Wrigley Field is falling apart. The Ricketts family, which bought the Cubs for $845 million in 2009, has a plan to spend $300 million of their money to renovate the 98-year-old ballpark. There will be structural upgrades, improved clubhouses, new underground batting cages, upgraded luxury suites and club facilities, more and better concessions and restrooms, and a new patio area in left field to serve the new upper deck. The Cubs also want to add new LED signage and billboards in the outfield. The classic Wrigley look will remain the same: the brick, the marquee outside the ballpark, the ivy and the old scoreboard. Cubs blog Bleacher Nation has conceptual drawings, which you can view here.
The Rickettses are prepared to spend an additional $200 million to develop a hotel across the street from Wrigley, an office building and an open-air plaza to be used for neighborhood and family activities. The open-air plaza will be developed in a triangular-shaped plot just west of Wrigley on Waveland and Clark avenues.
Neither the Cubs nor the Ricketts family are asking for a dime of public money. Instead, they expect the renovation plan to add significantly to public coffers. Julian Green, the Cubs’ vice president of communications, has said 800 new construction jobs will be created to complete the project and 1,300 new permanent jobs will be created with the new hotel, the office building and the open-air plaza. Green also estimates that, once completed, the new Wrigley complex will generate an additional $12 million in sales and property taxes for Chicago — plus an additional $3 million in sales tax for Cook County and an additional $4 million in sales tax for the Illinois. Overall, Green said the renovation will result in an additional $1.2 billion in economic activity and taxes during a 30-year period.
Sounds perfect, doesn’t it? A privately-funded stadium project that will benefit the city, county and state in the short and long term?
Not so fast.
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