Suffredin- An Advocate for All of Us  
 

Accountability
Forest Preserves
Public Safety
Cook County Budget
Forest Pres. Budget
Property Tax Appeal
Health & Hospitals
Land Bank Authority
Policy Resolutions
Unsung Heroine

 

   
 
   
   
 
   
     
  Office phone numbers:  
   
 
 

The Cook County Code of Ordinances are the current laws of Cook County.

   
 

Search current and proposed Cook County Legislation in Larry's exclusive legislative library.

   
  Cook County is the second most populous county in the nation. It is the 19th largest government in the U.S.
   
     
     
     



Wrigley rebuild deal getting close, but not done

Tuesday, April 03, 2012
Crain's Chicago Business
by Greg Hinz

The city and the Chicago Cubs are getting close to a long-awaited deal to rebuild Wrigley Field, but other parties — notably Cook County and the state of Illinois — are not yet aboard.


That's the real bottom line in the wake of comments by Mayor Rahm Emanuel at a non-Cubs-related news conference earlier on Tuesday. The mayor said the parties are "in the final stages" of reaching a deal.


Insiders who would know say what's under discussion is similar to what has been considered for a while: a roughly $300 million to $500 million project to rebuild the aging ball field and perhaps to fund construction of a new multiuse structure immediately to Wrigley's west.


The Cubs ownership group headed by Tom Ricketts reportedly would pay more than half of the cost of the reconstruction, with the city chipping in some proceeds from its amusement tax, plus perhaps some other innovative financing.


Among other financing options that insiders say have been discussed: imposing some kind of extra game-day sales tax or hotel tax surcharge in the Wrigley Field area to funnel Cubs-generated revenue back to the field. That could be quite controversial among Lakeview-area politicians.


The amusement tax subsidy would work much like a tax-increment financing district. Proceeds beyond a certain specified level would go not into city coffers, but to pay off construction bonds — perhaps with a guarantee from the team that a minimum amount would be collected every year.


The county also might put in some proceeds from its amusement tax, and the state would contribute a historic preservation tax credit. But those talks are not nearly as far along, sources close to the team and City Hall confirmed.


The state's role likely would involve the Illinois Finance Authority. Sources said it could actually buy and lease back the field to the team, issuing tax-exempt bonds to finance the construction.


Mr. Emanuel and Mr. Ricketts have not talked directly in recent weeks. Instead, negotiations have been handled by city Chief Financial Officer Lois Scott — reportedly with some involvement of friends of the mayor from the investment banking world.

Those talks "are proceeding," the Sun-Times and Tribune reported today and sources confirm to me. But they're not completed yet, and Mr. Emanuel told reporters he won't have anything to announce until "I'm ready. All the pieces have to fit together."


Crain's and other outlets previously had reported that Mr. Emanuel, a longtime Cubs fan, has been talking with team owners and wanted to do a deal.


Former Mayor Richard M. Daley also was interested in doing something but backed off when the recession hit, amid fears that it might look like a cash-strapped city was spending tax funds on wealthy business owners.


One source close to the matter said the recent talks had been jump-started both by Mr. Emanuel's heavy focus in his first year in office on economic development and by the fact that Wrigley actually generated less amusement tax for the city last year than it had in previous years.


That was a sign of a bad baseball season for the Cubs, but arguably also signals that the Wrigley Field cash post needs some plumping if it's to continue contributing big money to the city treasury.




Recent Headlines

Beekeeping Behind Bars: Inmates Raise Bees at Cook County Jail
Friday, June 14, 2019
WTTW News

Court rules county retirees entitled to health care no matter who last employer was
Thursday, June 13, 2019
Chicago Sun-Times

Prevent Illinois from being the next ground zero for measles
Thursday, June 13, 2019
Crain's Chicago Business

At Cook County Jail, Inmates Relax Their Minds, Bodies With Yoga
Thursday, June 06, 2019
Prison Mindfulness Institute

Illinois Dept. of Revenue Releases Final 2018 Cook County Equalization Factor
Thursday, June 06, 2019
JD Supra

Skokie drops recent proposal to opt out of Cook County minimum wage ordinance
Wednesday, June 05, 2019
Chicago Tribune

JAMA examines rising drug costs • CVS' ambitious transformation • Cook County extends Medicaid contract
Wednesday, June 05, 2019
Crain's Chicago Business

DCFS says nonprofit misused taxpayer dollars, demands repayment of $100K
Wednesday, June 05, 2019
Chicago Tribune

Cook County judge, ripped for ‘insensitive’ racial comments, dumped from bench
Wednesday, June 05, 2019
Chicago Sun-Times

Cook County Offers Low Cost Rabies And Microchipping Clinic
Wednesday, June 05, 2019
Patch

Masturbating Cook County Jail inmates could cost taxpayers $2 million-plus in legal fees
Tuesday, June 04, 2019

New training and protocols needed at Cook County, task force says after sexual harassment scandal
Friday, May 31, 2019
Chicago Tribune

Cook County assessor's tax reform bill skids in Springfield
Friday, May 31, 2019
Crain's Chicago Business

Cook County Assessor Fritz Kaegi's property tax reforms stall out in Springfield
Friday, May 31, 2019
Chicago Tribune

The North Shore Mosquito Abatement District has found the first mosquitoes to test positive for West Nile virus in the District this year.
Wednesday, May 29, 2019
Special to suffredin.org

Cook County to Address Perinatal Health Disparities with $4.8M Grant
Friday, May 24, 2019
WTTW News

Audit Recommends Ways To Overhaul Cook County Property Tax System
Thursday, May 23, 2019
WBEZ News

Cock-a-doodle-deferred? After ‘urban farmers’ cry foul, county tables rooster ban
Thursday, May 23, 2019
Chicago Sun-Times

From green screen computers to staff shortages, a new audit says Cook County's property tax system needs more resources
Thursday, May 23, 2019
Chicago Tribune

Measles Exposure Reported in Chicago
Monday, May 20, 2019
WTTW News

all news items

Paid for by Larry Suffredin and not at taxpayer expense. A Haymarket Production.
^ TOP