The Illinois Sports Facilities Authority has agreed to scoop-and-toss $21.4 million in debt used to renovate Soldier Field to let beleaguered Chicago taxpayers off the hook.
The bonds that funded the $660 million Soldier Field renovation are paid off with part of the city’s hotel tax — but that financing package also assumed hotel tax revenue would grow a rosy 5.5% a year.
When it doesn’t, Chicago taxpayers are supposed to make up the difference.
That happened only once before, in 2011 — to the tune of $185,000. Mayor Rahm Emanuel complained then that Chicago taxpayers are “not an ATM” machine.