-- Connecting the dots between our economy, government and business --
The conversion of 79 W. Monroe is a $64.2 million investment and is expected to create at least 75 construction jobs, according to officials. In October, City Council approved $28 million in tax increment financing for the project.
Summary and audio linked here.
Chicago’s political leadership is floating a pension buyout program as evidence it is seriously addressing the city’s thirty-six-billion-dollar unfunded pension liability, but Mark Glennon, founder of the Illinois policy research organization Wirepoints, said that the proposal moves debt from one column to another rather than reducing it, and that the broader fiscal picture facing the city continues to deteriorate across every measurable dimension. Audio here.
Expect no retraction or apology. This what they do.
The state’s existing buyout program for its own pensions is the precedent for Chicago, which should be a warning: Look out for similar exaggerated claims and shoddy analysis.
Full interview and summary linked here.
SIGN UP HERE FOR OUR FREE WIREPOINTS DAILY NEWSLETTER
Downtown Cabrini-Green?
So, this is part of revitalizing downtown Chicago. Got it.
City’s subsidizing project for $28 mill for 117 apartment units. Or $28 mil /117 units = $239,316 a unit!!! If the $28 mil is funded through Brando’s $1.25 bill—“Build Back Better Bond” to be paid back by chump taxpayers at confiscatory rates, who knows, maybe the per unit subsidy is actually double the $239gs per unit? But one things is for sure–Brando & crew don’t care!!!