Sunday, July 21, 2019

Sign up for our newsletter

Lightfoot’s about to make a bad bet – Editorial – Crain’s

If a casino is to serve its function—namely, drawing lots of dollars out of the wallets of out-of-towners rather than locals—then it must be located in places where visitors want to be. That means picking a location close to downtown. By those lights, the best location of the lot now being studied by the Lightfoot administration is the Michael Reese site, within a dice toss of McCormick Place. There could be even better options closer in, but none of those possibilities seem to be on the table at the moment.

Leave a Reply

Your email address will not be published.

Here’s how the ‘fair workweek’ rule would hurt us, safety-net hospitals say – Crain’s

Facilities that serve low-income patients say they won’t survive under the proposed work-scheduling ordinance unless they get additional funding.

Leave a Reply

Your email address will not be published.

Soften the blow to Chicago employers, Mayor Lightfoot – Editorial – Chicago Tribune

An ordinance scheduled for the full City Council next week will present Mayor Lori Lightfoot with an opportunity to prove she takes seriously Chicago’s business community. The council is poised to vote on an ordinance that would create new, sweeping regulations for employers by controlling how they schedule their employees’ hours. Restaurants, hotels, hospitals, manufacturers, retail stores — industries with hours that can be less predictable than those for office jobs — would be required starting in April 2020 to adhere to strict scheduling rules.

Leave a Reply

Your email address will not be published.

Potential Chicago teachers strike would come end of September at earliest – Chicago Sun-TImes

Leave a Reply

Your email address will not be published.

Todd Ricketts owes back taxes after skirting assessments on rebuilt Wilmette home – The Real Deal

Leave a Reply

Your email address will not be published.

Investing in Chicago Stocks – Motley Fool

Leave a Reply

Your email address will not be published.

‘Do you know who I am?’ Not yet, but the people of Cook County deserve to find out. – Editorial – Chicago Tribune

Cook County forest preserve police Chief Kelvin Pope resigned Tuesday, quick on the heels of a scathing inspector general report that said an official helped a county commissioner quash a $250 parking ticket for a political associate.

Leave a Reply

Your email address will not be published.

Willowbrook area community, politicians outraged over plan to reopen Sterigenics facility – ABC Chicago

Leave a Reply

Your email address will not be published.

Chicago’s Lightfoot Demands State-Taxpayer Bailout, Then Offers CTU A 5-year Contract, 14% Raise – ZeroHedge

A republication of our Wirepoints article.

Leave a Reply

Your email address will not be published.

Preckwinkle letter to Lightfoot leads to war of words over gun violence – ABC Chicago

Leave a Reply

Your email address will not be published.

Other sites still possible for Chicago casino, Lightfoot said — even downtown – Chicago Sun-Times

Leave a Reply

Your email address will not be published.

Aldermen say they’re surprised by Lightfoot’s casino site picks – Chicago Tribune

https://www.chicagotribune.com/politics/ct-chicago-casino-alermen-react-20190717-6loq765ssbhavm35sec53enh5u-story.html

Leave a Reply

Your email address will not be published.

Cook County’s forest preserve police chief has resigned, days after scathing report on a $250 parking ticket spat – Chicago Tribune

Leave a Reply

Your email address will not be published.

Takeda, Walgreens, Mondelez are moving thousands of office jobs out of Lake County. Who’s going to take their place? – Chicago Tribune

Even after years of high-profile office moves from the suburbs to downtown Chicago, Lake County’s current predicament stands out. The far north suburban county is bracing for the loss of about 2,700 office jobs by early next year, from prominent companies Walgreens Boots Alliance, Takeda Pharmaceutical Co. and Mondelez International.

Leave a Reply

Your email address will not be published.

Man murdered on Red Line was trying to stop killer from attacking another commuter: prosecutors – Chicago Sun-Times

Leave a Reply

Your email address will not be published.

Chicago International Port Considering Massive Investment Deal – WTTW

Leave a Reply

Your email address will not be published.

Lightfoot selects five sites, all on South and West sides, as possible casino locations – Chicago Tribune

City officials stressed that the casino won’t necessarily wind up at one of the five spots, which they characterized as test sites. The five are the “Harborside” location at 111th Street and the Bishop Ford Freeway, near the Pullman neighborhood; the former Michael Reese Hospital site at 31st Street and Cottage Grove Avenue; a site at Pershing Road and State Street, which is near Guaranteed Rate Field; the former U.S. Steel parcel, known as South Works, which is between 79th and 91st streets along South Lake Shore Drive; and the lone West Side site, at Roosevelt Road and Kostner Avenue.

Leave a Reply

Your email address will not be published.

South Suburban Crestwood Seeks Casino Proposals – The Street

Beyond ridiculous.

Leave a Reply

Your email address will not be published.

Cubs co-owner Todd Ricketts faces big property tax hike, even bigger bill for back taxes after Tribune review spurs new look at his designer Wilmette house – Chicago Tribune

Leave a Reply

Your email address will not be published.

Humboldt Park Alligator – Eric Allie Cartoon

Leave a Reply

Your email address will not be published.

‘Legal work … can be done in Naperville’: City services tax idea has professionals, associations on guard – Cook County Record

Leave a Reply

Your email address will not be published.

Snuff out the Peotone airport pipe dream – Chicago Tribune

Leave a Reply

Your email address will not be published.

Lori Lightfoot’s high-stakes test: Cutting a CTU deal (and paying for it) – Editorial – Chicago Tribune

Leave a Reply

Your email address will not be published.

Office vacancy rate hits two-year low – Crain’s

The driving force behind the suburban-to-urban migration—access to city-dwelling talent—is evolving as more millennials with young families embrace the suburbs, said JLL Director of Research Hailey Harrington. That gradual shift has pushed some companies to split their operations between downtown and the suburbs, she said.

Leave a Reply

Your email address will not be published.

Former Mayor Rahm Emanuel spent $600K on send-offs for himself – Chicago Sun-Times

Beneficiaries of Emanuel’s generosity — through donations made by the former mayor’s political fund — included five of Emanuel’s favorite causes.

Leave a Reply

Your email address will not be published.

Chicago Ald. Marty Quinn says federal investigators have not contacted him, despite raid of brother’s home: ‘I know what you know’ – Chicago Tribune

Leave a Reply

Your email address will not be published.

Twice rejected, Maine Township official files lawsuit to take part in pension plan – Chicago Tribune

Leave a Reply

Your email address will not be published.

Chicago inviting municipal bond industry’s buy side to town in September – The Bond Buyer

Leave a Reply

Your email address will not be published.

Chicago Teachers And School District On ‘Collision Course’ Over Staffing – WBEZ

Leave a Reply

Your email address will not be published.

Union representing special education aides, bus aides and custodians wins strike authorization – Chalkbeat

Leave a Reply

Your email address will not be published.

