A $575 million investment -- the largest investment ever by any Chicago sports team owner -- will generate $1.2 billion in net new tax revenue to the local economy over the next 30 years and no direct dollars from taxpayers will be used to support the project.
No direct tax dollars
No direct tax dollars will be used to support the improvements and additions to Wrigley Field. In fact, the Ricketts family and the Chicago Cubs are committed to investing $575 million to revitalize the park and enhance the surrounding area, which would generate $19 million in new annual tax revenue to the city, county and state.
Wrigley Field currently helps generate $81 million in tax revenue every single year for the City of Chicago, Cook County and Illinois. However, this revenue has declined in recent years. Restoring Wrigley Field is an investment in Chicago and Illinois' future -- one that will bolster tax revenue for future generations.
While not receiving any direct tax dollars, the project may benefit from the federal historic preservation tax credit program and the local "Class L" historic tax credit program. These programs, available to any historic structure under renovation, offer a tax credit based on qualified private expenditures by the property owner.
Additional commercial activity generated by the Cubs will flow into the neighborhood and further help local business establishments, creating additional tax revenue for the city, county and state.