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$35 million for 43 apartment and some retail.
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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Graft. Fraud. Waste. Scam. I don’t know what word best describes this. Cui Bono is absolutely correct. And this is for a bunch of studios, one bdrs and two bdrs? Wow. The disgraceful waste totally ignored by the mainstream media is incredible. But so long as the media ignores it, the hits just keep on coming.
That’s about $813K per apartment. 4 studios, 20 one-beds and 19 two-beds. 4 people in studios, 40 people in one-beds (maybe), 76 in two-beds (maybe) for a total of $292K per person housed. They could buy condos on the Gold Coast and avoid the wait time for construction.