The City That (Doesn't) Work
How long has Daley been in office now? And how long has Block 37 been an albatross around this city's neck?
- Bank of America Corp. and a consortium of lenders have filed a foreclosure suit against the developer of the Loop's Block 37 project.
The suit was filed late Monday in Cook County Circuit Court. The action could herald new financial trouble for property that has been dogged by false starts and missteps for two decades.
A microcosm of Daley-land.
Labels: city politics
posted by SCC at 12:01 AM
13 Comments:
Wouldn't you love to be a fly on the wall inside the Daley fortress? He must be livid that they'd dare to diss him and his pet project.
Heard on radio that Block 37 is $34 MILLION over budget already with nothing to show.
Now BofA wants to shut it down.
Haha
Sounds like a classic churn n burn. Who got that 34M?
The City of Chicago that fails to redevelop anything!
Block 37 has receoved more TIF funds than anyone can believe.
But drive south on route 41 but avoid the pot holes and look what are politicians promised to redevelop starting in 1979. You will see South Works, Wisconsin Steel, etc as you go down the highway and come back on Torrence, again avoid the potholes.
As you continue back on 41 ride past Michael Reese and see what they are now promising to redevelop.
This City works only for the politicians and their friends and relatives and not the little folks.
Jesse Jackson Jr's wife, the Alderman, is now promising to redevelop South Works as she states "this Bud is for you".
Block 37 has always been a way for the Daley/Burke Crime Family to get tax money to the mobbed up trucking and construction trades. Nothing more, nothing less. For decades. The feds must be wearing a pillow case over their heads not to be able to see it... unless they are allowing it?
Isn't there a TIF on block 37?
Is that gone now too, like the Skyway rainy day fund?
The feds must be wearing a pillow case over their heads not to be able to see it... unless they are allowing it?
10/21/2009 05:10:00 AM
The Feds are bitting that pillow.
I hope Bank of America files discovery (or anyone) on what was done with the money.
Open the books!
Let us not forget that Mayor Chuckie kept Harrod’s Department Store from building on the site. Mr. Fitzgerald how long will you leave this clown in office?
The very first Chicago Tonight is an interview with former Mayor Harold Washington. In it he talks about Block 37 and this ingenious financial incentive called Tax Increment Financing. (http://video.wttw.com/video/1196296788/) In the video it's nearly the first thing he talks about.
Considering that this interview happened in 1984, it would seem that Block 37's woes predate Daley.
Heard on radio that Block 37 is $34 MILLION over budget already with nothing to show.
That’s it? How much did Grant/Millennium Park go over budget?
I think the new Victory Gardens center should have gone there.
If the Victory Gardens were located at block 37 all the piss bums in the city could be chased off the trains into the building for the night and the good citizens wouldn't have to deal with them stinking up the trains and taking seats in the morning rush. Daley could find a way to make money off the stank jumpin' off of them by using it as a new fuel.
If we can find more wasted TIF Funds than the hole in the budget do we get the key to the Emerald City?
Post a Comment
<< Home