(2010-09-25) Sears Centre Boondoggle

I've driven past the Sears Centre arena/Sports Stadium in Hoffman Estates Il a couple times, and wondered what's going on.

Not much.

It opened in late-2006, and this year the developer walked away from it, so HoffmanEstates itself had to take it over and hire a management company. The action leaves Hoffman Estates responsible for the $55 million construction loan... Village officials said the arena will likely lose $1.2 million in operating expenses next year. That's about double what it lost in 2008... Officials have yet to identify a revenue source in the budget for the loan payments. Village officials have said they're trying to avoid a property tax increase but acknowledge one may be necessary to generate the $2.9 million in annual payments. That amount jumps to $3.9 million in 2016.

There have been lots of such lame Subsidy projects in the area, and it seems like they aren't done yet (Mc Henry County/Lakewood).