CHICAGO (CelebrityAccess MediaWire) — The outer-Chicago village of Hoffman Estates, Illinois, is still trudging ahead with the $60 million Sears Centre despite the warnings from opponents that the project is a bad idea. The developers cleared a major hurdle on March 21, when the Village Board approved the feasibility study for the arena, showing that they have faith that the venue will turn profits for the area.
The study concluded that after covering operating expenses and debt repayment, the facility could show profits of between $1 million and $2 million per year, based on hosting 135 events annually.
A few obstacles do remain, however.
Prior to groundbreaking, Sears Centre operator Steve Hyman must show proof in the form of ad sales, concession contracts and event bookings of $5.34 million in commitments to use the facility.
“We would anticipate meeting that requirement within the next 60 days,” Hyman told the Chicago Tribune.
The Village Board must also approve the construction budget for the prject and the different types of insurance that must be obtained before construction begins. There are also loan and development agreements between the village and the developers that have to be completed. –by CelebrityAccess Staff Writers