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MHUB is embarking on a $46.8 million venture for which it is slated to get $17.6 million in city help via tax increment financing plus state funding of $9.6 million. MHUB’s equity in the project is $350,000.
With $162 billion more from taxpayers, couldn’t you deliver a few bond upgrades, too
A largely unasked question is becoming glaring: Is Illinois doing all it should to use artificial intelligence to make government cost less and work better? So far, the evidence says no.
Everybody needs a side hustle these days, and mine is Ukraine, where I am now.
Summary and audio linked here.
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Audio and summary
These guys are disrupting energy markets too and are most likely culpable for your high energy bills this season.
There are so many red flags here. If the City wants it, why not buy it outright or take it via eminent domain proceedings – like with the post office? Who has a first position lien in this deal? Is it the bank? If the bank has first position and the project fails, the city would have to bid for it’s equity stake, at a foreclosure proceeding, and it would likely cost taxpayers a lot more than fair market vale of the building to recover the equity. Venture-capital should not be allowed to piggyback on this deal or skim off the top. Any profits… Read more »