CHICAGO MAYOR TO ANNOUNCE $173M BASKETBALL STADIUM

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CHICAGO — Chicago Mayor Rahm Emanuel is expected to announce sometime today plans for a $173 million, 10,000-seat arena for DePaul University’s basketball teams to be built near downtown Chicago, reports the Chicago Tribune. The basketball arena will be located near McCormick Place and be built with $125 million in public funds — $55 million in tax-increment financing and $70 million in hotel taxes, according to the newspaper. Plans also include the construction of two mega hotels on the property in the hopes of growing convention and meeting business in Chicago.

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