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CHICAGO — Mayor Rahm Emanuel now says building George Lucas’s museum on the lakefront will require five tax hikes, and more than $1 billion in borrowing from the state.

The mayor’s backup plan would demolish McCormick Place East, to make room for the museum. The lost convention space would be made up by building additional space west of Lake Shore Drive.

Emanuel wants the state to continue a 2 percent hotel tax, extend four other taxes, and provide up to $15 million a year in taxpayer subsidies.

The mayor sees his plan as a “win-win-win.”

Lucas would have to write a nearly $750 million check as well, and Emanuel would have to get Springfield to agree to the financing.

Emanuel says the project would open up 12 more acres of public land.

The original proposal called for the Lucas museum to be built in a parking lot near Soldier Field.