11/16/2010 12:18 PM ET
Top labor officials, Wrigleyville business owners and community leaders back Wrigley 100 plan
CHICAGO - Top Chicago-area labor officials and Wrigleyville and Chicago business and community leaders threw their support behind the Chicago Cubs' plan to invest a combined $400 million in Wrigley Field and the adjacent Triangle Parcel because it will create 1,000 construction jobs, hundreds more permanent jobs and long-lasting economic and tax revenue benefits to the city, the county and the state of Illinois.
"This is a public/private partnership that will put people to work and preserve Chicago and Wrigley Field as a premier tourist destination for generations to come," said Tom Ricketts, Chicago Cubs chairman. "I want to thank the labor, business and community leaders who have come out today to lend their support and help us win approval of our plan to preserve Wrigley Field and create jobs. This is how economic development projects are supposed to work."
The economic stimulus plan for renovating Wrigley Field and the Triangle Parcel development is estimated to generate more than $3 billion in economic growth in the next 35 years-approximately $66 million in year one, growing 2 percent per year. Of that $3 billion, the plan is estimated to generate $454 million in new sales, hotel, property, restaurant and personal income taxes for the city, county and state of Illinois.
Support galvanized for the Wrigley 100 project and the Wrigley Investment Now - WIN Jobs - campaign because:
- Job creation: The combined public/private program will create 1,000 construction jobs for working men and women and hundreds more permanent jobs.
- User fee, no risk to state: The $200 million bonded portion of the program will be based only on the incremental growth in the amusement tax tacked onto tickets bought by fans attending games at Wrigley Field. No other fans attending games at other venues will pay.
- Preserves Wrigley Field: The proceeds from that bond offering will be devoted to shoring up Wrigley Field's infrastructure to ensure the "Friendly Confines" can be preserved for the next 50 years.
- $200 million private investment: The bond program will then allow the Ricketts family to invest $200 million in private dollars in developing the Triangle Parcel. This would be one of the largest private investments in economic development in Chicago today.
- Tax revenues: According to the research firm Conventions, Sports and Leisure International, the combined $400 million program will immediately boost sales tax revenues for construction supplies and generate a long-term increase to the annual sales tax and property tax revenues to the city, county and state by $9 million.
- Promotes tourism: The Chicago Cubs and Wrigley Field are already the third-most visited tourist destination in Chicago producing $618 million in annual economic benefit. The Wrigley 100 project would increase the annual benefit to the region by $66 million. More than one-third of Wrigley Field's attendees travel from outside of the state of Illinois.