The $232 million renovation of historic Wrigley Field will be supported by a property tax incentive approved today by City Council.

The Class L incentive, which encourages the rehabilitation of landmark properties, will reduce taxes on the 99-year-old ballpark by an estimated $8.1 million over 12 years.

The proposed renovation by Chicago Baseball Holdings LLC will update the building with modern amenities while restoring a variety of historic features that characterized the park in the 1930s. Exterior work will include the removal of non-historic facades and the installation of missing architectural details, including ironwork fencing, stucco walls and Spanish tile roofing. Construction will include a new west gate, a new restaurant space on Addison, relocation of the Waveland and Sheffield brick walls and expanded outfield bleachers. Interior work will include expanded dugouts, renovated clubhouses, improved broadcast booths and luxury suites, and a variety of grandstand repairs.

Current property taxes on the ballpark are estimated at $1.5 million annually. Annual taxes are projected at $4.2 million at the completion of the 12-year incentive period.

Built at 1060 W. Addison St. in 1914, Wrigley Field was designated as an official Chicago landmark in 2004. The proposed renovation was approved by the Commission on Chicago Landmarks earlier this year.

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