-- 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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How to create uniform legal enforcement of laws governing property assessment for tax purposes: 1. Pritzker Astor St. property never filed as a vacant property under City of Chicago ordinance requirements. Make such compliance a requisite to obtain benefits of assessment reduction for “vacancies”. 2. Pritzker Astor St. property never filed timely paperwork under Statutory requirements: Section 35 ILCS 200/9-180 – Pro-rata valuations; improvements or removal of improvements “…When, during the previous calendar year, any buildings, structures or other improvements on the property were destroyed and rendered uninhabitable or otherwise unfit for occupancy or for customary use by accidental means… Read more »