11/15 Wrigley Field plan

About 30 union leaders and numerous business owners and residents from the Wrigley and Lakeview area will join Cubs chairman Tom Ricketts on Tuesday in support of “Wrigley Investment Now-WIN for Jobs.” Ricketts is asking the state of Illinois to help finance more than $200 million in renovations at Wrigley Field.

Last week, Ricketts said the Illinois General Assembly will consider a bill to preserve Wrigley Field. The plan will allow a portion of future city and county amusement taxes, paid entirely by Cubs fans, to be invested directly in the preservation of the ballpark. A bill is being drawn up that will be considered in the veto session.

Backers of the plan say at least 1,000 union labor jobs will
be created and as many as 500 permanent jobs would also be created in and around the Wrigley Field area.
 
The economic stimulus plan of renovating Wrigley Field and the “triangle” parcel development is estimated to generate more than $3 billion of economic growth in the next 35 years (approximately $66 million in year one, growing 2 percent per year, according to proponents).  Of that $3 billion, the plan is estimated to generate $454 million in new sales, hotel, property restaurant and personal income taxes for the city, county and state.

– Carrie Muskat