-- Connecting the dots between our economy, government and business --
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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Naperville?!?!
NAPERVILLE?!?!?!?!
Pardon me as I laugh my @ss off at the idea of the squishy headed liberals that live in Naperville building a football stadium for Da Bears. Exactly WHERE in Naperville are they going to build a football stadium and massive parking lots? There isn’t a square inch of the damned city that doesn’t have a house, apartment, townhome, school, or store built atop it. What gets bulldozed to make space for a stadium?
Shaking my damned head.
I’m sure there are near vacant office parks that could be purchased cheaper than the $200,000,000 they paid for the Arlington Heights property if they just wait a little bit longer. That Arlington Heights property is also well suited for residential. 2 Overlook Point in Lincolnshire, a 300,000 sq foot building (and land/parking lot), just sold for $2,900,000. There’s quite a bit of nearly vacant, and vacant, office campuses right off of I-88 that banks will be almost giving away. The Bears only need a fraction of the acreage of Arl. Hts. offers, they want to build an entertainment complex;… Read more »
As I said six months ago, an AH deal with the Bears will never happen. Infrastructure costs are astronomical at that site with no government body financially capable of paying for them. There is no market whatsoever for the office or other commercial development the Bears are counting on in this economic environment. Interest rates will stay high for the next five years and that will kill almost every financing opportunity. The Bears are cheapskates and won’t pay for diddle. And there is no public appetite for subsidizing a multi billion dollar business with unpopular owners. The AH public officials… Read more »
Interesting take. You might be right. I’ll admit I’m a bit starry eyed about them moving to AH too but the cost would be astronomical.