Wednesday, February 27, 2008
It Keeps Getting Worse
Remember when the politicians told us that a state purchase of Wrigley Field would cost the taxpayers nothing? Well, you know the old saying about how to tell when a politician is lying:
(Former Gov. Jim Thompson, chairman of the Illinois Sports Facilities Authority) described the arrangement as a sales tax version of tax-increment-financing (TIF). But, instead of freezing property taxes at existing levels and using the growth for business subsidies and infrastructure improvements within the district, the sales tax increment generated by the stadium renovation would be used to modernize Wrigley.
"The city would have to give up their share of sales tax increment for the next 30 years," Thompson said.
Rumors are that a tear down/rebuild would cost $300 million. No one has yet made the case of how this is beneficial to the taxpayers of Chicago and Illinois.
No one will.
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