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A LaSalle Street office landlord seeking taxpayer help converting part of its building into apartments has taken a step toward doing it without city subsidies or affordable units, a sign of impatience with the city's LaSalle Street Reimagined initiative while Mayor Brandon Johnson waffles over his support for the program. A joint venture of Corebridge Financial and Chicago developer Golub is seeking permission to convert part of the office building at 30 N. LaSalle St. into 349 apartments, according to a zoning application introduced to the City Council this week.
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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