Rahm, Cubs Nearing Deal On Wrigley Renovation
By Chuck Sudo in News on Apr 3, 2012 9:00PM
Mayor Rahm Emanuel announced Tuesday that the city is close to a deal with the Chicago Cubs where the ballclub can move forward with renovating Wrigley Field.
Emanuel wouldn't offer details of any plan, but did say that he's—all together now—looking out for the best interests of the taxpayers.
"Whatever we do to enhance the value at Wrigley Field, it will be to make sure the private owners enhance the value of Wrigley Field," Emanuel said. "I will not put my money in their field so they can take their money and invest around the field and get greater economic value."
Cubs owner Tom Ricketts has been trying for years to get the city and state to endorse a tax bond plan that would forfeit 35 years of tax profits to fund a three-to-five year renovation plan for the Friendly Confines. Gov. Pat Quinn and former Mayor Richard M. Daley rejected the plan in November 2010.
If the bond proposal was approved, it would have allowed the Rickettses to invest money into their plans to develop nightlife around the ballpark, such as the Triangle Building project and the parking lot across from Wrigley the team bought for $20 million for in December.
Emanuel has long said he wished to come to an agreement with the Cubs on a renovation plan, but has stopped short of backing the tax plan. Cubs spokesman Julina Green would only say, “We continue to have discussions with various parties, including the city, the state, county and our Wrigleyville neighbors. We know efforts like these take time and we will continue to work hard to reach a consensus.”