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Bears prepared to provide $2 billion in private funding for new lakefront stadium to replace Soldier Field

The Chicago Bears are closer to staying in the city than ever before.

According to the Chicago Tribune’s Robert McCoppin, the Bears are preparing to provide $2 billion in private funding for a new publicly owned enclosed stadium on the lakefront that would replace Soldier Field.

This lakefront site, which would be in the area of Waldron Drive (just south of Soldier Field), would replace the current stadium while also increasing open space on the museum campus by 20 percent. It would give the Bears an idea location to host the Super Bowl, NCAA Final Four and other big events.

While this new state-of-the-art stadium would replace Soldier Field, the project would include saving the Soldier Field colonnade in honor of veterans.

“The future stadium of the Chicago Bears will bring a transformative opportunity to our region — boosting the economy, creating jobs, facilitating mega events and generating millions in tax revenue,” Bears president Kevin Warren said in a statement. “We look forward to sharing more information when our plans are finalized.”

Just over a year ago, the Bears purchased the Arlington International Racecourse site with plans to build a new state-of-the-art stadium. But disagreement on increased property taxes have stalled matters, and the focus has shifted to a new stadium on the Chicago lakefront.

Story originally appeared on Bears Wire