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the_archfiend) wrote2010-11-13 01:55 pm
You're kidding, right? (Part Deux)
It turns out that the Ricketts/Cubs-inspired deal to rehab Wrigley Field and the nearby area has a few more reasons why its a really, really bad idea. From the Chicago Sun-Times:
Sources said the Cubs' financing plan calls for a 2 percent hotel tax to backstop the Wrigley bonds when bonds used to finance Soldier Field and U.S. Cellular Field are paid off.
Bonds for the Cell will be paid off in 2021. Soldier Field bonds will be retired in 2031. If amusement tax growth is not great enough by then to retire the Wrigley bonds, the Cubs intend to borrow from the hotel tax and pay it back by extending the life of the bonds.
Think that's stupid? Get a load of this related caveat:
That could force the city and state to forfeit amusement tax growth for even longer than 35 years.
But here's the catch: If the Cubs move to the head of the line, the Bears and Sox could be deprived of the money they may need to complete stadium renovations.
"They're assuming we won't need any major work at Soldier Field and U.S. Cellular Field. These are assets of the state and city that need to be upgraded," said a source familiar with the deal.
"Twenty years from now, the Bears may say, 'For us to stay, we need this and this.' ... The Cubs are saying, 'When the bonds run out, it'll go to us. The hell with you.'"
In other words, it's not merely a transaction apparently designed to rob people in order to pay Paul: it's a transaction designed to rob Peter and Jim and Louie to pay Paul. Astounding.
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