DePaul Purchasing Riverfront Property

[Groin_pull]

I don't think there is a chance in hell that the state is going to pony up $100 million for this.  Does Rahm not read the paper?  The state is broke.  It would be political suicide to vote to spend this money when 99% of the residents of this state don't give a crap about DePaul basketball.

Agree. Chicago fans care more about Wolves minor league hockey than DePul basketball. The city does not need another arena. It already has the UC...All State Arena...and that facility out in Hoffman Estates. The city—and state—are broke. Why is this so hard to understand?

[warriorchick]

Rahm's financing plan is stupid on all three fronts

1. $100 million from the state - addressed above
2.  $100 million from naming rights - this amount is 5 times more than the most lucrative naming rights deal for a college basketball stadium to date.  The typical deal is way less than $10 million.  Syracuse only got $2.75 million for the Carrier Dome.
3.  $100 million from DePaul.  It would be very difficult to raise that kind of coin if you can't name the building after the major donor. I suppose you just need to get 100,000 people to donate $1,000 each.  Also, would alums be willing to donate for a building that the university won't even own outright?

[MU82]

Bad taxpayer plan.

Bad location.

Just plain bad.

[chr31ter]

As a DePaul alumnus in Chicago, this sucks. Not just cause it's using taxpayer money in midst of spiraling debt problems, but the location is still over 6 miles away from the main campus (or around 60 minutes via public transportation). I was excited to see a Chicago arena for DePaul, but this location is still quite inconvenient (albeit a little less) for any student to get to.

This is still 1,000 times better for students.  You'll be able to take the El down there whenever you want.  Want to show up early and go out to eat... you can.  And then, when they're down by 30 ten minutes into the 2nd half, you can leave early and get sloshed.

[77ncaachamps]

This is still 1,000 times better for students.  You'll be able to take the El down there whenever you want.  Want to show up early and go out to eat... you can.  And then, when they're down by 30 ten minutes into the 2nd half, you can leave early and get sloshed.

This is it: totally logical approach to the location.

Which means it's destined to fail.

[mufib]

I still think that Depaul would have been better off simply using the rent free united center, especially in terms of recruiting.

[GGGG]

I still think that Depaul would have been better off simply using the rent free united center, especially in terms of recruiting.

I'm not sure it's great for recruiting to be playing in a cavernous arena that will be half full.

[🏀]

Rahm wants this pretty bad, so I think it happens, unfortunately. He wants to add two hotels as well to bolster the McPier district.

For DePaul, its better, but the worst option. Still too far for students. Still very hard to get to. Far more difficult trip for MU fans.

For Chicago, not that bad.  Near Lakefront arena will do well, Chicago will attract the Allstate acts now. Still a waste of money.

[chr31ter]

I still think that Depaul would have been better off simply using the rent free united center, especially in terms of recruiting.

For 10  years.  Then what?

Besides, while the UC offered DePaul a ton, they never offered what the school considered to be an acceptable scheduling arrangement.

[warriorchick]

Rahm wants this pretty bad, so I think it happens, unfortunately.

I think you are seriously overestimating Rahm's clout.  Does anyone besides him think this is a viable plan?

[Dr. Blackheart]

I think you are seriously overestimating Rahm's clout.  Does anyone besides him think this is a viable plan?

Mike Madigan and the AFL-CIO

[🏀]

I think you are seriously overestimating Rahm's clout.  Does anyone besides him think this is a viable plan?

Rahm doesn't go public unless the deal is done. It's happening.

Then there's Blackheart's point.

[WI inferiority Complexes]

the AFL-CIO

Ding. Ding.

[warriorchick]

Mike Madigan and the AFL-CIO

You have just made my point.

[warriorchick]

Hey, did I miss something?  The following sentence was in the Chicago Tribune Article about the proposed stadium:

DePaul is leaving the Big East Conference and joining the new American Athletic Conference, which begins play next season.

http://www.chicagotribune.com/sns-rt-bkc-depaul-newssx6541da1-20130513,0,957637.story

Apparently the Trib doesn't think the story was important enough to write its own article.  They just printed the story that Reuters put out.

[TallTitan34]

Will a company really pay $100 million naming rights for a DePaul Arena?

Funny how Rahm will give $100 million to a private university yet Ricketts is spending his own money to rebuild a huge Chicago tourist attraction. Not only that, Rahm made him agree to make improvements to the city (playgrounds, etc) before the city would let him renovate Wrigley with his own money.

More reason for the Cubs to leave the City.

[GGGG]

I don't really think Chicago is "giving $100 M to a private university."  They are building an arena that they will give DePaul proprietary use of.  DePaul isn't going to own it.

