La’Shawn Ford, who represents the 8th District in the Illinois House of Representatives, is introducing a bill that would sell the state-owned land where the White Sox play on Chicago’s South Side.
Guaranteed Rate Field is not in Chicago’s 8th District, which includes parts of the Austin neighborhood and the suburb of Forest Park, but Ford said selling the land would free not only the South Side but also the state of Illinois from debt related to the White Sox. He said he would be able to repay the debt. And it gets revenue from property taxes that the state doesn’t pay.
The attempt to pass the bill comes after recent reports that White Sox owner Jerry Reinsdorf is open to selling the team.
To sell federal property, Ford would have to file a bill and get approval from the state, but he says it will have to happen at some point if the state ultimately wants to sell the land. .
“We need to pass a bill that allows the state to sell land, whether we sell it today or not,” Ford said.
“The state needs revenue,” he added. And the White Sox have never been a money-making team.
The Illinois Sports Facilities Authority owns the land where Guaranteed Rate Field is located. The organization was founded in 1987 as a way to fund the construction and renovation of the state’s professional sports teams and stadiums, according to WGN TV.
The Guaranteed Rate Field has cost the government $200 million since 2010, Southside Weekly reported earlier this year. However, the White Sox only paid ISFA about $27 million at the time.
Even if the Sox remained at Guaranteed Rate Field, selling the land to a private developer would increase the city’s tax revenue from the property.
That money could go toward deferred maintenance or housing expansion at Illinois universities, many of which have asked lawmakers to do one or both, Ford said.
Chicago State, for example, has $89 million in deferred maintenance and an additional $192 million in renovations that need to be completed, the Daily Line reported.
“There are sports teams reaching out saying they need money to build stadiums, but we need to speak up for public universities and communities that need development,” Ford said. Ta.
“By directing proceeds from the potential sale of this prime real estate, Illinois can make innovative investments in higher education, ensuring a safe, state-of-the-art learning environment that attracts students, faculty, and staff. ,” Ford said in a letter to the governor. J.B. Pritzker said earlier this month he would seek to sell the property and introduce legislation to do so. “This will strengthen our educational infrastructure and provide a lasting economic stimulus to our state.”
If Reinsdorf sells the team and the state sells the property, the Guaranteed Rate Field could become residential, commercial, or both through a mixed-use concept. This will improve the condition of Chicago’s economy, Ford said.
“There’s a need for housing and there’s a need for business growth in the area,” Ford said, both of which will generate revenue for the state.
He added that the Guaranteed Rate Field’s location adjacent to the Red Line and the freeway is an ideal location.
“This is a great location for residential development and shopping, and we can’t afford to miss this opportunity,” Ford said. “We have to find a way to stop the flow of Illinois residents overseas, and this is one way to do that.”
Mr. Ford said he learned about the proposed state property sale bill through his involvement in the Thompson Center sale. In 2022, the state sold the former government headquarters building to a developer for $30 million and acquired a downtown office building for $75 million. Google will move into the building after renovations, which are expected to last several years, are completed, according to Capitol News Illinois.
“The county now has the benefit of new landowners paying property taxes,” Ford said. “And they’re going to create jobs and other tax revenue opportunities for states, cities and counties without imposing regressive taxes.”
