To: Glenn Petersen who wrote (5972 ) 3/13/2008 8:26:37 PM From: stockman_scott Read Replies (2) | Respond to of 29242 Zell should use own money, not taxes, to rebuild Wrigley: Hinz ______________________________________________________________ Editorial Crain's Chicago Business March 12, 2008 As the richest person in Illinois, Tribune Co. boss Sam Zell surely knows the value of a buck. He didn’t build a net worth of $6 billion — that figure from the March 5 issue of Forbes — by throwing away money or meekly watching while someone plucks his pocket. So, on behalf of the hardworking (and much less rich) taxpayers of Chicago, here’s a message that Mr. Zell surely can appreciate: Use your own money to rebuild Wrigley Field, and quit trying to grab ours. Here’s what’s going on. (Give us your thoughts using our new comments feature to the right. Read on further and take our poll.) As any Cubs fan can tell you, Wrigley has its charms. But modern conveniences and state-of-the-art construction are not among them. The Friendly Confines need to be rebuilt for the next century of operation, if only to keep the place from literally falling apart. But who should pay? If you or I opened a grocery or clothing store, we wouldn’t expect the government to pony up construction costs, using as a revenue source the sales taxes the store eventually would generate. But different rules oft apply in the wacky world of sports stadia. Mr. Zell is trying to use those rules to pass much of the cost of renovating his stadium on to taxpayers. Specifically under discussion is a plan to have the Illinois Sports Facilities Authority buy Wrigley from Tribune and issue perhaps $350 million in bonds to rebuild the ballpark. Former Gov. James Thompson, the authority’s chairman, is developing the plan at the request of incumbent Gov. Rod Blagojevich, who likes to take in a ballgame when he’s not too busy following the Tony Rezko trial. Some of the costs of retiring those bonds would be borne by the team, which would pay rent. Insiders say much of the rest would come from sales taxes. The city, state and other governments would continue to get what they get today from sales taxes on beer, sportswear and other items at Wrigley and on team-owned property nearby. But all or part of any increase in tax revenue from today’s level would go to the authority, which would use it to pay off the bonds. Mr. Thompson says the city, fans and team would benefit by having wider walkways, modern concession areas and improved revenue from skyboxes that could be used to lure better ballplayers. I’m sure he’s right. Winning would be nice. So would not having to duck falling chunks of concrete. On the other hand, any new improvement by any business benefits us all, to some degree. But government usually doesn’t pay for it. Mr. Thompson argues that stadia are an exception. Indeed, cities often pay the bill on grounds that keeping teams in town is in the public interest. Big Jim specifically notes that the White Sox stadium was built and is owned by the authority, that Soldier Field got lots of public dough, and that public infrastructure money was spent around the United Center. He’s right about Soldier Field. The McCaskey clan, mere millionaires, made off like bandits. But the public almost always pays for new streets and roads, as at the United Center on the West Side, where the public cost reportedly was just a million or two. And the Sox? They got far more, but the team literally was in the process of moving to St. Petersburg, Fla., when the stadium deal got put together here. The Cubs don’t have such leverage. They’re not going anywhere, and everyone knows it. Tribune or whoever buys the team — it’s for sale — is not about to destroy a consistently profitable franchise that routinely sells 3 million tickets a year by sticking it in a suburban parking lot. Mr. Zell is a lot smarter than that. His team reportedly also wants a few other things that would trouble some of us Lakeview residents, like more night games. That will set off quite a battle, too, unless fans can be persuaded to watch more baseball and drink less beer. But public financing is today’s topic. Lest I be accused of trying to browbeat a billionaire, here’s my offer: Sam, you get to spend your own money on Wrigley Field. And if you rename it Zell Stadium, I promise not to write a word in protest.