11/16 Cubs get backing on Wrigley plan

The Cubs have the backing of some of Chicago’s and Wrigleyville’s labor officials, business and community leaders for their plan to invest a combined $400 million in Wrigley Field and the adjacent “triangle parcel.” The plan, the Cubs say, will create 1,000 construction jobs, hundreds more permanent jobs, and long-lasting economic and tax revenue benefits to the city, the county and the state of Illinois.
 
 The economic stimulus plan for renovating Wrigley Field and the land along Clark Street just west of the ballpark is estimated to generate more than $3 billion in economic growth in the next 35 years, according to the Cubs. Of that $3 billion, the plan is projected to generate $454 million in new sales, hotel, property, restaurant and personal income taxes for the city, county and state of Illinois.
 
Besides the jobs, the $200 million bonded portion of the program will be based only on the incremental growth in the amusement tax tacked onto tickets bought by fans attending games at Wrigley Field. No other fans attending games at other venues will pay.

This plan also helps the Cubs preserve Wrigley Field. Proceeds from the bond offering will be devoted to shoring up Wrigley’s infrastructure to ensure the ballpark can be preserved for the next 50 years.

The bond program will allow the Cubs owners to invest $200 million in private dollars in developing the triangle parcel of land. Also, according to the research firm Conventions, Sports and Leisure International, the combined $400 million program will immediately boost sales tax revenues for construction supplies and generate a long-term increase to the annual sales tax and property tax revenues to the city, county and state by $9 million.

– Carrie Muskat

7 Comments

Again , the season ticket holder gets the shaft if they do this. You can believe the cub fans will pay with higher ticket prices and concessions every year.

“Bleacher Tickets: $5.00″ Saw this with my own eyes, years ago obviously, but I’m not that old.

Go ahead and continue to milk the cash cow that is Wrigley Field. Some day you’ll see that it’s become something it never should have been, and the fans will vote with their feet. Ticket prices are outrageous already. I’ve been a fan for my whole life, but hanging another tax on to this albatross of a team just smacks of the ridiculous.

I’ll be spending a lot of time and money at the Kane County Cougers.

When and where will the Jim Hendry/Tom Ricketts statues be placed? I want to make sure I have enough time to take what money I was going to spend on Cubs tickets and now invest it in WELL TRAINED homing pigeons….

Is there a timeline for when the triangle parcel will be finished?

guys guys guys… you all hear tax money and freak out… i actually did the same thing until I read another article on the plan… it isn’t RAISING the amusement tax. The cubs are basically getting an advance on the tax from future contributions… The tax rate isn’t going to be raised anymore than planned already. Now I am one fan that thinks Wrigley needs a MAJOR renovation. Yeah its got history but has our history really been so amazing that we can’t get an up to date stadium? I mean we haven’t won a world series in over 100 years…. I think everything needs to be done to make it a great place for players to play and stay healthy etc….. That in turn will make the players better and make more people want to come play for the Cubs… We will still have all the history.. I will say that if the Cubs raise ticket prices too much I won’t be attending… the organization needs to learn to spend their money wisely before I pay BIG bucks for tickets… yeah that was pointed at you Hendry and Ricketts…

petrey10, I get what your saying but regardless of where the money comes from if it’s NOT from the owners then this will not sit well with a lot of people. Also, I’m not sure how updated facilities will make the players better and I have to wonder what made Soriano want to come play for the cubs? Could it have anything to do with the ridiculous 8 year contract and 130+ million dollars foolishly offered him?
Basically the Ricketts are asking for an advance loan to be repaid from taxes coming from taxpayers that patronize Wrigley field and not from us taxpayers that don’t patronize Wrigley field. Seems to be more risky for the state should (for any reason) the attendance at Wrigley suffers in the future doubtful as that may be there still is that chance and then where is the tax going to come from to pay off the loan? Maybe the Ricketts paid 200 to 300 million too much for the Cubs? Not our dillema or responsability to bail them out. You think if they paid a couple hundred million dollars less they wouldn’t be asking for this? Hardly, they are doing what shrewd business investers do and that is utilize money other than their own thereby reduing risks.

$3billion in growth? Who does these studies? I would lay money on the study taking 3million fans per year at the ballpark. If they don’t put a winner on the field that people can believe in, that ain’t gonna’ happen. I haven’t been to Wrigley in some time now, but I have heard horror stories about the drinking and fighting in the bleachers, is that true? Could you actually take your family to see a game from the bleachers?

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