9th Circuit rules in favor of Trump admin in ‘sanctuary city’ case – The Hill

We've seen no analysis yet on possible impact on Chicago.

Leave a Reply

Your email address will not be published.

Mayor Lori Lightfoot promises collaborative policies to improve housing, safety – Curbed Chicago

Comment: Meanwhile, blacks are overwhelmingly the ones doing what's rational. They are leaving for places that are safer, have better schools and offer more opportunity.

Leave a Reply

Your email address will not be published.

‘Staggering’ number of children exposed to violence in Chicago; new study says kid population greater in high-homicide areas – Chicago Tribune

About 60% of Chicago’s youngest children lived in community areas where 91% of homicides took place, according to the analysis.

Leave a Reply

Your email address will not be published.

Despite residency rules, World Business Chicago VP, Wilmette school board president holds a key role in Mayor Lori Lightfoot’s orbit – Chicago Tribune

Leave a Reply

Your email address will not be published.

As neighborhood brigades patrol the streets, no signs of ICE raids in Chicago – Chicago Tribune

Leave a Reply

Your email address will not be published.

Ex-Chicago Mayor Rahm Emanuel joins ABC News as contributor The Hill

Ex-Chicago Mayor Rahm Emanuel joins ABC News as contributor

Leave a Reply

Your email address will not be published.

Massive village debt has Landek, Bridgeview homeowners on the brink – South Cook News

Village debt as of Dec. 31, 2018 had risen to $321 million, according to its Comprehensive Annual Financial Report filed July 5. That’s up from $245 million in 2014. Both numbers, for a town of just 16,335, are unprecedented.

Leave a Reply

Your email address will not be published.

Truth in Accounting report paints grim picture of Chicago’s finances, increasing taxpayers’ burden – Chicago City Wire

Leave a Reply

Your email address will not be published.

Peoples Gas can spend away, Appellate Court says – Crain’s

A recent ruling upholds the ICC's early 2018 decision that it lacked authority to slow Peoples' spending on pipe replacement, which is driving up Chicagoans' heating costs.

Leave a Reply

Your email address will not be published.

Carrie Austin grand jury also looking into family who’ve made millions on City Hall deals – Chicago Sun-Times

A federal grand jury looking into Ald. Carrie Austin’s purchase of a new home has also subpoenaed records regarding businesses connected to a family of suburban entrepreneurs whose companies have been paid more than $100 million on City Hall deals in the past 17 years.

All but one of the companies are owned by Lemont businessman Boris Nitchoff, his sons Alex Nitchoff and Constantino Nitchoff and his granddaughter Lauren Nitchoff. The other company is owned by Antonia Tienda, who city records show formerly worked as a project manager for one of the Nitchoff companies.

Leave a Reply

Your email address will not be published.

Chicago man continues legal fight to bring his ‘emotional support’ pig to parks – Chicago Tribune

Leave a Reply

Your email address will not be published.

Property taxes stunt Chicago’s house price growth – Financial Times

Leave a Reply

Your email address will not be published.

Thousands Protest Trump Immigration Policies in Chicago – A.P.

Leave a Reply

Your email address will not be published.

Black Evanstonians brainstorm reparations ideas – Evanston Now

To fund reparations, sources discussed include real estate transfer tax and water bills.

Leave a Reply

Your email address will not be published.

Glassdoor eyes 500 new jobs with Fulton Market expansion – Crain’s

Leave a Reply

Your email address will not be published.

Former alderman Zalewski hires defense lawyers as feds’ net widens – Chicago Sun-Times

While it’s not known why Zalewski is under investigation, public records show he has had recent tax troubles with the Internal Revenue Service.

While a member of the City Council, Zalewski moonlighted on the side as a lobbyist, listing himself as president of Z Consulting Group.In 2019 Zalewski was registered to lobby on behalf of the Village of Schiller Park, Wight & Co., Animal Welfare Institute, Comcast Cable Communications Management, Home Run Inn, PACE and the Village of Bridgeview.

Leave a Reply

Your email address will not be published.

Chicago Housing Commissioner: Vacant Lots Could Be Single-Family Homes – WBEZ

Leave a Reply

Your email address will not be published.

Can This Chicago Apartment Factory Make New Homes Affordable? – CityLab

Leave a Reply

Your email address will not be published.

Florida man does the craziest thing – Eric Allie Cartoon

Leave a Reply

Your email address will not be published.

Commentary: Why I won’t be teaching in CPS anymore – Chicago Tribune

Although I loved my work, I had a longing to live elsewhere. I grew up in Lockport, a small suburb near Joliet. After having my own children, I longed for a similar atmosphere, but one simple rule kept me from moving away — Chicago and the Board of Education’s residency rule that requires teachers to live in Chicago. Every other large school district in America has ended its residency requirement due to teacher shortages; every single one, except Chicago.

Leave a Reply

Your email address will not be published.

Thousands Of Cook County Seniors Overcharged For Property Taxes CBS Chicago

Leave a Reply

Your email address will not be published.

Police Pensioners Told To Come Back To Work Or Lose Their Benefits Say They Aren’t Willing Or Able – CBS Chicago

Leave a Reply

Your email address will not be published.

Lightfoot pleads for patience in weaning city off ‘addiction’ to punishing those who can least afford it – Chicago Sun-Times

Leave a Reply

Your email address will not be published.

In Scavenger Sale, Land Bank Sees Big Opportunities – WBEZ

Leave a Reply

Your email address will not be published.

CTU Threatens Teachers Strike in a Month if No Contract Completed – WTTW

Leave a Reply

Your email address will not be published.

Activists Try to Stop a Huge Chicago Development Over $1.3 Billion in Tax Incentives – Wall Street Journal

Activists are suing the city to stop developer Sterling Bay from proceeding with its Lincoln Yards development, one of the largest urban mixed-use projects in the country. They argue the city improperly handed out $1.3 billion in tax incentives as part of the deal.

Leave a Reply

Your email address will not be published.

Chicago Earns ‘F’ Grade for Fiscal Health – Truth in Accounting

Leave a Reply

Your email address will not be published.

Mayor Lightfoot vows to protect, support Chicago immigrant communities against ICE raids – ABC Chicago

Leave a Reply

Your email address will not be published.

Dramatic rise in property taxes for Cook County, Chicago’s North Side – WGN

Leave a Reply

Your email address will not be published.

Cheap eats get more expensive as a higher minimum wage forces restaurants to raise prices – Chicago Tribune

Leave a Reply

Your email address will not be published.

Illinois CPA Society comes out against professional service taxes floated by Chicago Mayor Lori Lightfoot – Center Square

Leave a Reply

Your email address will not be published.

