Cubs Seek State Aid For Wrigley Renovations
CHICAGO (WSCR) -- The Chicago Cubs' owners are asking state lawmakers to help fund more than $200 million in renovations at Wrigley Field and they're asking season ticket holders to join the effort.
In a letter to season ticket holders on Thursday, Cubs Executive Chairman Tom Ricketts said that the General Assembly is getting ready to vote on a plan that would set aside a portion of existing taxes to help pay for the renovations.
The team's plan would call for the state to set aside a portion of amusement taxes that visitors to Wrigley Field and other Chicago stadiums already pay to finance a five-year, $200 million renovation of the Friendly Confines.
"The plan is fair, simple and focused. Most importantly, it will not increase taxes you currently pay and will not create any new taxes," Ricketts wrote in the letter. "This plan will preserve the historic character and tradition of the Friendly Confines for the next generation and will enhance the Lakeview community."
Lawmakers are expected to take up the proposal during the fall veto session, but it could be a tough sell with the city and state both facing major budget deficits and Wrigley Field being seen as a cash cow for the Cubs.
But the Ricketts family is promising to spend $200 million of their own money on neighborhood development around the stadium if the plan is approved.
The Ricketts family bought the Cubs last year from the Tribune Company in a deal valued at more than $800 million.
