOT

OF

POTENTIAL ELECTIONS THAT

THE

MICHAEL

REESE PROPERTIES,

THE

ABOVE-GROUND CHICAGO

BEARS

PARKING

LOT,

THE SOLDIER

FIELD

ITSELF, ONE SHOULDTHY ABOUT

THAT.

THERE'S ANOTHER

800-POUND

GORILLA IN THE ROOM AND THAT'S

A

CASINO BECAUSE CERTAINLY THATS

THAT TO BE PART OF THE

PROCESS.

DOES THE MAYOR THINK WE'LL HAVE

A CASINO IN A YEAR OR

TWO,

ABSOLUTELY.

HOW DOES THAT FIT IN WITH THE

BASKETBALL ARENA, THE TWO

HOTELS

AND EVERYTHING ELSE.

>>THEY'RE NOT SAYING A WORD

ABOUT A CASINO AT THIS

POINT,

EITHER.

LET ME READ YOU

WHAT

METROPOLITAN CE.

EO JIM

RILEY

SAID.

HE SAID MOST OF THE

COMPETITORS

HAVE AN EVENT CENTER THAT

ALLOWS

A RANGE OF SHOWS THAT WE

CANNOT

CURRENTLY ATTRACT IN A

COST-EFFECTIVE FASHION.

THE PROPOSED MULTI

PURPOSE EVENT

CENTER AT McCORMICK PLACE WILL

IMPROVE THE ABILITY TO ATTRACT

SHOWSES AND WILL PUT INTO

OVERDRIVE

THE ENTIRE

PROGRAM

WE'RE IMPLEMENTING.

THIS WOULD HELP REVITALIZE

THE

ENTIRE NEIGHBORHOOD,

CREATING

OPPORTUNITY IN THE PROCESS WHICH

WILL BENEFIT THE ENTIRE CITY AND

REGION.

REGION WHAT'S YOUR REACTION.

>>THAT'S A PRESS RELEASE AND

YOU CAN SCRATCH OUT THE NAMES

AND PUT ANY

EVENTS YOU WANT OR

ANY PARTICULAR BUILDING

OR JOB

WORK'S

PROGRAM.

SO IT'S A PRESS

RELEASE.

IT'S A PUBLIC RELATIONS

DOCUMENT.

IT'S CERTAINLY NOT A

BENEFIT-COST STUDY, WHICH IS

WHAT YOU WOULD LIKE TO

HAVE.

>>WHEN YOU DO THAT

COSTS

BENEFIT STUDY WITH

AN EVENT

CENTER, MULTI PURPOSE

CENTER,

WHAT WILL THE RESULTS

BE?

>>SOMEBODY WHO IS NOT BEING

PAID TO DO IT, I THINK

WOULD

SHOW IT DOESN'T

MAKE

SENSE.

VIRTUALLY EVERY CONVENTION

CENTER IF THE UNITED STATES

LOSES MONEY.

WHY THERE ARE CERTAIN

CONVENTIONS THAT ARE HELD AND

EACH CITY

AT AN

ARM'S RACED AS

UPPED THE

ANTE AND

WE'RE TRYING

TO GET INTO

ONE OTHER

ASPECT TO

COMPETE WITH ORLANDO

AND LAS

VEGAS.

>>WHAT DO YOU THINK WOULD IT DO

FOR THE NEIGHBORHOOD?

WOULD IT BRING IN RESTAURANTS,

BARS, SMALL

SHOPS.

>>HARD TO SAY.

HOW MUCH IS

REDISTRIBUTED FROM

SOME OTHER PART OF

THE CITY?

FOR EXAMPLE, IF WE THINK ABOUT

THE

ARENA

ITSELF,

APPROXIMATELY

100 PERCENT OF

DePAUL

FANS ARE

FROM CHICAGO SO

THEY'RE

CHOOSING

TO SPEND FOUR HOURS THERE AS

OPPOSED TO SOMEWHERE ELSE.

