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* The Sun-Times has more on the proposed state subsidy of Sam Zell’s pending sale of the Chicago Cubs…
The 1 percent tax on downtown restaurant meals that helped expand McCormick Place could move north to the area surrounding Wrigley Field to finance either renovation of the landmark stadium or improvements in the neighborhood, officials said Monday.
Tribune Co. senior vice-president Crane Kenney, who oversees the Cubs, said extending the northern boundary of the downtown restaurant district at least seven blocks — from Diversey to Waveland — is one of several possibilities to finance stadium renovations if the Illinois Sports Facilities Authority agrees to a Tribune Co. plan to acquire and renovate Wrigley Field.
“The city and state could say, ‘Let’s leave Wrigley Field as is.’ But to the extent they do want to make improvements — and we believe there’s a real need for that — they have talked about a variety of ways, including extending the food and beverage tax to include the Wrigley Field area. Those monies would go to support bonds issued for renovation,” he said.
And then there’s this…
Another source said expanding the restaurant tax umbrella would be a way to finance neighborhood improvements tied to a $350 million renovation of Wrigley Field.
Former Gov. Jim Thompson, who chairs the Illinois Sports Facilities Authority, said he doubted that Mayor Daley would support such a plan. Daley has said that he won’t approve any tax increase to help the Cubs sell Wrigley.
posted by Rich Miller
Tuesday, Dec 18, 07 @ 9:49 am
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Its important that rich people not have to pay for things themselves. After all, if they had to renovtae their own stadiums they would not be as rich.
In fact we should just stop spending tax dollars on health care, transportation or capitol programs and just give all the money to the States wealthiest individuals.
Comment by Ghost Tuesday, Dec 18, 07 @ 10:00 am
That would be smart. The collegetown atmosphere of Wrigley Field may not have that atmosphere after the taxes.
Comment by Levois Tuesday, Dec 18, 07 @ 10:10 am
When I saw the title of this post I expected someone to pick up on the point that transferring Wrigley to the ISFA would remove it from the tax rolls — a defacto property tax increase for everyone else in the city.
WRIGLEY TAXES
Property Index Number: 14-20-227-001-0000
3600 N Sheffield Ave
Assessed Valuation 2007
Land Assessed Value 3,661,851
Building Assessed Value 4,500,156
Total Assessed Value 8,162,007
Taxes paid in 2007: $1,151,488.07
That said, and the relative unimportance of this given the state’s other crises, I do think it’s a bit much for Sox fans who won a World Series with huge taxpayer support in the form of a more profitable stadium, to complain about this idea. For my part, I’ll support it after transit operations, transit capital, road capital, and education are properly funded.
Comment by Prairie Sage Tuesday, Dec 18, 07 @ 11:19 am
Taxpayers should neither “own” (read, “subsidize”) stadiums for the benefit of privately owned teams, and they certainly shouldn’t have to pay to fix up the ones these rich welfare recipients do own. I’d like to fix up my OWN house, but dammit, I have to pay oppressive real estate taxes, so I can’t afford to do it. Wait a minute, if my entire neighborhood had to pay a .05% fuel tax for my benefit, I could not only fix up THIS house, but buy ANOTHER twice as big! Who wants to lobby for me? I give you a cut …
BARF!
Comment by Snidely Whiplash Tuesday, Dec 18, 07 @ 12:01 pm
…Total Assessed Value 8,162,007
Taxes paid in 2007: $1,151,488.07…
Interesting numbers, which would indicate that the estimated market value was just north of 24 Million if it were valued as commercial property(38%).
They got a healthy bump in taxes (about 290K more than in prior tax year) which indicated that they got dinged by the reassessment.
Now lets talk sale. If the Private sector buys it, the sales price should get embedded in the AV. If a Sports Authority buys it, I am not sure if the taxable valuation does not drop to zero.
With respect to renovations. There is no tax on Personal Property (as opposed to Real Property.) Every renovation of personal property nature will not go on any tax rolls. Rebuilding the structure will add to the market value of the property. As to whether it increases the taxable valuation is a function of the entity that owns it.
Oh to be a fly on the Assessor’s wall when those discussions take place.
The downtown Restaurant tax which is being bandied about was originally put in place because — so the polite fiction went — it would be mostly paid by out-of-towners here for conventions and entertainment in the downtown area. They got away with murder extending it as far north as they did.
Extending it to envelop Wrigley is an aberration. First, there are not many tourist joints in the area to be added. Second, it is the locals who will wind up paying for the convenience of eating at their neighborhood joint. So the bulk of the tax will come from the original district hospitality businesses, who will get scant benefit from the Wrigley renovation. The Park is now filled with people, the majority of whom — after paying for their lawn parking, etc., will head out as they always have. Little new business will be generated.
But, as they say, the fat cat lawyers and the investment bankers will get their morsels.
Comment by Truthful James Tuesday, Dec 18, 07 @ 12:04 pm
Ah yes, perhaps a Tif on top of the tax?
Here I was taught that it was the evil Republicans who supported corporate welfare. This blue state is getting weirder all the time.
Comment by plutocrat03 Tuesday, Dec 18, 07 @ 12:49 pm
There is no way that the public should finance renovations to wrigley.
The owners are perfectly capable of borrowing money themselves to pay for the renovations.
Or they can ask Schaumburg to foot the bill for a new stadium. Or Gary.
Comment by jerry 101 Tuesday, Dec 18, 07 @ 1:01 pm
Just say no to corporate welfare for Sam Zell and the future owners of the Cubs. Renovations can and should be financed by the private sector not taxpayers.
Comment by Captain America Tuesday, Dec 18, 07 @ 2:00 pm