CHICAGO - The Village of Bridgeview today will introduce before the Bridgeview Village Board an ordinance for the Village to sell up to $150 million in general obligation bonds to finance the construction of Bridgeview Stadium and for other economic development initiatives in and around the new 20,000-seat stadium, located at 71st Street and Harlem Avenue in Bridgeview, Illinois. The bonds are being underwritten by George K. Baum & Company and, according to New York City based agency Standard & Poor's, carry an A- rating.
"We are thrilled at the A- rating, which confirms that our vision of transforming Bridgeview and the Southland into a vital tourism and entertainment destination is achievable," said Village of Bridgeview Mayor Steven Landek.
Under the ordinance, no new tax increases are envisioned to pay for the bonds. Additionally, revenue from the operation of the stadium and from new economic development initiatives is projected to cover all borrowing costs. The ordinance comes on the same day that the Village and the Chicago Fire - the stadium's primary tenant - co-hosted the traditional "topping out" ceremony, which celebrates the last piece of steel being placed for the $95.4 million stadium. The stadium is expected to open in June 2006.
"This is a very exciting day for the Fire, AEG and the Village of Bridgeview," said Chicago Fire President/CEO John Guppy. "Our long-term goals of being able to set our own schedule at our own home is finally approaching and we could not be more satisfied with the progress that's being made. Today's topping out ceremony also means that the Village and the Fire's goal of a June 2006 Grand Opening is very much within reach."
The stadium's new cost of $95.4 million is $20 million more than what the Village had originally projected when it won a heated and intense competition to host a Major League Soccer (MLS) team. Over the course of the last 30 months, construction costs worldwide have increased more than 20%. Moreover, approximately $10 million in enhancements have been added to the facility. These enhancements include: technical systems upgrades for concerts, a state-of-the-art turf heating system; a 12,000 sq. ft. multi-use club designed to host special events; and the addition of eight luxury suites, bringing a total of 48 suites to the new venue.
Up to $25 million is budgeted for land acquisition and economic development improvements in and around the stadium and for future development improvements in Bridgeview. To date, the Village has received strong interests from townhouse developers, retail chains, hotels, restaurateurs, and movie theatres to operate in the Southland.
"The Village of Bridgeview is changing for the better," added Landek. "We are determined to use this project as a catalyst for improving the quality of life for our tax payers."
The Village, AEG and Chicago Fire also announced today the hiring of Jay Cooper as the stadium's Vice-President/GM. Cooper, 42, will be responsible for overseeing all operations of the new facility on a day-to-day basis. Under an agreement with the Village, AEG and the Fire are responsible for managing and marketing the municipally owned stadium.
Cooper arrives in Bridgeview with extensive credentials in the event management field, as the Cedar Rapids, Iowa native most recently served as the General Manager of the highly successful Nationwide Arena in Columbus, OH from 1999 to 2005. Home to the NHL's Blue Jackets and recently named the #1 "Ultimate Arena and Stadium Experience" in the country by ESPN The Magazine, Cooper oversaw all aspects of arena administration and operations, including booking artists and events, negotiating event contracts and managing building operations such as security, maintenance, engineers and capital expenditures. Nationwide Arena opened in September 2000 and hosted 1.2 million guests and 203 events in its first year of operation.
"Our partners at AEG and the Chicago Fire did an outstanding job of recruiting Jay Cooper as the new Vice-President and General Manager of Bridgeview Stadium," said Landek. "After reviewing the resumes of several qualified candidates and personally interviewing Mr. Cooper I came away convinced that our partners had found the right person for the job."
"This is an exciting time for the Village of Bridgeview and the entire Southland," said Cooper. "AEG brings a wealth of expertise in developing and operating some of the best sports and entertainment venues in the world. The Village, the Fire and AEG have created a partnership that will transform this from a construction project and into a world-class stadium. What is being created here will soon become a source of pride for all of Chicagoland."
In the stadium's inaugural season in 2006, the Village expects to host 20 Chicago Fire matches, four international soccer matches and four major concerts. According to Cooper and AEG, it is reasonable to project that the facility will host another major event in its opening season.
"This stadium is designed to host the very best the world or soccer has to offer. It is also designed to host the top concerts on tour today. This stadium is not a stage shoved into a sports facility, it is the newest generation of multi-purpose sports and entertainment facilities that can host both concerts and sports," added Cooper. "The sharp sight-lines, crisp acoustics and guest amenities make this stadium second to none in the area."
Cooper, a graduate of the University of Iowa and Wayne State University, began his facility management career while still in college, directing all aspects of concert presentation for three venues on the University of Iowa campus. Cooper and his wife and two daughters are in the process of relocating to the Chicagoland area.
