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