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NASCAR will pay the Park District a “$500,000 permit fee, 15 percent of net commissions on concession and merchandise plus $2 per admission ticket sold,” according to the report.
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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No one with a shred of intelligence will bother with this. The spectators don’t want to be carjacked, and remember that Chicago is smollett and bubba Wallace country, no place for true NASCAR fans.
Whoever negotiated this deal for the City should be fired immediately. $500k to the Park District. That is chump change for a NASCAR event. Plus $2 per ticket sold? They will be lucky to sell 125,000 tickets over three days, which will generate what– another $250k? And 15 % of “net” concessions? Anyone in the business knows you don’t take a percent of the “net”. With administrative costs and general overhead and all the other accounting gimmicks the pros at NASCAR know about, the “net” will be peanuts. Add it all up and the City won’t get close to making… Read more »
Will they pay for the carnage inflicted by drive by’s/car jackings of spectators vehicles and the Nascar drivers? What would be interesting is cops chasing (I know no more chasing) a car load of shooters ending up in the race and the gang bangers win the race.