Rosemont Mayor And State Rep. Bradley Stephens Defends Dual Taxpayer-Funded Salaries; ‘I Don’t Think … What I’ll Be Getting Is Beyond Fair’ – CBS Chicago

Bradley Stephens is one of the highest-paid mayors in the country, earning a $260,000 salary as the mayor of Rosemont, a village with a population of 4,200. Now he stands to earn another $69,000 a year as a state representative.

Leave a Reply

Your email address will not be published.

Burke used at least one ‘burner phone’ that feds didn’t know about – Chicago Sun-Times

Leave a Reply

Your email address will not be published.

Soccer team and Chicago suburb end stadium deal that failed them both – The Bond Buyer

Leave a Reply

Your email address will not be published.

A TIF to tackle the blight of … Kenilworth? – Editorial – Chicago Tribne

Leave a Reply

Your email address will not be published.

Law Prof Richard Epstein to Lead Challenge of Obama Center in Jackson Park – The Maroon

Epstein now will be co-counseling the appeal of the suit, which was dismissed by the U.S. District Court.

Leave a Reply

Your email address will not be published.

Some Families Plan To Leave Chicago After Major Property Tax Increases – CBS Chicago

Leave a Reply

Your email address will not be published.

How a Chicago Suburb Became a Center of ETFs – Wall Street Journal

How did Wheaton, a city of 53,000 people, become a hub of one of the fastest-growing segments of money management -- Exchange Traded Funds? Part of the story centers on Wheaton College, a Christian liberal-arts school founded by evangelical abolitionists in 1860. Often called the “Christian Harvard,” it is the alma mater of preacher Billy Graham. With roughly 2,400 undergraduates, the college also has produced, or has connections to, a surprising number of well-known ETF pioneers and innovators and their families.

Leave a Reply

Your email address will not be published.

North suburban landlords slapped with big assessment hikes – Crain’s

The trend is unambiguous. Assessment hikes for commercial and industrial properties dwarfed increases for homes in every township. The total assessed value for all commercial and industrial properties in the eight townships rose 89.9 percent, to $5.89 billion, versus a 16.7 percent increase, to $8.0 billion, for residential, according to an analysis of data from the Assessor’s Office.

The big disparity has shifted the tax burden from homeowners to commercial landlords. Residential properties now account for 58 percent of total assessed values in the eight townships, versus 69 percent last year, according to the analysis. Commercial and industrial properties account for 42 percent, up from 31 percent previously.

Leave a Reply

Your email address will not be published.

Chicago Pensions Are No Longer 27% Funded (It’s Now 23%) – Forbes

Leave a Reply

Your email address will not be published.

No surprise: pension woes weigh heavily on Chicago’s balance sheet – The Bond Buyer

Leave a Reply

Your email address will not be published.

Lightfoot pauses water meter installations after city finds spikes of brain-damaging lead in homes – Chicago Tribune

Leave a Reply

Your email address will not be published.

Socialists on Chicago City Council Fight for Affordable Housing, Immigrant Rights – The Intercept

"Nowhere is the [Socialist] excitement clearer than in Chicago.... They’ve already started to make a difference."

Leave a Reply

Your email address will not be published.

Immigrants In Chicago Fear ICE Deportation Raids After President Trump’s Deadline Passes – CBS Chicago

Leave a Reply

Your email address will not be published.

City Analysis: Pension Debt Grew Last Year – WTTW

Leave a Reply

Your email address will not be published.

Chicago Boosts Pension Payments, Only to See Debt Keep Growing – Bloomberg

...as we've been telling you over and over again.

Leave a Reply

Your email address will not be published.

Here’s what Pritzker’s $45B capital bill means for Chicago transportation projects – Curbed Chicago

Leave a Reply

Your email address will not be published.

The sneaky scrap yard deal Emanuel dumped on Lightfoot – Editorial – Chicago Tribune

We don’t know why Rahm’s team bent over backward for the Labkon family. We do know that a dozen City Hall lobbyists have been on the Labkon family’s payroll in recent years. We also know the family also has doled out more than $500,000 in political contributions to local politicians in recent years, including Emanuel.

Leave a Reply

Your email address will not be published.

Chicago’s pension debt overshadows improvements – Chicago Sun-Times

Leave a Reply

Your email address will not be published.

Chicago’s 2018 Consolidated Annual Financial Report

Just posted today. We will be taking a look.

Leave a Reply

Your email address will not be published.

The strike that brought teachers unions back from the dead – Vox

Vox celebrates CTU's success beyond it's role as a labor union: "Labor is a vehicle for widespread social movement."

Leave a Reply

Your email address will not be published.

Rio Olympics: Ex-governor says he paid $2m bribe – BBC

Comment: Thank goodness. Helped keep this away from Chicago.

Leave a Reply

Your email address will not be published.

Chicago facing ‘extraordinary financial challenges,’ Lightfoot says after latest audit – Chicago Tribune

Leave a Reply

Your email address will not be published.

Chicago teachers union unhappy with Lightfoot contract offer; would increase pay 14% over five years – Chicago Sun-Times

Leave a Reply

Your email address will not be published.

Navy Pier ‘chaos’ after Chicago fireworks show leaves 3 stabbed, 14 trampled – Fox News

Leave a Reply

Your email address will not be published.

City offers Chicago public school teachers 14% pay raise over five years – Chicago Tribune

Leave a Reply

Your email address will not be published.

Chicago pastor scolded by an hysterical Rep. Ilhan Omar – IL Review

Leave a Reply

Your email address will not be published.

Gunshots or fireworks? How to tell the difference – Chicago Tribune

Leave a Reply

Your email address will not be published.

Chicago Teachers’ Pension Fund Chief Investment Officer Angela Miller-May Testifies Before U.S. House Subcommittee On Diversity And Inclusion – The Street

Comment: It's nice to have more than enough money so you can put social goals ahead of rate of return.

Leave a Reply

Your email address will not be published.

Chicago Aldermen Plan To Help Undocumented Immigrants As ICE Raid Grace Period Nears End – CBS Chicago

Leave a Reply

Your email address will not be published.

‘Time is of the essence’: Waukegan starts search process for casino developer – Chicago Tribune

Leave a Reply

Your email address will not be published.

Inspector general says millions in commercial driveway permit fees slipping through city’s fingers – Chicago Sun-TImes

Leave a Reply

Your email address will not be published.

Whew – Illinois Is (Probably) Not Going To Bail Out Chicago’s Pensions – Forbes

Jane the pension actuary: "I can only repeat, again and again:  there is no solution to the woefully underfunded pensions, in Chicago and in Illinois, that does not involve benefit cuts subsequent to a 2020 constitutional amendment or municipal bankruptcy.  And the sooner Pritzker and Lightfoot figure that out, the better off we'll all be."

Leave a Reply

Your email address will not be published.

Pritzker spurns idea that Illinois can take on Chicago’s pension debt – The Bond Buyer

Leave a Reply

Your email address will not be published.

