-- 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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Thanks Captain Obvious!
The Cook County Land Bank Authority’s role in property tax delinquincy’s is highlighted in the press release. “Cook County Land Bank Authority has submitted no-cash bids on 22,786 properties at three sales since 2015. When a government agency places a no-cash bid it acts as a tax buyer, except it is not required to pay anything toward the delinquent taxes and is not required to pay taxes that come due after the Scavenger Sale, unlike private buyers. Of those properties, the Land Bank has returned 8,886 properties from the 2015 and 2017 Scavenger Sales. The Land Bank’s… Read more »
“CCLBA was formed by ordinance of Cook County in 2013 to address the large inventory of vacant residential, industrial and commercial property in Cook County.
The ordinance was created after two extensive reports conducted by Cook County and Urban Land Institute.
CCLBA is a unit of Cook County government, funded primarily with grants, contributions and revenues from transactions.
CCLBA is the largest land bank by geography in the country and is governed by a Board of Directors appointed by Cook County President Toni Preckwinkle and the Cook County Board of Commissioners.”
http://www.cookcountyil.gov/agency/land-bank-authority-2
Maria Pappas has been Cook County Treasurer since 1998, but she is just now addressing this issue in 2020? ☹️
Get some strong people and bulldozers together and tear those vermin infested, crime infested eyesores down. ?
ALL due to those in ILLINOIS government–Jag Boy and Lighthead, especially.
When are Maria Pappas and Bridget Gainer going to buy and rehab some of these properties? ☹️??