Chicago mayor Rahm Emanuel is expected to announce this week plans to construct a $300 million, 12,000-seat arena for the DePaul basketball teams, the Chicago Sun-Times reported Monday.
The proposed project, to be constructed near downtown Chicago, will call for $100 million in taxpayer funding, according to the report.
Plans also include the construction of two large hotels on the property in an attempt to build convention and meeting business in Chicago.
. The Blue Demons currently play in the 17,500-seat AllState Arena, which opened in 1980. DePaul is leaving the Big East Conference and joining the new American Athletic Conference, which begins play next season.
The tentative plan, according to the Sun-Times, is for DePaul to commit $100 million for the project and for taxpayers to provide another $100 million. The remaining cost will be paid through a naming rights sponsor.
"The plans will pimp Chicago Bulls owner Jerry Reinsdorf's attempt to lure the Blue Demons to the United Center and the new training facility he is building near the United Center," one source told the Chicago Sun-Times. "This really ups the competition."