They havent asked for anything................................................................yet.
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| Jerry doesnt want anything more free right now....but... https://mail.chicagofanatics.com/viewtopic.php?f=34&t=95109 |
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| Author: | bigfan [ Thu Jul 23, 2015 4:52 pm ] |
| Post subject: | Jerry doesnt want anything more free right now....but... |
The owners of the United Center today released a glitzy report contending that the facility generates more than $2 billion a year in economic activity and pays $34 million annually in taxes. They insisted that they had no ulterior motive—even though the 97-page, four-color document was delivered to every elected official in city and Cook County government, as well as the Illinois General Assembly. The report, commissioned by the joint venture that owns the United Center, was prepared by consulting and accounting firm KPMG. A cover letter signed by the joint venture's two co-chairs, Chicago Blackhawks owner Rocky Wirtz and Chicago Bulls principal Jerry Reinsdorf, says the pair believes that roughly 20 years after the sports stadium officially opened, the time was right for "a comprehensive economic impact study of our building and campus." Adds the cover letter, "The privately financed UC not only serves as an economic engine for the Near West Side community, but for the city of Chicago and state of Illinois. We're proud of the impacts we've made." Related: Here's what it costs to run the United Center A spokesman denied that the report, which also was sent to Gov. Bruce Rauner and other statewide elected officials, is aimed at blocking a potential increase in the city's amusement tax or extending the partial property-tax cap that the UC was awarded in the 1980s but which expires in 2016. Chicago Mayor Rahm Emanuel has said he opposes any extension. Reinsdorf and Wirtz are not pushing for one, said the United Center spokesman, who asked not to be named. He said the report is designed to give an accurate picture of the economic impact of the UC and its importance to the local economy. According to the report, the UC itself last year "contributed" to about 8,691 jobs and $1.1 billion in economic activity in the state, with another 12,563 jobs and $973 million in economic activity coming from arena visitors. About 90 percent of those totals occurs within Cook County, with most of the money going toward wages. The average attendee at a Blackhawks or Bulls game spends $236.90 per visit, the report says. Only about $98 of that is for a ticket, with the remainder going toward restaurants and bars, retail purchases, parking and, in some case, lodging. Total taxes paid by the UC have risen quickly in recent years, the report says—in part because the Blackhawks have had more post-season success and in part because of rising tax rates. The UC's total tax tab rose from $9.6 million in fiscal 1995 to $11.5 million in 2005 and $34.3 million in fiscal 2013, the report says. Included in those totals are property taxes, which have been much more volatile because they are based on the building's income. They were $1.3 million in fiscal 1996, up to $2.9 million a year later, down to an even $1 million in 2006, and up to $3.3 million in 2013. The UC pays at least $3 million more a year in amusement taxes than does Wrigley Field, which also is privately owned, the report says, and three times as much as Wrigley in parking taxes. The report also contends that the UC, in part, acted as a catalyst for widespread redevelopment of its Near West Side neighborhood, where population has jumped to an estimated 61,000 today from 46,000 in 2000. The report hints at more growth to come, saying future, unspecified capital expenditures will add another 1,000 jobs with an annual economic impact of $142 million. That in part may be a reference to Wirtz's hope to build a large practice and youth hockey facility near the arena. Those plans have been stalled amid difficulty in acquiring needed land from parking lot operators who have been unwilling to sell. |
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| Author: | Reared on the Score [ Thu Jul 23, 2015 5:18 pm ] |
| Post subject: | Re: Jerry doesnt want anything more free right now....but... |
Still could use a CTA Pink Line stop at Madison, make that part of whatever inevitable 'deal' Reinsdorf will get for 'tax certainty' |
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| Author: | Curious Hair [ Thu Jul 23, 2015 5:31 pm ] |
| Post subject: | Re: Jerry doesnt want anything more free right now....but... |
Reared on the Score wrote: Still could use a CTA Pink Line stop at Madison, make that part of whatever inevitable 'deal' Reinsdorf will get for 'tax certainty' Agreed. If they want to develop the area and get rid of parking to do so, L access is necessary. |
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| Author: | IkeSouth [ Thu Jul 23, 2015 6:25 pm ] |
| Post subject: | Re: Jerry doesnt want anything more free right now....but... |
john oliver did a whole segment on how its more financially beneficial for an area to just dump $1bil from a plane than it is to publicly fund a sports arena. |
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| Author: | badrogue17 [ Thu Jul 23, 2015 6:28 pm ] |
| Post subject: | Re: Jerry doesnt want anything more free right now....but... |
IkeSouth wrote: john oliver did a whole segment on how its more financially beneficial for an area to just dump $1bil from a plane than it is to publicly fund a sports arena. Let them eat cake. |
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| Author: | good dolphin [ Thu Jul 23, 2015 7:10 pm ] |
| Post subject: | Re: Jerry doesnt want anything more free right now....but... |
The uc and stadium were there when that neighborhood was one of the worst in the city. Gentrification has spread from east to west in the area. Despite this, they have the balls to claim credit for changes in the neighborhood |
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| Author: | conns7901 [ Thu Jul 23, 2015 7:23 pm ] |
| Post subject: | Re: Jerry doesnt want anything more free right now....but... |
good dolphin wrote: The uc and stadium were there when that neighborhood was one of the worst in the city. Gentrification has spread from east to west in the area. Despite this, they have the balls to claim credit for changes in the neighborhood Well maybe someone will believe them and give them a tax break or money. Can;t hurt to try. |
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| Author: | bigfan [ Thu Jul 23, 2015 9:56 pm ] |
| Post subject: | Re: Jerry doesnt want anything more free right now....but... |
They havent asked for anything................................................................yet.
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