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Cubs Prepared To Erect Some Signs At Wrigley If Rooftop Owners Won't Avoid Litigation
Published August 2, 2013
SWEETENING THE POT: In Chicago, Hal Dardick reports the Chicago Landmarks Commission on Thursday "endorsed the tax relief" available to "land owners who rehabilitate historic structures." The tax break is "estimated to be worth" $8.1M. The City Council also will "have to approve" the relief to the Ricketts family. Cubs attorney Thomas Tully said that property tax payments on the ballpark even with the tax break "still will be higher after the work is done because the renovation adds value to the stadium." Tully added that the team now "pays about $1.5 million a year in property taxes on Wrigley." Dardick notes Wrigley will be "assessed at 10 percent of its value for the first 10 years after the renovation." The property in the 11th year will be "assessed at 15 percent, and in the 12th at 20 percent." The assessments come Year 13 will "increase to the full 25 percent level placed on commercial property." Cubs attorney David Reifman said that even with the break, projections show the team would pay $31.2M "in property taxes during the 12-year period" (CHICAGO TRIBUNE, 8/2).