What's up with this STIF?

Thompson plan for Wrigley a disaster of Olympic proportions

March 18, 2008

BY CAROL SLEZAK Sun-Times Columnist

Jim Thompson went on WSCR radio station over the weekend to make his case for the State of Illinois buying Wrigley Field. And if I understood the former governor correctly, the Illinois Sports Facilities Authority is still hoping to push through a STIF plan to finance the park's renovation. That's STIF, as in ''sales tax increment financing.'' Or stiff, as in they'd like to rob us working stiffs.

The Illinois Sports Facility Authority, headed by former Gov. Jim Thompson (inset), would offer a financing plan for renovating Wrigley Field that likely would have taxpayers footing the bill.

Thompson, the ISFA head, mentioned that with a STIF, the state would issue bonds to pay for Wrigley Field's renovation, and pay for them with the increase in revenues generated by the renovation. And, oh by the way, the

city would have to give up its share of tax revenue growth for 30 years. Do you like the sound of any of this? Me neither.

While not technically a pyramid scheme, I can't help but think of a STIF as one. What will they think of next? Never mind, I don't want to know. I have officially reached my breaking point. I was OK with Sam Zell selling the naming rights to the park. Like it or not, it's his right. But the rest of this nonsense needs to stop.

The Sun-Times has been up front in criticizing the state ownership concept, with good reason. There is absolutely no legitimate reason for the state to become involved with Wrigley Field. The fact that the ISFA continues to push the idea is becoming increasingly worrisome. Someone -- hello Mr. Mayor and Mr. Governor -- should have nipped this notion in the bud. Apparently our elected officials have their own agendas. Apparently our elected officials also believe that we, the lowly taxpayers, are really stupid. An issue that can't be ignored

Maybe they think we're too wrapped up in the Cubs' on-the-field issues to care. Well, folks, it's time for everyone to start worrying about this particular off-the-field issue. Because no matter what they call the ballpark and no matter who is playing second base, the proposed sale to the ISFA threatens to affect the rest of us for years to come. I don't know about you, but I'm sick of tax increases, no matter what they're called or how they're disguised. And I don't want to pay one cent, directly or indirectly, toward the renovation of Wrigley Field.

Thompson, who was a guest on WSCR's ''Hit and Run'' show with George Ofman and Jesse Rogers Sunday, admitted that the issue of the park's rehab, which some experts have said will cost in the $300 million neighborhood, is a ''sticky'' one. Yet he clearly is pushing ahead with the ISFA's agenda anyway. As the interview was concluding, he asked for time to make one more point.

Calling Wrigley Field ''the iconic ballpark in America,'' Thompson warned that we need ''the cooperation of the political and business leadership'' to show the world that ''Chicago can get things done.'' Then he asked a question, which I will paraphrase: Isn't it important that we complete this sale, so it won't hurt our chances to host the 2016 Olympics?

If financing the Wrigley Field rehab is a prerequisite to securing the 2016 bid, I'm pretty sure most Illinois residents will have no problem giving up the Olympics. The sale of Wrigley Field and the mayor's Olympic dream have nothing in common, and to attempt to link the two borders on political blackmail. The Olympics arguably serve a worthy public goal. Wrigley Field is a private entity and must remain so.

Lawsuit could block sale

The craziness that the ISFA is perpetuating has brought at least one threat of a lawsuit. Self-proclaimed ''corruption-fighter'' Andy Martin, he of the failed Senate bids, has vowed to file suit to block the sale. ''I think a lawsuit would have an impact on Gov. Thompson's appetite for taking on a project like this that doesn't make any economic sense for taxpayers,'' Martin said. ''I don't wish Mr. Zell any economic harm, but I'm not inclined to see the taxpayers of the state rescue his bad investment. There are a lot of substantial investors standing in line [to buy the Cubs and Wrigley Field]. Mr. Zell is being driven by greed rather than by common sense.''

Say what you might about Martin, but he's making a lot more sense than Thompson is on this issue.

''In Illinois we have a history of insulating bad deals with unelected entities so the public is prevented from having its voice heard,'' Martin said.

You wonder what Tribune Co. was doing with its profits during all those years it owned the Cubs. Certainly not

reinvesting them in maintaining their crown jewel. Nips and tucks, maybe, but little else. Tribune Co. was not a good neighbor, and left a messy house. But that's Zell's problem now. He must not be allowed to make it ours.

Sun Times