Google, UChicago Sued In “Greatest Heist” Of Patient Health Data “In History” – ZeroHedge

Leave a Reply

Your email address will not be published.

7 arrested in vandalism of ‘The Bean,’ popular Chicago sculpture in Millennium Park – USA Today

Leave a Reply

Your email address will not be published.

Chicago’s annual financial report is late – again – Truth in Accounting

State law requires the City of Chicago to publish audited financial statements within six months of the end of the fiscal year. June 30th has now come and gone, however, and Chicago hasn’t delivered the FY 2018 statements to its citizens.

Leave a Reply

Your email address will not be published.

Getting a city permit is a nightmare. It doesn’t have to be. – Opinion – Crain’s

Leave a Reply

Your email address will not be published.

Cook County official argues lawsuit against Facebook should remain in Illinois – Cook County Record

Leave a Reply

Your email address will not be published.

Lightfoot stands firm on ending aldermanic prerogative as opposition grows in City Council – Chicago Sun-Times

Leave a Reply

Your email address will not be published.

Chicago Teachers Union demands response from Lightfoot in contract talks – Chicago Sun-TImes

Leave a Reply

Your email address will not be published.

Lightfoot turns to service tax after Pritzker rules out state takeover of city pension funds – Chicago Sun-TImes

Leave a Reply

Your email address will not be published.

CTA Veteran Says He Was Forced To Retire After Blowing The Whistle On Pension Spiking; ‘I Feared Further Retaliation’ – CBS Chicago

“My union rep called me a rat,” he said.

Leave a Reply

Your email address will not be published.

New Chicago Mayor Wants State Taxpayer Bailout Of Chicago Pension Debts – ZeroHedge

A republication of our Wirepoints story.

Leave a Reply

Your email address will not be published.

Labor groups renew push for quick $15 Chicago minimum wage – Crain’s

Leave a Reply

Your email address will not be published.

“Wealthy” Chicago Households On Hook For $2 Million In Debt Each Under ‘Progressive Solution’ To Pension Crisis – ZeroHedge

A reprint of our Wirepoints article.

Leave a Reply

Your email address will not be published.

Unanswered Questions Remain After Scathing Report On Cook County Health – WBEZ

Among Inspector General Blanchard’s most significant findings: CountyCare finished the 2018 budget year owing hospitals and other vendors nearly $701 million. The backlog was so bad that some vendors cut off supplies, resulting in a shortage of pacemakers and anesthesia for surgeries, Blanchard alleges. The investigation also raised concerns about whether the county health system is shuffling money around in order to make its finances appear rosier than they really are.

Leave a Reply

Your email address will not be published.

Chicago Mayor Lori Lightfoot proposes pension handoff to state – Pensions & Imvestments

Pensions & Investments is a sister publication of Crain's

Leave a Reply

Your email address will not be published.

Illinois “deep pockets” law leaves taxpayers on hook for big settlements, despite minimal fault – Cook County Record

An overlooked story. Outrageous.

Leave a Reply

Your email address will not be published.

Urban farm in Blue Island to close amid dispute over profits from public land – Daily Southtown

Oh, what a delightful little example of the kind of thing that happens when government owns the means of production.

Leave a Reply

Your email address will not be published.

Cook County medical examiner earns international accreditation for forensic testing and forensic inspection – Daily Herald

Comment: In related news, 21 people were shot, 2 fatally, in the first 12 hours of this weekend in Chicago.

Leave a Reply

Your email address will not be published.

Homeowners Across Chicago Brace for Higher Property Taxes – WTTW

Leave a Reply

Your email address will not be published.

The Chicago Teachers Union Wants More Sanctuary Schools — Here’s What That Might Look Like – WBEZ

Leave a Reply

Your email address will not be published.

Toni Preckwinkle Op-Ed: Cook County will resist Trump’s shameful attack on the Census – Chicago Sun-Times

Leave a Reply

Your email address will not be published.

Obama Foundation fundraising down in 2018, pay for top staffers went up – Chicago Sun-Times

Contributions dropped by $68 million, but look at these salaries:
  • David Simas, chief executive officer — $641,846 in 2018, up from $614,636 the previous year.
  • Robbin Cohen, executive director — $589,971, up from $562,055. Cohen’s total pay package in 2017 was $862,055, including a onetime $300,000 bonus; she was not paid by the foundation in 2014, its first year.
  • Glenn Brown, chief digital officer — $445,807, up from $378,519.
  • Anne Filipic, chief program officer — $413,711 in her first full year.
  • Michael Strautmanis, civic engagement vice president — $305,785, up from $292,044.
  • Bernadette Meehan, chief international officer — $293,637, up from $180,048.

Leave a Reply

Your email address will not be published.

Illinois’s Biggest Casino Boss Says a Chicago Resort Is a Tough Sell – Bloomberg

Leave a Reply

Your email address will not be published.

Chicago kills off $1.4 billion of short-term debt programs – The Bond Buyer

Leave a Reply

Your email address will not be published.

Stanford report, Wirepoints president single out Chicago’s pension crisis as a worst-case scenario – Chicago City Wire

Leave a Reply

Your email address will not be published.

Mayor Lightfoot’s pension handoff proposal – Crain’s

According to knowledgeable sources in Chicago and Springfield, after weeks of preliminary maneuvering the mayor is pitching nothing less than a state takeover of the city's cash-short pension funds, which under current law will require upward of $1 billion in new city tax hikes over the next three years to reach a path to full actuarial funding. Her proposal would consolidate city pension money with smaller downstate and suburban pension funds in a new statewide system. In some cases, those non-Chicago funds are even worse off than the city's.

Leave a Reply

Your email address will not be published.

Chicago curbs short-term borrowing as mayor prepares to address fiscal woes – Reuters

Leave a Reply

Your email address will not be published.

Editorial: A Park District report exposes Chicago’s culture of petty corruption – Chicago Tribune

Leave a Reply

Your email address will not be published.

Case Shiller Index: Chicago Area Home Price Gains Rise To Bottom 25% In Rankings – Chicago Now

According to the April Case Shiller Home price indices released this morning by Dow Jones S&P CoreLogic another of the 20 metro areas tracked - Seattle - fell below the Chicago area in the rankings of year over year single family home price appreciation. This left Chicago 5th from the bottom.

Leave a Reply

Your email address will not be published.

Toni Preckwinkle reverses decision to retire — aide says she will seek third term in 2022 – Chicago Sun-Times

Leave a Reply

Your email address will not be published.

North Chicago’s AbbVie set to acquire Allergan in $63 billion deal – Yahoo Finance

Leave a Reply

Your email address will not be published.

Teens in DCFS care slept on floors of South Loop office – WGN

Leave a Reply

Your email address will not be published.

Chicago’s new demographics: ‘A third San Francisco, two-thirds Detroit’ – Curbed Chicago

Leave a Reply

Your email address will not be published.

