Value of Chicago’s tallest skyscraper, Willis Tower, falls well below Blackstone’s loan balance – CoStar

The value of Chicago’s tallest skyscraper has plunged in a recent appraisal that says the 110-story former Sears Tower is now worth far less than the $1.3 billion-plus that Blackstone still owes on it. Willis Tower’s appraised value has fallen to $1.03 billion, according to a report Thursday by Morningstar Credit. That is sharply down from the pre-COVID appraised value of $1.78 billion in 2018, when the tower at 233 S. Wacker Drive was refinanced with new commercial mortgage-backed securities debt.

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Plan to limit scope of ‘crime-free housing’ ordinances clears Illinois Senate committee – Capitol News IL

Crime-free housing ordinances in Illinois municipalities began cropping up in the early 1990s in attempts to remove violent criminals, drug dealers and nuisance tenants who frequently disturb their neighbors at rental properties. While the local ordinances have been used to achieve those goals, advocates say they are sometimes abused to apply to people who aren’t even accused of crimes, much less convicted of them.

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Why Chicago Teachers Union’s $7.3B tax hike will hurt all of Illinois – Illinois Policy

Among them is a plan to impose a 10 percent tax on digital advertising. Small businesses that rely on large advertising platforms such as Google, Meta or Amazon would face increased costs from a digital advertising tax: hitting small businesses with a tax hike, not the tech giants vilified by the CTU. It’s also legally questionable. Maryland’s similar law is already tied up in lawsuits.

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Illinois House passes bill requiring stricter police hiring practices following Sonya Massey’s murder – WAND (Decatur)

Meanwhile, separate legislation to allow Sangamon County residents to recall its elected officials is locked in the House Rules Committee. The measure would create a referendum in 2026 for Sangamon County, and residents would have the ability to vote on if they want to add recall laws locally. The proposal was originally much more expansive, with an ability for recall laws to be added for any county across the state under the same referendum process.

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Firm run by CPS school board chief interested in O’Hare concession sweepstakes, raises potential for conflict – Chicago Sun-Times

Sean Harden, CPS Board presidentChicago Board of Education president Sean Harden showed up at a recent bid conference for 108 O’Hare concession contracts, even as he works to execute Mayor Brandon Johnson’s education agenda and tries to pave the way for the mayor’s chief of staff, Cristina Pacione-Zayas, to become interim CEO of the Chicago Public Schools.

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