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Illinois judge to oversee Chicago sports arena bid

Chicago Mayor Rahm Emanuel and Chicago sports executive director Bill Daly are set to meet Wednesday to discuss the bid for the $1.3 billion sports arena.

A formal announcement is expected Wednesday afternoon.

The meeting is part of Emanuel’s ongoing push to secure a new venue for the Bears.

The arena would sit on land that once served as the home of the National Basketball Association’s Chicago Bulls.

Emanuel has said he’d like to see a new arena built within the city, but the site of the proposed arena has not been determined.

It would be owned by a private entity that also owns the proposed Wrigley Field arena, which has struggled financially in recent years.

The Chicago Tribune reported that Emanuel is expected to propose a $500 million increase to the city’s general fund and $2 billion in additional revenue from property taxes.

He has previously said he’s willing to consider a new tax on the Bears to help fund a new stadium.

Emanuel, Daly and Chicago Council President Toni Preckwinkle have met with Emanuel, who said the meeting will be “very open and constructive.”

Emanuel, in a statement released to the Tribune, said the “situation in Chicago is a serious matter for all of us.”

“The city and its residents deserve a venue that works for the future and we are committed to finding the best site that will provide Chicago with a truly outstanding venue for our sport and for our citizens,” he said.

The Bears and the city will likely have to agree on a site, with a city council meeting scheduled for Feb. 6.

Chicago Mayor Ed Reinsdorf has said that he’d welcome any proposal that could bring new revenue to the area, though the Bears and Daly have argued that a stadium in the city is necessary for a long-term future.

The city has been in discussions with the Bears about a new facility in the past.

The team announced in July that it was in talks with the city about building a new downtown stadium.

A $1 billion deal was first reported by the Chicago Sun-Times.