North Side Homeowners See Property Tax Bills Rise By 11 Percent – Patch

Leave a Reply

Your email address will not be published.

‘I Am Better Than This’: Ex-Chicago Ald. Cochran Gets 1 Year In Corruption Case – WBEZ

Leave a Reply

Your email address will not be published.

Downtown, North Side homeowners in for big property tax bump this year – The Real Deal

Leave a Reply

Your email address will not be published.

‘Back Off:’ Lori Lightfoot Issues Strong Rebuke of President Trump’s Immigration Policies – NBC Chicago

Leave a Reply

Your email address will not be published.

Budget woes at Cook County health system threaten insurance program used by more than 300,000 residents – Chicago Tribune

Leave a Reply

Your email address will not be published.

Trump pushes ICE raids back 2 weeks, after slamming Chicago as a high-crime sanctuary city – Chicago Sun-Times

Leave a Reply

Your email address will not be published.

Lightfoot vows to tackle pension crisis once and for all, even if means risking her political future – Chicago Sun-Times

Lightfoot said Friday she’s willing to tackle Chicago’s “mounting, looming, all-consuming” pension debt once and for all, even if it means risking her political future. In a rousing speech at the Civic Federation’s annual civic awards luncheon, Lightfoot made it clear that Chicago needs help during the Illinois Legislature’s fall veto session to solve the problems that her predecessor left behind.

But the mayor didn’t say whether the help she was seeking would include merging city employee pension funds, a longer road to 90% funding or asking the General Assembly to empower the city to broaden its sales tax umbrella to include professional services.

“We cannot get there if we continue to lug this mounting, looming, all-consuming pension debt with us. This is our moment to solve this problem. We have to do it now. We cannot keep looking past the obvious,” she said.

Leave a Reply

Your email address will not be published.

Joking Mick Jagger shines a light on Ed Burke during Stones’ show at Soldier Field – Chicago Sun-Times

“I want to welcome Lori Lightfoot... I’m sorry Ed Burke couldn’t make it tonight,” cracked Jagger, who is the same age as Burke, 75.

Peoples Gas’ plan to replace all pipes in Chicago could cost consumers much more – Crain’s

A massive project to replace all of the natural gas pipes that run beneath the city of Chicago could leave hundreds of thousands of Peoples Gas customers paying 10 times what they do now by the time the work is finished in 2040, a new analysis finds.

Miami targets Chicago’s financial firms – Crain’s

Representatives of the Miami Downtown Development Authority arrived in Chicago this week on a four-day mission to lure Chicago firms to their sunny city. They’re particularly focused on small and mid-sized financial firms that can more easily pick up their lucrative businesses and head south, but they’ll take any firm, or those interested in simply opening a new Miami outpost. “We’re coming after Illinois,” said Miami DDA Deputy Director Christina Crespi, noting that their efforts were spurred partly by the proposed Illinois graduated income tax that would increase levies on the state’s richest residents. Florida has no personal income tax.

Where Chicago property taxes are about to soar – Crain’s

Countywide, bills should increase about 3.7 percent on average, regardless of whether the parcel involved is a home or a commercial property. But there are wide variations by region and property type.

As a result, average bills in the north and central thirds of the city will be up 11.46 percent and 11.29 percent, respectively. But in the southern third of the city, where property values have risen more slowly, the hike will be just 0.98 percent for homeowners.

Lawsuit Challenges Chicago Towing Racket After City Destroyed Disabled Woman’s Van – Reason

The city of Chicago has been hit with a second class-action lawsuit challenging its massive and massively unpopular towing program, alleging that the city fails to notify vehicle owners of the impoundment and impending disposal of their cars.

Analysis: Some early Lightfoot missteps mirror those of predecessor – Chicago Sun-Times

"Rahm Emanuel’s non-stop travel, fundraising and celebrity schmoozing was one of the biggest pet peeves about his eight-year tenure."

Chicago’s only House Republican resigns after 23 years – Chicago Sun-Times

Rep. Michael McAuliffe, the only Chicago Republican serving in the Illinois House of Representatives, on Monday announced his resignation after 23 years in office. While he did not say why he’s stepping down, McAullife called his family “the most important thing” in his life. He said he was proud to have helped to make breast cancer screenings more accessible to women, raised awareness for Hepatitis C, and improved life-saving disease screenings for newborns.

Union targets church rebuilding after fire – Oak Park.Com

God forbid that somebody tries to get their money's worth on construction costs.

Exelon’s status as renewable power force teeters – Crain’s

A major California bankruptcy could lead the Chicago-based power giant to lose most of its wind farms—and a huge solar power ranch—thanks to a decision two years ago to mortgage them for hundreds of millions.

Rep. Steve Reick: Why McHenry County benefits from state capital bill – Op-Ed – Northwest Herald

Chicago Mayor Lori Lightfoot: ‘No question’ city will need more tax money from residents – Chicago Tribune

“There’s no question we’re going to have to come to the taxpayers and ask for additional revenue. What that ask is, I think remains an open question because we’re still trying to get our arms around how big is the deficit for next year and what can we do to winnow it down,” Lightfoot said. Lightfoot has previously disputed the Emanuel administration’s $700 million estimate, saying, “It’s worse than that,” though her administration has not provided its own estimate. By 2023, Lightfoot will need to come up with nearly $1 billion in additional annual pension payments.

Lake County Forest Preserves chair calls for end to Civil War Days; resident says, ‘This has nothing we want, nor should celebrate, nor re-enact’ – Chicago Tribune

Board President Angelo Kyle said he cancelled the event in part because he wanted the district to look at other issues like global warming and climate change.

Mayor Lori Lightfoot on Violence, a Chicago Casino, Ald. Ed Burke and Budget Gap

On what the actual 2020 spending gap in Chicago is: “We’re still looking and digging into the numbers. We’re waiting to get some actuarial numbers so that we know how the actual pension funds are performing and what the projections are for the future....The number is serious, it’s going to be big … It’s north of $700 million, to be sure. But we’re also, at the same time, looking at ways in which we can make city government run more efficiently so that if we find savings, obviously that number is going to come down.”

Business leaders call for compromise on Chicago’s proposed fair-workweek law – Crain’s

The ordinance, which was to be discussed today by the City Council's Committee on Workforce Development, would penalize employers for making changes to workers’ schedule without at least two weeks’ notice.

Economic development deals risk ruining Chicago – Opinion – Crain’s

Illinois is quickly becoming a case study in how not to do economic development. State and local politicians have painted themselves into a corner where they are driving away the people and small businesses who should form the economy’s foundation with crushing tax and regulatory burdens, then making unsustainable deals to exempt a few favored companies and developers from those costs.

