Chicago taxpayers will ultimately repay approximately $1.19 billion to finance a $425 million renovation of Soldier Field, according to an analysis of Illinois Sports Facilities Authority (ISFA) bond documents by Chicago City Wire.
Bond records show ISFA issued $398,998,040 in bonds for Soldier Field improvements, generating roughly $425 million in total proceeds, including funds set aside for capitalized interest and issuance costs.
Chicago City Wire’s review of ISFA audit statements found that outstanding balances from bond series issued in 2001, 2014, 2019 and 2021 total about $582.7 million beginning in fiscal year 2025. Of that amount, roughly $534 million is attributed to Soldier Field–related borrowing across multiple bond series issued over several years.
When principal and interest payments are totaled over the life of the bonds, which mature in 2032, cumulative repayment reaches about $1.19 billion—roughly $765 million above the original principal borrowed.
“It’s really how we financed it that made this an extraordinarily expensive project,” Laurence Msall, former president of Chicago’s Civic Federation, told NBC Chicago in 2022. “We used very expensive financing by not having enough to pay the principal.”
Debt service schedules in the bond documents show annual payments rising sharply as capital appreciation bonds—which accrue interest that is paid later—reach maturity and conversion features take effect.
Source: Illinois Sports Facilities Authority bond documents and compiled analysis
Illinois Sports Facilities Authority bond documents and compiled analysis
