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Members of the Illinois International Port District board unanimously voted down a proposal to negotiate a master lease with Savage Services, a transportation and logistics company based in Midvale, Utah. It amounted to an about-face for an agency that in March selected Savage as its preferred bidder for the job of revitalizing operations.
Board Chairman Michael Forde said the mayor’s office voiced its objection and members agreed as a courtesy. “The mayor’s office was of the opinion that this was not in the long-term interests of the port,” Forde said.
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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