Casino bill puts south suburban properties in play – Chicago Sun-Times

When state lawmakers endorsed a sweeping expansion of gambling, most attention focused on the license granted to Chicago. The same bill, however, could bring two gambling complexes to the south suburbs. One would be a combined racetrack and casino — it’s being called a “racino” — that lawmakers and village officials say could be slated for the 280-acre campus of the closed Tinley Park Mental Health Center. The south suburbs also would get a separate casino license, minus the racetrack. At least three sites are being pushed for that development, and more may emerge.

Lori Lightfoot blasts One Central’s Springfield surprise – Chicago Reporter

In a brief meeting Wednesday, Mayor Lori Lightfoot blasted developer Bob Dunn for slipping authorization for $5 billion into the state capital budget for his One Central development without consulting local legislators.

Black entrepreneurs fear pot bill unfairly benefits current sellers, leaves others with just ‘a few crumbs’ – Chicago Sun-Times

Some black Chicagoans looking to get into the industry voiced concerns about those firms having months to establish footholds in the expanded marketplace and potentially dominate the industry before other licenses are doled out to grow and sell the drug.

Former Ald. Cochran’s plea: Prison hasn’t stopped corruption — so don’t lock me up – Chicago Sun-Times

“Since sending the previous aldermen to jail has not done anything to curb Chicago’s tidal wave of aldermanic corruption cases, there is no reason to think that sending Mr. Cochran to jail will,” the former alderman’s lawyer wrote to the judge.

Illinois should mix marijuana and gambling to maximize profits: ‘High, from Chicago’s casino!’ – Chicago Tribune

It’s nice to see Illinois, the state the word “corruption” visits when it wants to unwind and not feel like it’s being judged, pursue a dream of fiscal solvency by leveraging two historically incorruptible businesses: gambling and selling weed.

State delivers airport funding, casino, racetrack and more to south suburbs – Daily Southtown

Comment: $162 million in funding for road improvements and utility extensions to connect the site of the proposed South Suburban Airport to I-57 near Monee, but there's no indication from airlines that they would go there!

One Central megaproject draws fire from south lakefront lawmakers – Crain’s

Perhaps pushed by neighborhood opposition, four lawmakers who represent the South Side lakefront have written Gov. J.B. Pritzker urging him to go slow on finalizing any deal for an up to $5.1 billion state investment in the proposed One Central megadevelopment on air rights west of Soldier Field.

In a letter dated May 31—the date the General Assembly authorized state officials to negotiate a contract finalizing a One Central deal without coming back to lawmakers—Sens. Mattie Hunter and Robert Peters, and Reps. Kam Buckner and Lamont Robinson all cited strong local concerns about the size of the project, which eventually could cost $20 billion or more.

Most violent weekend in Chicago this year: At least 52 shot, 10 fatally – Chicago Tribune

At least 52 people were shot across Chicago over the weekend, the most violent of the year as summer gets underway, with a toll even higher than during the long Memorial Day holiday just a week earlier. More than half the victims were wounded during a 12-hour burst of gunfire from Friday evening to Saturday morning. At least four of the 31 people shot during that time died after attacks on the West and South sides. By the time the weekend ended, at least 10 people were dead, according to the Chicago Police Department.

Chicago’s Pension Nightmare Is Wreaking Havoc On The City’s Housing Market – ZeroHedge

An economist: “Taxes are high, the services [that taxes] pay for are terrible, and the debt load is so high, so palpably unsustainable that people have no belief that the resources can be found to turn it all around.” And we'd love to say, "Let this be a lesson to the rest of the nation" who believes that government financial problems and pension liabilities are simply "no big deal", but we're certain they're not listening anyway.

State could pay South Loop developer $5.1 billion under pending bill – Crain’s

The state of Illinois potentially will be on the hook for more than $5 billion in equity and financing costs if a provision to speed construction of a megaproject near Soldier Field is approved by the General Assembly in this weekend’s extended spring session.

Elements of the deal for the huge One Central project have been in the discussion stage for weeks,  but actual language didn’t surface until Friday afternoon, when it was included in a must-pass budget implementation bill.

House clears gambling measure that includes adding Chicago casino – Chicago Sun-Times

https://chicago.suntimes.com/2019/6/1/18648903/house-clears-gambling-measure-that-includes-adding-chicago-casino

A longtime critic takes the reins of Chicago council’s finance committee – The Bond Buyer

Leadership of the Chicago City Council committee that vets bond deals and other financial transactions is in the hands of an independent who heads the council’s Progressive Caucus, Scott Waguespack.

Cook County Assessor Fritz Kaegi’s property tax reforms stall out in Springfield – Chicago Tribune

The bill would have required large commercial property owners in the county to disclose income and expenses so his office could use the data to improve accuracy of the valuations on which property taxes are based. Other Illinois counties would have been allowed to adopt the same requirements. But the plan ran into strong opposition from business interests, trade unions and the owners of large downtown Chicago buildings.

Baby waved, smiled at men right before they killed her mother, prosecutors say – Chicago Sun-Times

https://chicago.suntimes.com/crime/2019/5/30/18645381/mom-protecting-baby-murder-

Lightfoot opposes legislation to help McCormick Place – Chicago Sun-Times

“The mayor is committed to ensuring that Chicago’s convention industry remains vibrant, and supports making investments that will enhance McCormick Place and drive new economic growth for the City of Chicago,” the statement read. “However we are concerned about this proposal in its current form, specifically the exemption favoring large venue owners, whose customer base includes visitors and conventioneers, and the potential unintended consequences for small businesses in Chicago.”

State Senate votes to expand McPier’s 1% tax boundaries to include ‘cool new restaurants’ in Wrigleyville, Logan Square and other areas – Chicago Tribune

Dining out in certain parts of Chicago would get a little more costly under a measure approved Wednesday in the Illinois Senate to help pay for a construction project at McCormick Place.

Tina Tchen stepping up fight to quash Jussie Smollett subpoena – Chicago Sun-Times

Tina Tchen, former chief of staff to former first lady Michelle Obama, in new court filings, argues the subpoena filed by retired Judge Sheila O’Brien is improper.

Chicago’s Hemorrhaging Housing Market – City Journal

For years, voters in some states have acted as if government financial problems, including massive pension debt, weren’t real. Everything would work out somehow, they seemed to believe. Take a look at Illinois and the nation’s third-largest city to see how that bet is playing out.

Lightfoot warned to steer clear of more ‘unfunded mandates’ on business – Chicago Sun-Times

Mayor Lori Lightfoot was warned Friday not to pile more “unfunded mandates” on Chicago businesses by raising the city’s minimum wage to $15 an hour or supporting a stalled ordinance that would guarantee employees more predictable work schedules.

The warning came from Aldermen Gilbert Villegas (36th) and Matt O’Shea (19th) who, in addition to being on Lightfoot’s leadership team, represent Chicago wards that border the suburbs.

