-- Connecting the dots between our economy, government and business --
Sterling Bay is surrendering a swath of land at its planned Lincoln Yards campus to its lender, a setback for the Chicago real estate firm's stalled $6 billion North Side development that stands to substantially weaken its grip on the megaproject.
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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Once Chicago goes bankrupt, and the City hikes taxes sky high, there will be zero market for overpriced apartment and condominiums
I see lots of these Big Dream projects come and go around here. It doesn’t seem like the system isn’t set up for them to build the momentum they need to come true.