What's funny is that there's nothing said about the tax certainty if the Bears were to buy it, a supposeded key part of AH. I get that Illinois has high property tax, but something to note and gets lost in the modern stadium convos. Publically held / minucipal stadiums have always been a key tax perk.
More critical to Indiana there, and what's not mentioned, is ancillary revenue. As much as the soldier field reno was a massive failure, the city does at least own an asset that generates revenue outside of the Bears. When Bears proposed the lakefront stadium idea they were looking to claw that back and collect all the ancillary revenue. A similar story has unfolded in KC where Chiefs will technically be tenant but get ALL revenue from all events (among other perks).
I'm guessing Indiana will offer up something similar. Which potentially puts them in the position as basically a bank IF the Bears did eventually buy back the property. However if the Bears don't have to take the option to buy it, why would they ever if they get all the ownership benefits without actually having to own?