The suburbs’ real estate problem – Crain’s

Corporations have shifted their offices to downtown Chicago in unprecedented numbers, and once-stylish suburban luxury homes are derided as McMansions. Affluent people now show...

From green screen computers to staff shortages, a new audit says Cook County’s property tax system needs more resources – Chicago Tribune

Despite plans for new technology, the office still relies on a green screen computer mainframe. The system’s low-quality data is so outdated that investigators can’t calculate its precise age. A new audit warns that a monumental and costly task is in store to reform the county’s troubled property tax system.

This Lawsuit Is Putting a Racial Equity Lens on Economic Development Incentives – Next City

The lawsuit could have much broader implications beyond Chicago. The co-plaintiffs, Grassroots Collaborative and Raise Your Hand for Illinois — a statewide coalition of parents who advocate for public education — are alleging that Chicago’s TIF system has subsidized projects benefiting mostly white, mostly high-income neighborhoods that don’t really need public subsidies for development.

Wirepoints founder Glennon calls reelection of CTU’s officer caucus ‘beyond heartbreaking’ – Chicago City Wire

"They teach contempt for the very economic system into which they are supposed to be teaching kids to function. They teach the most extreme brand of tribal politics to inflame racial divisions they exploit. They’ve been a blight on government at all levels by supporting machine hacks who pander to them."

Rahm Emanuel’s Selective Memory – Real Clear Politics

It was Abe Lincoln, and not Mark Twain, who liked to tell the story of the young man who, after killing his parents, sought the mercy of the court on the grounds of being an orphan. Twentieth century wags would cite this apocryphal scenario as the very the definition of “chutzpah.” Sound familiar, Rahm?

Appeals panel: Chicago residents can sue city for exposure to lead in city drinking water lines – Cook County Record

From the dissenting opinion: “The high number of potential plaintiffs, coupled with the uncertainty as to the amount of liability, could result in a flood of less important cases that would absorb resources that are better left available to those who are more seriously harmed.”

Census Bureau estimates show Chicago population declining – Associated Press

The new estimates show that most municipalities in northeastern Illinois aren’t adding residents. The newspaper says more than three-fourths lost population in the last year. Far northwest suburban municipalities such as Huntley and the village of Pingree Grove are among those growing.

A Manafort Lender’s Emanuel Ties – BGA

Stephen Calk, a Chicago banker who tried to get a Trump administration post in exchange for $16 million in loans to Paul Manafort, was indicted today.

New Mayor, New Solutions to Chicago’s Finances? Local Analysts Weigh In – Video – WTTW

Comment: Great to see Ed Bachrach included as a guest here.

New Census Data: Chicago And Most Municipalities Nearby Lose Population Again – Chicago Tribune

The majority of municipalities in the Chicago region, including the city itself, lost population last year, according to newly released estimates from the U.S. Census Bureau. After losing an estimated 7,073 people from 2017 to 2018, Chicago stands at just over 2.7 million residents. The new estimates, released in Chicago late Wednesday, show that most municipalities in northeastern Illinois are not adding residents. Of the 279 incorporated towns and cities in Cook County, the collar counties and Kendall County, more than three-fourths lost population in the last year. The average municipality in the area shrank by 0.6%.

Bill to demolish part of McCormick Place along lakefront gets labor support – Chicago Sun-Times

The bill calls for raising the bond limit of the Metropolitan Pier and Exposition Authority, commonly called McPier, by roughly $600 million, to $3.45 billion. The authority runs McCormick Place.

The expansion would be paid for, in part, by imposing a fee on ride-hailing trips.

Tina Tchen refuses subpoena about her role in Jussie Smollett case, process server says – Chicago Sun-TImes

The former chief of staff to Michelle Obama evaded a subpoena Wednesday from retired Illinois Appellate Judge Sheila O’Brien. O’Brien wants Tchen to hand over records related to her conversations with Cook County State’s Attorney Kim Foxx regarding the ‘Empire’ actor.

Chicago ranked as having the highest tax burden of any major city – Jonathan Turley

"I love my home city and worry about its future with the irresponsible policies of its leaders. However, Chicagoans clearly do not see such policies as threatening the city’s future. In the end, we receive the leaders we deserve. I just think the city itself deserves better."

Home sales slump hits 9th month, longest in almost 8 years – Crain’s

The local sales slump is the longest in more than seven years. June 2011 was the last in a string of 13 months when city home sales were down, according to Illinois Realtors data. It was also the last of 12 months of declines for the metro area.

The Chicago area’s sales decline in April was slightly larger than the nation’s. Across the country, sales were down 4.4 percent in April from a year earlier, the National Association of Realtors reported separately today.

Dear Ms. Lightfoot: Reform pensions so we can invest in struggling communities – Opinion – Crain’s

You can tell a lot about a city’s priorities by examining how government leaders spend tax dollars. Right now, Chicago unfairly prioritizes public-employee pensions above all else. That doesn’t have to be the case. Turning the tide on spending priorities will mean embracing painful, but necessary, reform. Chicago’s pensions crisis is identical to Illinois’, and both the city’s and the state’s fates depend upon an amendment to the state constitution. Even outgoing Mayor Rahm Emanuel endorsed a constitutional amendment to reform pensions in 2018, recognizing the impossible challenge of burdens such as annual 3 percent benefit increases that are insulated from economic realities.

Audit: Burke did little to detect bogus injury claims – Chicago Sun-Times

As if we needed an audit to tell us what every Chicagoan knows.

Central Loop’s luster may be lagging: Chicago’s city center faces huge office vacancies, ownership changes and new competitors – Chicago Tribune

Part of the problem is due to changing tenant preferences, competition from sparkling new skyscrapers along the Chicago River and the emergence of entirely new office markets such as the Fulton Market district. At the same time, an unusually large number of office towers on and around the LaSalle Street canyon — for decades the center of Chicago’s financial sector — are up for sale. Among properties that could change hands are the James R. Thompson Center and the Chicago Board of Trade Building.

Sony Settles Netflix Tax Debt, Ending Chicago Legal Battle – Bloomberg

The gaming division of Sony Corp. wrote a check for $1.2 million to Chicago to settle unpaid liabilities under the city’s first-in-the-nation “Netflix tax,” suggesting some tech and entertainment companies are choosing to pay instead of fight the tax regime in court.

Chicago Teacher Militancy Is Up for Reelection – Jacobin

Jacobin is a leading Socialist site. From the article: "The Chicago Teachers Union is choosing its leadership this week. A reelection of the Caucus of Rank-and-File Educators would mean a commitment to more of the militant teacher unionism that has reshaped Chicago and inspired educators around the country."

Redefining Success in Chicago – City Journal

Outgoing mayor Rahm Emanuel presents his city as a leader in police reform and crime reduction by comparing it with . . . Baltimore.

