Ricketts Strike Out on Renovation Plan - NBC Chicago

Ricketts Strike Out on Renovation Plan

New ideas include creating a TIF district for Wrigley or extending a restaurant tax



    Ricketts Strike Out on Renovation Plan
    Getty Images, UChicago.edu
    New Club: MLB and a bankruptcy judge approved the sale of the Chicago Cubs to rich guy Tom Ricketts.

    Cubs President Tom Ricketts may have to wait until next year for a win on his Wrigley renovation proposal.

    The organization's plan to use amusement-tax growth over the next 35 years to fund a $200 million renovation of the nearly century old stadium on the North Side is dead, sources told the Chicago Sun-Times Wednesday.

    Ricketts has been trying to figure a way to revamp the stadium while using some sort of public funding, such as the amusement tax growth backstopped with a 2 percent hotel tax, but city and state legislative leaders are wary of saddling tax payers with the burden of paying for the renovation if growth slows.

    Legislators told the organization to head back to the drawing board as their plans won't make it through the Fall veto session.

    Other ideas include creating a tax increment financing (TIF) district around Wrigley, or broadening the 1 percent tax on downtown restaurant meals that was used to finance McCormick Place.

    Read the full report in the Chicago Sun-Times.