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SBD/April 15, 2013/Facilities
Cubs, City Of Chicago Reach Agreement For $500M Wrigley Field Renovation
Published April 15, 2013
DEAL DETAILS: In Chicago, Fran Spielman reports under the terms of the agreement, the left-field wall would be "extended outward by as much as 10 feet -- taking out a lane of parking on Waveland -- to give the Cubs more concession space and mitigate the impact of a 5,000-square-foot video scoreboard in left field." The right-field wall also may be "extended outward, taking out the sidewalk on Sheffield, to lessen the impact of an 800-square-foot see-through sign." The Cubs would be "permitted to install signage inside the landmark stadium, including an 'LED ribbon board' within the seating bowl." Compensation for the parking lane on Waveland and the sidewalk on Sheffield is "expected to be finalized during a planning process expected to produce the 'necessary approvals' by the end of the season" (CHICAGO SUN-TIMES, 4/15). The AP's Babwin & Nichols report the plan also "addresses chronic complaints about parking in the densely populated Wrigleyville neighborhood, including the addition of 1,000 'remote' parking spots that will be free and come with shuttle service" (AP, 4/15). In Chicago, Channick & Karp note Cubs VP/Communications & Community Affairs Julian Green last night "declined to speculate on the advertising revenue potential of the screen." But sources said that a screen at a ballpark like Wrigley could "generate several million dollars a year, perhaps as much as $5 million." Over 20 years, that would "represent nearly one-third of the renovation cost" (CHICAGO TRIBUNE, 4/15).