CHICAGO, April 15 (UPI) -- The Chicago Cubs and the City of Chicago announced an agreement on a $500 million plan to renovate Wrigley Field, the Cubs' iconic stadium.
The agreement, announced Sunday, ends years of discussions between the team and the city, and allows the Cubs to submit formal plans for rehabilitation of the 99-year-old ballpark and the construction of a nearby hotel and office building Cubs' management insists is necessary to raise money to turn the team into a contender, the Chicago Tribune reported Monday.
Additional outfield advertising signage and a large and electronic scoreboard screen are part of the proposed improvements to the stadium, the newspaper said, noting the scoreboard could impede the view from clubs on nearby residential rooftops.
A contract between the rooftop clubs and the Cubs gives the team 17 percent of the clubs' revenue, but a statement Sunday from the office of Chicago Mayor Rahm Emanuel, the team and Chicago Alderman Thomas Tunney, who played a key role in negotiations, said the Cubs "will work with the city on placement of both signs to minimize impact on nearby rooftops."