The city budget shortfall is worse than you thought – Crain’s

Outgoing city Chief Financial Officer Carole Brown is putting a number on the 2020 budget shortfall: $740 million, give or take—effectively confirming Mayor-elect Lori Lightfoot's concern that the city faces a "dire" financial situation.

Brown attributes the huge projected deficit, which is even higher than many analysts had expected, to a combination of factors, including the city’s move to quit borrowing funds that should come out of current spending, and an actual negative rate of return—yes, a negative rate of return—on pension investments in the year ended Dec. 31.

Incoming progressive aldermen lay out agenda for 1st 100 days of Lightfoot administration: ‘It’s a new day in Chicago’ – Chicago Tribune

A higher real estate transfer tax for the wealthy, immediate $15 minimum wage, community benefits agreement for Obama Center and strengthened sanctuary city law.

Lightfoot outlines ambitious agenda for her first 100 days at City Hall – Chicago Sun-Times

• Keep Chicago safe — and young people occupied — by “flooding the zone” over Memorial Day weekend. • Prepare a budget that’s certain to include painful cuts and tax increases to satisfy a $277 million spike in pension payments and a budget shortfall more “dire” than she anticipated. • Build more affordable housing to stem Chicago’s population losses. • Bring equity to an overly-punitive ticketing policy that has unfairly targeted minority motorists and forced thousands into bankruptcy. • Level a playing field tilted in favor of Uber, Lyft and Via by: dramatically increasing ride-hailing fees; imposing a New York-style cap on ride-hailing licenses; banning out-of-state motorists who have flooded Chicago streets; or, perhaps, all three. • Reform a City Council bracing for what could be its biggest-ever corruption scandal — in part, by televising committee meetings and broadening the already-sweeping powers of Inspector General Joe Ferguson. • And seat a cabinet that’s likely to include at least some holdovers from Mayor Rahm Emanuel’s administration.

Lightfoot reveals top financial team – Crain’s

Coming in at a time when the city reportedly faces a 2020 budget hole of $740 million or more will be Jeannie Huang Bennett, now CFO at Chicago Public Schools, who will hold the same post with the city. Joining her as budget director will be Susie Park, now deputy chief of the police department’s Bureau of Organizational Development.

The first two things Mayor-elect Lori Lightfoot must do – John Kass – Chicago Tribune

The first thing is to drop the public relations hammer on Emanuel’s handling of Chicago’s finances. Hammer him hard, loudly and relentlessly for his secretive ways so that he shrieks, and so that the people of Chicago know just how bad things are. The second thing is that she must leverage reform allies into Chicago City Council committee chairmanships — in the key committees of Finance, Budget and Zoning — to begin erasing the legacy of Ald. Edward Burke, 14th, the longtime former Finance Committee chairman who stubbornly clings on as the feds build their case against him.

Aldermen to be stripped of absolute power over licenses and permits, not zoning – Chicago Sun-Times

Lightfoot’s executive order will, however, strip aldermen of their veto power when it comes to licenses and permits for everything from liquor licenses, disabled parking, parades and driveway permits to alley access, signs, block parties and sidewalk cafes. Aldermen will retain their absolute power over zoning, they were told, until a broader re-write of the city’s zoning code, something that could take years.

Taxpayers on the hook – Truth in Accounting

Truth in Accounting's new analysis of the 10 most populous U.S. cities that includes their largest underlying government units.

Big City Residents Have A Much Heavier Taxpayer Burden Than They Realize – Forbes

Chicago and New York City are in the worst financial condition.

Builders are putting up fewer new houses in Chicago. Here’s why. – Crain’s

A key factor in the drop in inventory: Builders say buyers in affluent North Side neighborhoods are holding off to see how big a bite the city's next property tax increase will take out of what they can afford

Emanuel leaves behind a city flush with development, mounting problems – The Real Deal

The outgoing mayor exits with a mixed legacy on new development, property taxes and affordable housing

Young, Stupid, and Overconfident – Inc.

Chicago's irrepressible Howard Tullman unloads on the snowflakes.

Mayor Lightfoot and the machine … Part 1: Why this is the moment to reform Chicago – Chicago Tribune

"Can Chicagoans realistically hope that Lori Lightfoot becomes the mayor who cleans up  City Hall?History says no. The current times say maybe. We say yes, Ms. Lightfoot, do it."

Chicago Mayor-elect Lori Lightfoot: Day 3 in DC – WGN

Comment: Hmm, where have you heard this before about the magnitude of the fiscal crisis? “It’s much more substantial than has been socialized with the public or in the media. So we’ve got to look creatively at a range of different options," Lightfoot said.

Near Peotone, build roads for today’s needs, not for tomorrow’s dream of an airport. – Editorial – Chicago Tribune

A trove of taxpayer money has already been spent to buy up land for the day, whenever that comes, when the first spade of dirt is turned for a Peotone airport. WGN-TV reported in March that the state has spent $97 million to buy up more than 4,500 acres for an idea that has collected dust for more than two decades.

Companies raked in nearly $266M from parking meters, other city assets last year – Chicago Sun-Times

Chicago’s parking meter system raked in another $132.7 million in 2018, putting private investors on pace to reap a hefty return on their initial $1.16 billion investment with 65 years to go on the 75-year lease. The company is expected to continue to rake in an average of $60 million in annual parking meter revenues for the life of the lease.

Proposed Peotone Airport back in business? – Crain’s

Despite Emanuel's opposition, local rep Kelly enlists Madigan and other allies in a bid to get Pritzker to approve $150 million for needed roads as part of a new state capital bill.

Taxpayers need to know more before buying into One Central – Editorial – Crain’s

This city may be good at making real estate out of nothing, but until it finds a way to make money out of nothing, its elected leaders should proceed with caution on an idea to finance part of an audacious South Loop development.

Proposed One Central megadevelopment by Soldier Field seeks state funds for $3.8 billion transit center – Chicago Tribune

"A $3.8 billion transit center?"  A dumbfounded bond analyst on Twitter asked that?

Pritzker interested in South Loop megaproject – Crain’s

The governor's office says it's willing to consider a major subsidy for a proposed development near Soldier Field, but the deal is likely to be a hard sell. The statement should be helpful to Dunn's Landmark Development as it seeks to clear a lengthy series of political, governmental and financial hurdles on the project, which eventually would include more than $20 billion in residential and other high-rises plus a $3.8 billion transit center that would be developed over two decades.

Jussie Smollett doesn’t want to return to Chicago for Thursday hearing – Chicago Sun-Times

A motion filed by Smollett’s attorney Wednesday seeks to quash a request by former State Appeals Court Judge Sheila O’Brien to have the actor appear at the hearing. He lives in California now.

What Is Rahm Doing? – Chicago Magazine

As Emanuel angles for relevance in his post-political life, he seems to be hoping there’s a demand for one last defender of the neoliberalism that defined his career — a voice to warn his party against the perils of socialism.