Q&A with Mayor Landek
Over the past six years, nearly 25 percent of the mortgage for Toyota Park has been paid. That amounts to nearly $50 million in interest and principal payments, and most of that money was generated by Toyota Park itself.
What’s interesting to note, is that Toyota Park is one of the few major public stadiums in Illinois that does not receive any subsidies from the state of Illinois. U.S. Cellular Field, the United Center, Sears Center, McCormick Place and Navy Pier all receive taxpayer assistance.
Bridgeview residents have created a world-class sports and entertainment facility, and we have done it by ourselves! Bridgeview has not asked for a "handout" for state tax money, and as the community continues to pay the mortgage for Toyota Park, economic benefits will begin to be seen.
Let’s answer a few commonly asked questions:
Q: What effect did the stadium have on property values?
A: The world-wide recession and housing crisis caused by the "price bubble" and subprime mortgages caused property values to decrease nationwide at historic rates. Despite this poor economic climate, the available data shows that home values in Bridgeview have actually maintained their value better than average, especially when viewed from a longterm perspective. While not at the historic highs seen right before the crash, home values in Bridgeview have stabilized.
Q: If home prices are steady, what is the situation with foreclosures in Bridgeview?
A: For the past 18 months, Bridgeview has had the lowest number of foreclosures compared to surrounding communities.
Q: How do home values in Bridgeview compare with other communities?
A: During the past five years, home prices in Bridgeview have shown stability in relation to our neighboring communities. The most expensive homes for the past 50 years have always been found in Palos, Bedford Park and Hickory Hills. Of particular interest is that, historically, Oak Lawn and Burbank have always exceeded Bridgeview home prices.
Q: What conclusions can be drawn from the independent data?
A: Bridgeview has surpassed other towns in historical home value over the past five years. Bridgeview has the lowest foreclosure rate in the area. Bridgeview investing in itself causes our community to be more stable and attractive during tough economic times.