Chicago Taxpayers On Hook for Stadium Board Shortfall

Chicago News Cooperative reports:

Chicago taxpayers have lost more than $1.1 million because of a shortfall in hotel tax dollars dedicated to the city-state agency that runs U.S. Cellular Field and financed the Soldier Field renovation, according to documents obtained this week by the Chicago News Cooperative.

Financial records from the Illinois Sports Facilities Authority show that the state docked City Hall’s share of income tax revenue because the hotel tax no longer generates as much as needed. The state fronted $32 million to the agency during the fiscal year that ended on June 30, but the hotel tax revenue “was not adequate to fully repay the advance to the state,” according to an independent audit presented last month to agency officials and obtained by the CNC through the state’s Freedom of Information Act.

Because the city is responsible for any gap, Chicago received almost $1.11 million less from the state in income tax dollars than it would have been due, the records show. The agency’s annual reports indicate that the shortfall marked the first time city taxpayers have been forced to cover such a hole.

A Fannie Mae for sports rent seekers.