Cubs' owners want tax money to renovate Wrigley Field

November 12, 2010

By City Room and The Associated Press

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The proposal would use amusement tax dollars to rehab the ballpark.

The owners of the Chicago Cubs are looking for some cash to renovate Wrigley Field, and they're hoping taxpayers will contribute.

The Ricketts family wants the State of Illinois to help fund the Wrigley renovations. They have a plan to get $300 million in bonds from the state. The Cubs would then pay back the money using the amusement tax that's tacked on to Cubs' ticket prices.

Cubs Chairman Tom Ricketts says the financial plan is about making the fan experience better. He expects the renovations would take three to five years to complete. The Ricketts bought the Cubs from the Tribune Company last year for $845 million. The Ricketts' plan to get state funding would need approval from legislators first.