Indiana Governor Signs Stadium Financing Legislation

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On Thursday, Indiana Governor Mike Braun signed a bill establishing the Northwest Indiana Stadium Authority “for the purpose of acquiring and financing certain facilities”. The facility in question of course, is a new stadium for the Chicago Bears in Hammond, Indiana. Similar to the financing package put together for the Lucas Oil Stadium development several years ago, the bill authorizes the Authority to issue bonds to finance construction of the stadium. The bonds would be repaid from funds generated by a basket of tourism taxes, event taxes and tax increment revenue. The Bears have not made a final decision yet. A competing site in Arlington Heights, Illinois is also under consideration.

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