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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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I know – let’s spend the $2.2 billion and renovate-n-repurpose Soldier Field as a glass-roofed homeless-n-illegal alien sanctuary-n-out of state abortion seeker hospitality shelter. Perfect for it, really. Got lots of public transportation options, plenty of bathrooms, and it’s ADA handicapped accessible. Replace the seats with fold-down benches that work as beds. The skyboxes will work fine as places for the progressive “we’ve got this all figured out” Woke/Dem social “happy warriors” to set up their offices and outreach centers. Plenty of food service facilities that can be used to keep everyone fed, and people who don’t want to sleep… Read more »
I have to admit the City will have to do something with that expensive property and while you solutions may not be something to brag about in polite society they do, in fact, offer a solution to the problem.
What’s in the rear view mirror Bears management is looking at?
Soldier field is dead and so is the Chitty of Chicago. In 5 years no one will want to go to it.
I don’t think it will take five years.
Does Lightfoot’s “adaptions to Soldier Field” include what’s on the Bears wish list? That being a “new state-of-the-art stadium … with a dome” and “a large-scale entertainment district”? And if so, just how much will these “adaptions” cost the taxpayers?
The soldier field renovation cost is estimated at $2.2 billion.
Glass dome
70k seats
Increased private suites
There is a video out there showing the upgrades.
Use pension funds to do it.
Nah. Lots of other money out there. Plenty of taxes to be raised as the Chicago Civic Committee has pointed out. Their report showed that they weren’t worried about too many people leaving the state if you raised income taxes even more. Sure, a bunch of whiny impotent complainers will make a fuss but most never leave. Look at you PT. Always threatening to leave the state but don’t actually have any ambition to make it happen. Just keep paying them taxes.
I read that the McCasky family has a tax problem i.e. the team is worth a lot of money there will be estate taxes upon the death of the owners. Loading the team up with debt to build a stadium is one way to reduce estate taxes. Not sure if that is true or not.
Are they Illinois domiciled residents for State tax issues?
$2.2 billion, great. Just add that to the outstanding debt from the previous renovation, which according to the Forbes article posted on this site today is $640 million.
It costs money to have nice things. If the city wants a top stadium then they will need to pay.
Let’s see, if the Soldier Field renovation is estimated at $2.2B, that means it’ll cost around $3-4B.
“Now that they bought the land for their stadium, we have an even better opportunity to prove they shouldn’t build a stadium on the land they just bought.”
Totally meaningless statement both Bears and Larry will be gone