REALLY, OF ALL OF THE MAJOR

ACTIVITIES, THERE'S ONLY ONE, I

HATE TO SAY THIS AS

A WHITE

SOX

FAN BUT THERE'S ONE

FRANCHISE IN

TOWN THAT HAS

THE SIGNIFICANT

ECONOMIC IMPACT ON THE CITY OF

CHICAGO AND THAT'S THE CHICAGO

CUBS.

BECAUSE THEY DRAW SO

MUCH FROM

OUTSIDE.

>>HOW DO YOU THINK THE CUBS

FEEL ABOUT THIS DEAL?

HERE WE'RE PROPOSING TO USE TAX

DOLLARS WHICH THE CUBS DO NOT

HAVE ANY ACCESS TO ACCORDING

TO

THE LATEST PLAN, FOR

A

STADIUM

THAT'S AN

EVENT,

MULTI USE EVENT

CENTER BUT

DePAUL UNIVERSITY

BASKETBALL TEAM?

>>IT WAS ALSO

OFFERED FREE RENT

OR FREE SPACE TO PLAY

THEIR

GAMES AT THE UNITED

CENTER AND

THEY TRN IT DOWN OR

AT LEAST THE

THE MOMENT.

SO I SUPPOSE THE CUBS AREN'T

ALL

THAT HAPPY.

I DON'T IMAGINE THE BULLS

AND

PLAWX ARE

HAPPY EITHER.

IT'S A COMPETITOR.

>>WHY WOULD DePAUL TURN THAT

DOWN ZM.

DOWN?

>>THEY WANT SOMETHING WITH

THEIR OWN NAME ON IT.

AGAIN, DePAUL, AND

I'M NOT

FOR

THEM OR AGAINST

THEM, BUT IT'S

A

SECOND

TIER BASKETBALL POWER.

>>WHAT ABOUT THE

IDEA OF

PUTTING PUBLIC

MONEY, HOTEL

FUBDS INTO A

STADIUM OR AN EVENT

CENTER?

>>IN ALL CASES IT

DOESN'T MAKE

SENSE TO DO THAT.

JUST RECYCLING

MONEY WITHIN AN

AREA AND MOST LOSE MONEY BECAUSE

AS WE SAID

EARLIER

THERE'S LOW

OCCUPANCY

RATES.

>>SO IF THAT'S

KNOWN, WHY THE

BIG PUSH FOR THIS?

IS THERE SOMETHING WE DON'T

KNOW, OTHER THAN THE

CASINO.

>>I THINK THERE'S SOMETHING

ELSE GOING

ON, SORT OF

MY SHOE

JOKE AT THE

OUTSET.

BUT

ALSO,

IT'S NOT ORIGINAL WITH

ME.

IT'S HARD FOR A MAYOR

TO KEEP

A

CONCRETE PROMISE TO THE

PEOPLE.

SO WHAT HAPPENS

HERE, IS

SOMEBODY IS GOING TO BENEFIT

FROM THIS AND THE QUESTION IS,

WHO?

AND THAT WE DON'T KNOW.

WE DON'T KNOW WHO IT IS AND

WE

DON'T KNOW WHAT ARE THE OTHER

PIECES TO

THISLE.

>>IF THERE IS

A CASINO,

DOES IT

MAKE MORMON TEAR

SENSE?

>>PROBABLY SO BECAUSE AGAIN IN

THIS PARTICULAR SITUATION, A LOT

OF THE GAMBLING IN CHICAGO THAT

TAKES PLACE IS THE

MAYOR'S BAND.

WE HAVE

CASINOS IN CHICAGO.

THEY HAVE TO BE LOTIONED

IN

WISCONSIN AND INDIANA AND

IOWA

SO THIS

WOULD

BRING THE

GAMBLING

MONEY BACK INTO THE CITY, AS

WELL AS OUTSIDE OTHER STATES

INTO CHICAGO.

>>ALL

RIGHT.

THANK