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Downtown Ald. Brendan Reilly said the Central Business District has been “sucking wind” with a “collapsing tax base” and “obsolete” office buildings “built as fortresses a century ago.”
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.
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Take a look at some of these buildings. Do they they have a nice residential look sufficient to make people want to live there? And what amenities are around there? Is there a park anywhere? A grocery store? A movie theater? A McDonalds? Anything at all that looks like residential neighborhood attractions? This entire program is just piling a dumb idea on top of a collapsed neighborhood.
Wow, he actually said it out in the open: ‘“I’m not against what’s happening. I’m just against the brothers not getting a cut,” said Budget Committee Chair Jason Ervin (28th).’
Maybe figure out why businesses are fleeing Mayor Cliff Notes’ Chicago and JB the Hutt’s Illinois.
The libs can’t and won’t, as that would be self-indictment.
Hmm.. interesting how the city/ county/ state has billions for these types of initiatives, programs/ giveaways to help the underserved, but none for a CFD contract, broken down equipment, pensions etc. Very interesting.
That looks like the old Continental Illinois bank building.
Let’s put Charles Keating back to work before the community!
Actually, it looks like the older facade of the former Harris Bank building, on the Monroe Street side.
I stand corrected. Continental Illinois was located at 231 S. LaSalle.