The Peoria Chiefs’ stadium development project cost $25.952 million.

Public costs for land consolidation, utility relocation and improving Jefferson Street and curving it were $8.152 million. For this, the net to the City of Peoria was $4.94 million ($3.28 million in bonds [loans] and $1.66 million [cash]). The balance came from the state of Illinois, the Peoria Area Convention and Visitors Bureau, Ameritech, and the Peoria Civic Center, which together contributed $3.212 million. Also, Caterpillar donated $1.8 million in land.

Private investors put in $16 million.

The Chiefs’ base property taxes were $32,000, which continue to be distributed to the taxing bodies, and debt service on the $3.28 million in bonds. However, certain expenses incurred by the developer were eligible to be reimbursed from the property taxes they pay, so they have been reimbursed an additional $1.89 million. Therefore, the investors’ contribution has been about $14.1 million (the $16 million minus the $1.89 million).

“The cost of studies, financing costs [and] legal expenses … are all eligible to be reimbursed from the property taxes that they currently pay, which are $301,000,” said Peoria City Manager Patrick Urich. “So the site of the stadium paid $32,000 in property taxes. It now pays $333,000 – $32,000 to the taxing bodies and $301,000 into the TIF [Tax Increment Financing] fund; $150,000 annually is reimbursed to the developer, and $150,000 annually pays off the City debt service on the infrastructure improvements.

“Once the bonds are paid off in 2023, the TIF will end and the whole property-tax increment will go on to the tax rolls,” Urich added.

Also, Urich and Chiefs president Rocky Vonachen both estimate annual attendance at about 200,000. So the city’s additional revenue generated by the sales tax and the [municipal] hotel/restaurant/amusement tax from the Chiefs’ 70 home games would break down thusly:

Sales tax: Assuming $7.50 per person is spent on concessions would result in $1.5 million in gross sales, meaning another $37,500 annually (2.5%).

Amusement tax: At about $7 a ticket, about $28,000 would be generated annually (2%).

Restaurant tax: Assuming that $7.50 per person spent on concessions and the resulting gross sales of $1.5 million, another $30,000 would be generated yearly (2%).

“This would mean roughly $95,000 in amusement, restaurant and sales taxes annually,” Urich said. “With sales in the retail shop, there is likely more dollars for sales taxes on shirts and hats. This also does not include any dollars spent at other restaurants or the hotel rooms for any visiting teams, etc.”