Citing the need for national unity during a time of crisis, city officials and the Chicago Bears announced today they are dropping plans to sell the naming rights to Soldier Field.
?At the request of the city, we agree no longer to pursue a naming rights partner,? Bears President Ted Phillips said at a news conference this morning at the lakefront stadium. ?At a time when all America is making sacrifices for the sake of unity, we believe this is the right thing to do for veterans, Chicago, the country as well as for this project.?
?Soldier Field is the only name for this stadium,? Mayor Richard Daley said. ?Soldier Field will always be the only name for this stadium.?
The $606 million reconstruction of Soldier Field will go forward, and the Illinois Sports Facilities Authority next week will begin the process of selling $399 million in bonds to pay for the project, Daley said.
The bonds are to be retired using hotel tax revenues ?- a funding source critics of the project have questioned, given the turmoil in the financial markets and a nationwide decline in travel following the Sept. 11 terrorist attacks against New York and Washington.
But Daley reiterated his belief in the underlying strength of the economy, citing several major conventions coming to the city in the next few days. He said, ?Taxpayers are not at risk for any part of the project. If I had any doubts, I would not proceed.?
Daley said the project is necessary to create about 1,000 much-needed construction jobs and generate roughly $135 million in contracts for minority and women-owned firms. It also would relieve citizens? anxieties in the wake of the terrorist attacks, he said. ?If I walked away, that sends a strong message (that) the mayor must know something,? Daley said, referring to the struggling economy.
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Veterans also attended the news conference to show support for the Bears? decision not to sell naming rights. One of them, Elvin J. Carey, former first division commander of the American Legion Department of Illinois, said, ?It is a great victory?The name Soldier Field is a monument to veterans, and it should stay there.?
Tribune staff reporters Gary Washburn and Ray Long contributed to this report.