USA: 40-year bonds, $2B vision. Indiana pushes Bears stadium plan ahead

source: StadiumDB.com ; author: Paulina Skóra

USA: 40-year bonds, $2B vision. Indiana pushes Bears stadium plan ahead The battle over the future of the Chicago Bears is entering a decisive phase. Indiana is accelerating legislation that would enable the construction of a new stadium in Hammond, and the prospect of leaving Soldier Field is no longer just a negotiating tactic with Illinois. Could the Bears really change states?

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Indiana accelerates stadium legislation in Hammond

The plan to build a new domed stadium for the Chicago Bears in Indiana has entered a decisive legislative phase. The Indiana House Ways and Means Committee unanimously approved an amendment to Senate Bill 27 (24–0), establishing the legal and financial framework for the investment in the city of Hammond.

The legislation предусматриes the creation of a dedicated body — the Northwest Indiana Stadium Authority — responsible for issuing bonds, acquiring land and financing construction. The authority would formally oversee the project and, once the debt is repaid, transfer the stadium to the club for a symbolic $1. In a statement, the Bears described the bill’s approval as the most significant step forward in a planning process that has lasted more than three years.

Indiana Governor Mike Braun openly backed the project, emphasizing that the state moves at the speed of business and is ready to create favorable conditions for a public-private partnership. House Speaker Todd Huston also expressed strong support, calling the Bears an excellent partner.

Local officials in Hammond have declared full readiness to cooperate. The mayor argues the project could become an economic engine for northwest Indiana, generating jobs, tax revenue and infrastructure development.

The new regulations provide for the establishment of a special body – the Northwest Indiana Stadium Authority – responsible for issuing bonds, acquiring land and financing the construction of the stadium.© MANICA | The new regulations provide for the establishment of a special body – the Northwest Indiana Stadium Authority – responsible for issuing bonds, acquiring land and financing the construction of the stadium.

Proposed stadium site near Wolf Lake

The planned location lies in the Wolf Lake area, near the Illinois–Indiana border and adjacent to Interstate 90. The site is about a 25-minute drive from the Bears’ current home, Soldier Field, and covers land in the southeastern part of the Chicago metropolitan area. Authorities are analyzing, among others, the Lost Marsh Golf Course site near 129th Street and Calumet Avenue. The land was previously reclaimed from an industrial landfill, meaning detailed environmental and geotechnical studies will be required before construction begins.

The club has not yet unveiled renderings or a final architectural concept. However, representatives describe the vision as a world-class stadium designed not only for NFL games but also as a regional hub for sports events, concerts and large-scale entertainment. While seating capacity has not been disclosed, it is expected to match or exceed that of Soldier Field, currently one of the smallest venues in the NFL. A modern dome would enable year-round events regardless of weather conditions, increasing the project’s commercial potential.

The Bears’ current lease at Soldier Field runs through 2033, giving the organization several years to finalize financial and urban planning details.

Financing model based on 40-year bonds

Under the bill’s framework, construction would be financed through 40-year bonds. Debt repayment would be secured by tax revenues generated within a designated stadium district, including taxes on tickets, hotel stays and food and beverage sales.

During the bond period, the club would sign a 35-year lease while retaining full control over stadium-generated revenues. After the bonds are repaid, ownership could be transferred to the Bears for $1, or earlier if the debt is settled ahead of schedule. The club has previously declared readiness to invest at least $2 billion in stadium construction. In Illinois, it sought approximately $850 million in public funds for surrounding infrastructure, including roads, utilities and rail upgrades in Arlington Heights.

The Bears' current lease at Soldier Field runs until 2033.© City of Chicago (cc: by-nc-sa) | The Bears' current lease at Soldier Field runs until 2033.

Hammond or Arlington Heights?

Indiana’s legislative momentum has created tension in Illinois, where negotiations continue over a potential stadium in Arlington Heights. Illinois Governor JB Pritzker admitted he was surprised by the Bears’ latest statements, especially after a lengthy negotiation meeting the day before. Illinois lawmakers had been prepared to advance legislation allowing the club to negotiate an alternative property tax structure instead of paying full property taxes. However, a scheduled committee hearing was canceled at the Bears’ request to introduce additional amendments.

In the past, options to remain within Chicago city limits were also discussed, including building a new dome adjacent to Soldier Field. That concept failed to secure sufficient state support due to the scale of required public funding.

Strategic transformation beyond infrastructure

The entire process — involving financing reform, negotiations with two states and evaluation of alternative sites — highlights that the stadium decision is strategic. It concerns not only sports infrastructure but also long-term financial stability and competitiveness within the NFL.

Will there be Hammond Bears? At this stage, the club has not formally declared its departure from Illinois. What is clear, however, is that Indiana’s legislative step has significantly increased negotiating leverage and opened the real possibility that the future of the Chicago Bears could be written east of the state line.

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