ISFA's New Bid For Wrigley Does Not Include Use Of Tax Dollars
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ISFA Chair Submits New Bid To
Acquire Wrigley Field From Tribune Co. |
Illinois Sports Facilities Authority (ISFA) Chair Jim Thompson yesterday said that he has "found a way to have the state buy and renovate Wrigley Field -- a remodeling cost of 'at least $400[M]' -- with 'no taxes of any kind,'" according to Fran Spielman of the CHICAGO SUN-TIMES. Thompson: "I like my new proposal. I'm hopeful that we can reach an agreement" with Tribune Co. Thompson did not say "how the renovation could be financed without forcing the city to forfeit 30 years of sales and amusement tax growth generated by the Wrigley renovation." Thompson did say what the new plan would not include: "No PSLs. ... No sales tax. No amusement tax. No McCormick Place (restaurant) tax. No taxes of any kind" (CHICAGO SUN-TIMES, 4/30). Thompson: "I think it's a good plan, and if we can do it without taxes, the public and the fans and the legislators and everyone concerned should accept it." Thompson added that "financing would be obtained in the private sector, with no issuance of bonds by the state." Thompson added that Cubs lease payments and the "sale of partial naming rights would cover the cost of purchasing" Wrigley. Cubs Chair and Tribune Co. Senior VP Crane Kenney said he had not heard any details of Thompson's new bid, but added, "We're still interested in doing [a] deal with ISFA" (CHICAGO TRIBUNE, 4/30).
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