Sears Centre On Track

Officials in Hoffman Estates, Ill., are closer to making the $60 million Sears Centre sports and entertainment facility a reality now that they’ve reached a deal with opponents who threatened to stall the project, which broke ground July 21st.

The village board approved a new agreement with added provisions to protect Hoffman Estates, which will sell $55 million in general obligation bonds to build the 12,000-seat arena, according to the Chicago Tribune. The bonds are to be repaid through revenue generated by the facility.

The deal says developers will guarantee debt service payments for four years instead of one year, outlines ways to manage construction costs in lieu of a public bidding process, and requires Sears Roebuck and Co., and Ryan Companies to supply copies of all contracts to village officials for review, the paper said.

Detractors previously said the arena was a bad idea because taxpayers would be stuck with the debt should the facility bomb.

Partners Sears and Ryan Cos., and Madkatstep Entertainment LLC still face a lawsuit filed by developer Jack Wilson, who claims they stole his idea for a similar arena in nearby Prospect Heights then squeezed him out of the deal.