* No surprise. The Cubs’ Wrigley Field proposal is dead, at least for now…
The Cubs’ plan to use 35 years’ worth of amusement-tax growth to finance a $200 million renovation of Wrigley Field — and back-stop the bonds with a 2 percent hotel tax — is dead, sources said Wednesday.
The setback for a plan the Cubs had hoped to ram through the state Legislature’s fall veto session has sent team officials back to the drawing board to search for alternatives that might include creating a tax-increment-financing (TIF) district around Wrigley.
Another possibility is to broaden the boundaries of a 1 percent tax on downtown restaurant meals used to finance McCormick Place. That tax currently extends as far north as Diversey. […]
John Patterson, a spokesman for Senate President John Cullerton (D-Chicago), added, ‘’Bond counsel has had technical issues with the financing of the backup plan. … If that issue can be resolved in the coming weeks, it could be called in January. If not, it will be revisited as we head into the new session.'’ […]
Another source said legislative leaders have told the Cubs to ‘’come back with a plan with a different backup that does not include the hotel tax. … It may involve a combination of things,'’ including a historic preservation tax credit.
* Things just haven’t been going well for the Ricketts family these days. Operating Engineers Local 150 set up a picket line recently to bring attention to the team’s use of non-union labor…
The team eventually settled with the union.
- the Dark Horse - Thursday, Dec 2, 10 @ 9:39 am:
Bush Turf? What does that mean?
- jerry 101 - Thursday, Dec 2, 10 @ 9:41 am:
Here’s an idea that John Cullerton might consider running by Tom Ricketts to cover his financing needs.
Tom Ricketts could go to a bank, perhaps an investment bank like Incapital, LLC (conveniently enough, Tom Ricketts is the CEO of Incapital), and put together a corporate bond package and sell it to private investors. Then, he could use the money to finance the improvements at Wrigley Field.
The Free Market can go about determining if the Cubs are a worthy credit risk and can determine what kind of interest rate the Cubs should pay on the bonds.
- Rich Miller - Thursday, Dec 2, 10 @ 9:55 am:
Bush Turf refers to the club’s use of non-union labor to replace the field’s sod.
- Due Diligence - Thursday, Dec 2, 10 @ 9:57 am:
Why is it now, after all the “due diligence” performed during the bid process, that the Cubs owners say that they can’t afford to upgrade the park? “No option B”? What a joke.
- shore - Thursday, Dec 2, 10 @ 10:03 am:
when do white sox fans start posting on this blog entry comparing this botched exercise to the teams performance the last 102 years?
- Rich Miller - Thursday, Dec 2, 10 @ 10:05 am:
shore, they have been doing just that for a while now.
- the Dark Horse - Thursday, Dec 2, 10 @ 10:47 am:
Thanks Rich. I still wonder how they got the name “bush” turf, but maybe that would be best left alone.
- wordslinger - Thursday, Dec 2, 10 @ 10:57 am:
Dark Horse, a “busher” is a minor leaguer, out playing in the small towns, out in the bushes, a bush leaguer.
It’s a universal insult in the MLB — unprofessional, small-time. Showing up a teammate for making an erros (a la Carlos Zambrano) is bush. Admiring a long home run (a la Alfonso Soriano) is bush. Not running out a ground ball (a la Aramis Ramirez) is bush.
In the Cubs case, those are some very expensive bushes.
- hisgirlfriday - Thursday, Dec 2, 10 @ 12:51 pm:
So was it “bush” non-union labor that broke the Harry Caray statue?
- x ace - Thursday, Dec 2, 10 @ 1:00 pm:
Dodger jacket guy oughta be thumped.
- Aaron - Thursday, Dec 2, 10 @ 2:01 pm:
The picket line, real big story Rich.
- Rich Miller - Thursday, Dec 2, 10 @ 2:14 pm:
Aaron the Cub apologist strikes again. lol
- Tom Joad - Thursday, Dec 2, 10 @ 3:08 pm:
Tom Ricketts called this a “no brainer” when he announced it. He was right. Next time he should use some brains before he tries to fleece taxpayers again.
- Anonymous - Friday, Dec 3, 10 @ 2:17 pm:
“Bush Turf” was the name of the company the Local was on strike against — they were the contractor. By federal labor law, their name has to go on the picket sign. They happened to be working at Wrigley Field, so that’s where the union set up the picket.