Conservative Billionaire Looking To Slam Obama Wants Big Government Subsidies
Ameritrade founder and Chicago Cubs owner Joe Ricketts, who considered and then rejected a proposal to hire “extremely literate conservative African-American” to paint President Obama as a “metrosexual, black Abe Lincoln” is demanding a huge taxpayer subsidy to renovate Wrigley Field. The redo price tax is $300 million.
…half would come from $150 million or so in bonds to be retired with increased revenue from the existing city and Cook County amusement taxes on ticket sales. Specifically, debt service would get the first 6 percent in growth above a base level of around $15 million a year now.
But it’s a little more complicated than that.
The team also wants a 50 percent cut of any increase in amusement tax revenue growth above 6 percent. And unlike the bonds, which would be retired in 30 or 35 years, that would be forever.