Wirepoints’ Mark Glennon on AM560’s Morning Answer: Illinois Budget’s New Taxes Face Serious Constitutional Challenges
June 12, 2026
2 Comments
Audio and summary linked here.
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A mess of uncertainty and litigation is sure to follow.
With $162 billion more from taxpayers, couldn’t you deliver a few bond upgrades, too
The right way to say this is “After writing the $126 million loan down twice, the bank seized the northern portion of the 53 acre project.” In the next 6-9 months the other lenders will seize the rest of the space and try to sell it to a Brookfield or somebody who actually knows how to execute a project like this. Only question is, who will want it. A former industrial waste site in a failing city with no upside in sight. Developers will look at the recent CTU contract process and put Chicago at the top of the list… Read more »
Chicago & Illinois are moving in the exact opposite direction of a good place to do business. It could be years before there is a recovery.
This is really a bad sign. If a powerhouse like Sterling Bay gets in trouble, no one will be immune from the downturn.
This is why I suggest the United Center development will never happen.
What a tragedy. It truly would be a sterling site and opportunity if Chicago were in good shape.