I'm not saying this is a good idea, but the City of Los Angeles helped USC with the Galen Center...but nowhere near this extent.  I'm sure the math is going to attempt to show that the $100M in bonding authority is going to be paid back somehow to make sure it breaks even, but I can't see how that's going to happen.

[MU82]

Will a company really pay $100 million naming rights for a DePaul Arena?

Funny how Rahm will give $100 million to a private university yet Ricketts is spending his own money to rebuild a huge Chicago tourist attraction. Not only that, Rahm made him agree to make improvements to the city (playgrounds, etc) before the city would let him renovate Wrigley with his own money.

More reason for the Cubs to leave the City.

Not as bad as the feuds Daley and the Cubs used to have. Daley blocked almost every attempt Tribune Co. made to use their own money to do anything to Wrigley Field even as he was spending taxpayer money to give the White Sox anything Reinsdorf asked for.

[MU82]

Hey, did I miss something?  The following sentence was in the Chicago Tribune Article about the proposed stadium:

http://www.chicagotribune.com/sns-rt-bkc-depaul-newssx6541da1-20130513,0,957637.story

Apparently the Trib doesn't think the story was important enough to write its own article.  They just printed the story that Reuters put out.

That's fantastic stuff, warriorchick!

It's also outrageously awful, lazy journalism. Maybe Murdoch will be a perfect fit as Tribune Co. owner after all.

[PistolPete]

Will a company really pay $100 million naming rights for a DePaul Arena?

Funny how Rahm will give $100 million to a private university yet Ricketts is spending his own money to rebuild a huge Chicago tourist attraction. Not only that, Rahm made him agree to make improvements to the city (playgrounds, etc) before the city would let him renovate Wrigley with his own money.

More reason for the Cubs to leave the City.

The Cubs will never leave the city. Without the city, who are the Cubs? The product on the field isn't filling those seats.

[TallTitan34]

The Cubs will never leave the city. Without the city, who are the Cubs? The product on the field isn't filling those seats.

Without the Cubs who is Wrigleyville?  The rooftop owners and bar owners would all go rot. 

You can't have a $300 million arena where the main tennant is a team that plays 18 games a year and can't sell 5,000 seats per game.

[TallTitan34]

The Cubs will never leave the city. Without the city, who are the Cubs? The product on the field isn't filling those seats.

A lot of Cubs fans in the suburbs see them play in Milwaukee rather than at Wrigley because it is easier to get too.

Sure you would lose the tourist, but you would gain everyone who avoids Wrigley for the easier option of Miller Park.

[warriorchick]

I don't really think Chicago is "giving $100 M to a private university."  They are building an arena that they will give DePaul proprietary use of.  DePaul isn't going to own it.

I'm not saying this is a good idea, but the City of Los Angeles helped USC with the Galen Center...but nowhere near this extent.  I'm sure the math is going to attempt to show that the $100M in bonding authority is going to be paid back somehow to make sure it breaks even, but I can't see how that's going to happen.

Read the article carefully, fellas. Rahm isn't offering a single dime of City money for this.  He wants everyone else to pay for it.  Then of course he will swoop rignt in and insist on set-asides for Chicago-based businesses, dibs on the parking revenue, and of course, City entertainment tax on the tickets and City sales taxes on concessions. 

As far as Rahm is concerned, it's all good.

[Galway Eagle]

Rahm wants this pretty bad, so I think it happens, unfortunately. He wants to add two hotels as well to bolster the McPier district.

For DePaul, its better, but the worst option. Still too far for students. Still very hard to get to. Far more difficult trip for MU fans.

For Chicago, not that bad.  Near Lakefront arena will do well, Chicago will attract the Allstate acts now. Still a waste of money.

Still too far for students? You are working off the idea that everyone who goes to DePaul lives in Lincoln park as opposed to all over the city.  Not to mention forgetting that the loop campus would be tremendously closer, that's a few hundred students they didn't have when they played at the Allstate. 

[T-Bone]

This is still 1,000 times better for students.  You'll be able to take the El down there whenever you want.  Want to show up early and go out to eat... you can.  And then, when they're down by 30 ten minutes into the 2nd half, you can leave early and get sloshed.

Which El stop?  The closest would be Cermak/Chinatown or possibly 35th on the Green Line.  Shuttle service would be required.  

I'll be disappointed if this happens at this location.  (Not to mention a casino)

From related article (and a good read all-in-all):
http://www.suntimes.com/20090202-761/analysis-depaul-arena-plan-raises-more-questions-than-it-answers.html

"Not only is it ridiculous having an 18-event anchor tenant, but it's an anchor tenant that can barely sell 10,000 seats a game. It's not like it's a professional sports team or a well-established college basketball power. It's neither of those two. That's why there has to be something else going on. Because on its face, it's a foolish proposition."