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View Full Version : ISFA and McPier to Merge?


Jpgr91
01-05-2010, 01:50 AM
From the Trib http://www.chicagotribune.com/business/chi-tue-convention-mcpier-mergerjan05,0,325830.story
It sounds like they are looking to merge the two entities in order to reduce overhead and divert some of the Hotel Tax earmarked for USCF and allocate it for conventions. I hope that this does not happen. Moving money intended for USCF into the black hole that is McPier would certianly hurt the chances of development in/around USCF.

Nellie_Fox
01-05-2010, 02:01 AM
This already screams of a thread that will turn political. Tread carefully.

doublem23
01-05-2010, 06:41 AM
In the short run, this may hurt the Sox and development around the park, but in the long run this will probably benefit all; Chicago is hemorrhaging convention business, which is probably already hurting the amount of hotel tax revenue the ISFA is receiving. I don't think making the city a more attractive destination for conventions and the hordes of visitors they bring will be a problem in the long-run for the Sox.

roylestillman
01-05-2010, 06:56 AM
In the short run, this may hurt the Sox and development around the park, but in the long run this will probably benefit all; Chicago is hemorrhaging convention business, which is probably already hurting the amount of hotel tax revenue the ISFA is receiving. I don't think making the city a more attractive destination for conventions and the hordes of visitors they bring will be a problem in the long-run for the Sox.

Agreed. To be honest nothing is written in stone as far as funding sources earmarked for the USCF except that which is written into the bond covenants. A good chunk of the "excess" revenue that was coming in from the hotel tax that was put in place to build the park was already shifted over to finance the Soldier Field renovations. Given the recent downturn in hotel tax revenue, nothing is available to finance anything. A bolstered effort toward conventions business may change that.

Jpgr91
01-05-2010, 08:09 AM
In the short run, this may hurt the Sox and development around the park, but in the long run this will probably benefit all; Chicago is hemorrhaging convention business, which is probably already hurting the amount of hotel tax revenue the ISFA is receiving. I don't think making the city a more attractive destination for conventions and the hordes of visitors they bring will be a problem in the long-run for the Sox.

Agreed. To be honest nothing is written in stone as far as funding sources earmarked for the USCF except that which is written into the bond covenants. A good chunk of the "excess" revenue that was coming in from the hotel tax that was put in place to build the park was already shifted over to finance the Soldier Field renovations. Given the recent downturn in hotel tax revenue, nothing is available to finance anything. A bolstered effort toward conventions business may change that.

My concern would be that if convention business does not return the money that has been allocated from ISFA may not return. The Solider Field renovation was a short term project that was financed in part by an increase of the hotel tax. In this case it would be almost impossible to raise the hotel tax to offset the lost revenue to the ISFA fund. As a matter of fact, I would not be the least bit surprised if the State reduced hotel tax in an effort to regain lost convention business.

ewokpelts
01-05-2010, 08:51 AM
jim thompson already said no can do, as isfa excess money is earmarked for cell upkeep. as per the sox lease.

mantis1212
01-05-2010, 09:23 AM
I read this article, and in no way does it have a source that this could happen. In fact, every person involved said "no way", "doesn't make sense", "impossible".

So why even mention it? The reporter made it up to get htis on her article.

Jpgr91
01-05-2010, 09:35 AM
I read this article, and in no way does it have a source that this could happen. In fact, every person involved said "no way", "doesn't make sense", "impossible".

So why even mention it? The reporter made it up to get htis on her article.

Its a revised article. The original article had no mention of Thompson or Gov Quinn saying it would not happen. I am sure the article posted, then they were asked for comment, and then the article was updated to include their comments. Either way, thankfully it sounds that it will not happen!

Warriorjan
01-05-2010, 09:53 AM
As I understand it, if the hotel tax revenue goes down then so does the money that comes to US Cellular, at least eventually. So we need the convention business as well. We can't stick our heads in the sand.
I'm sure if this becomes a serious option, something would be worked out with the Sox.