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Here's the Wintrust story from Wikipedia. Financing from several sources, including naming rights, and locating it adjacent to McCormick Place justified city funding tied to the construction jobs and permanent jobs (always BS) and revenue to be gleaned from conventions using it for major events.
Note this part of the story illustrating how Chicago always lets the ends justify the means: "The decision for public participation in the funding of DePaul's athletic facility was controversial because it was announced six days prior to the Board of Education's decision to close 50 public schools due to a $1 billion deficit."
Wintrust Arena under construction in August 2016
On November 16, 2015, Chicago Mayor Rahm Emanuel, officials from DePaul University and McCormick Place attended the ceremonial groundbreaking for the center.[17][18] At the time of the groundbreaking, the construction was expected to result in a 10,000-seat venue at the corner of Cermak Road and Indiana Avenue and expected to be completed at some time in 2017.[19] At the time, the DePaul Athletics department expected the 2017–18 DePaul Blue Demons to be able to host their season opener at the venue,[20] but the venue was expected to double as an events center for McCormick Place.[18] The Center was expected to create 7,400 construction jobs and 2,500 permanent jobs.[18]
The city issued a "new construction" building permit to McPier on March 23, 2016,[21] for the full building. Previously issued permits allowed the construction of foundations and shear walls.
Note this part of the story illustrating how Chicago always lets the ends justify the means: "The decision for public participation in the funding of DePaul's athletic facility was controversial because it was announced six days prior to the Board of Education's decision to close 50 public schools due to a $1 billion deficit."
10,000-seat plan
Upon announcement, ESPN reported the expected cost of the 10,000-seat arena, located on Cermak Road between Indiana and Prairie Avenue, across the street from McCormick Place was $173 million.[8] The funding came from three sources: $70 million from the university, $70 million from a McPier bond fund, and $33 million from public taxes (i.e., $103 million from public funds).[8] It was built to host concerts, conventions, and other events in addition to DePaul Basketball games.[12] As the building approached completion, its capacity was announced as 10,387 seats for basketball.[2]Funding
The decision for public participation in the funding of DePaul's athletic facility was controversial because it was announced six days prior to the Board of Education's decision to close 50 public schools due to a $1 billion deficit.[13] When the Chicago City Council approved funding on July 24, 2013, the Chicago Reader reported the vote as though money was taken from the schools and spent on the arena because the spending plan included $68 million in budget cuts for the Chicago Public Schools.[14][15] The Chicago Tribune revealed that the land for the project had not yet been acquired four days after the City Hall funding vote.[16]Construction
Wintrust Arena under construction in August 2016
On November 16, 2015, Chicago Mayor Rahm Emanuel, officials from DePaul University and McCormick Place attended the ceremonial groundbreaking for the center.[17][18] At the time of the groundbreaking, the construction was expected to result in a 10,000-seat venue at the corner of Cermak Road and Indiana Avenue and expected to be completed at some time in 2017.[19] At the time, the DePaul Athletics department expected the 2017–18 DePaul Blue Demons to be able to host their season opener at the venue,[20] but the venue was expected to double as an events center for McCormick Place.[18] The Center was expected to create 7,400 construction jobs and 2,500 permanent jobs.[18]
The city issued a "new construction" building permit to McPier on March 23, 2016,[21] for the full building. Previously issued permits allowed the construction of foundations and shear walls.
