Cubs cleared for landmark property tax break

The Commission on Chicago Landmarks today approved a Cook County property tax break for the Chicago Cubs that could save the team an estimated $8 million in assessments over a 12-year period as a result of the team’s Wrigley Field renovation project.

Thanks to the team’s $300 million investment in rehabbing the 99-year-old Friendly Confines, the panel approved a Class L tax incentive, which would reduce the Cubs’ annual assessment to 10 percent from 25 percent for 10 years, starting when the Cubs finish their renovation plan.

In order to win Class L tax status, the team must be investing in a project that worth at least half of the assessed value of the stadium, which has been valued by an assessor at $19.2 million.

The portion of the Cubs’ renovation project that concerns “historic elements” is roughly $221 million, well above the $9.6 million required to earn the tax incentive.

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