By Steve Rhodes
I’m just catching up now with the Tribune’s “Cubs Mean Big Business, And Big Debt, For Spring Training Home Mesa;” keep this article in mind when journalists wax about how the Ricketts family supposedly hasn’t asked the taxpayer for anything, including funding of their Wrigley Field renovation, which they actually did originally seek taxpayer subsidies for. Let’s take a look – while also remembering that this is one of the nation’s wealthiest families.
*
“When the Chicago Cubs opened spring training play [this year] in Mesa, nearly 15,000 far-flung fans packed the city’s 3-year-old stadium, celebrating the defending world champions after more than a century of shared futility.
“For Mesa, a city of 475,000 which bankrolled the $100 million ballpark to keep the Cubs from bolting to Florida, ownership in the team’s success is a source of civic pride, an economic opportunity and a major league debt.
“Much larger cities than Mesa have balked in recent years at funding sports stadiums and indeed, in Chicago, the Cubs are privately funding the $800 million renovation of their team-owned mothership, Wrigley Field, and part of the surrounding neighborhood.
“In Mesa, voters agreed to pay for the Wrigley-themed showplace in the Arizona desert more than six years ago. Full hotels, busy restaurants and sellout crowds have become the norm in March since Sloan Park opened in 2014, and on the heels of the Cubs championship last fall, the city expects sales tax revenue, tourism and its own marketability to reach new heights.
“But beyond a new upscale hotel, adjacent development has come slower than some had hoped, and while the stadium’s tax burden falls on Mesa, the economic benefit flows across the border to neighboring Scottsdale, Tempe and other Phoenix-area towns.”
Economic development always comes “slower than some had hoped” when it comes to stadium subsidies. There’s a reason for that; it’s called “economics.” The data is there. The projections are almost always fanciful – and almost always accepted with little skepticism by the media.
Remember Chicago’s Olympic bid? Now virtually everyone in public life is relieved to have lost that bid, understanding how economically disastrous it would have been. But back then, when it was important, virtually everyone in public life was onboard – including the media machine.
Read More
Posted on May 23, 2017