From Greg Hinz
Since he took office, Emanuel has approved $1.3 billion in TIF projects. The biggest discrete chunk, $303.8 million, went for local street resurfacing, reconstruction and streetscaping in every ward in the city. Just over $155 million went for new or rebuilt Chicago Transit Authority stations, $54 million for school projects, $39 million for bridge reconstruction and $76 million for residential projects, mostly low-income and senior housing that otherwise would not be built. Smaller amounts went to a host of things like sewer work and job training.
Private development—those subsidies …
The Chicago attorney (Manny Sanchez), who was removed amid controversy in 2012 by Gov. Pat Quinn, has been named chairman of the ISFA’s seven-member board. He replaces former Illinois Senate President Emil Jones Jr.
“I’m ecstatic,” Sanchez said today. “I look forward to growing the revenue sources at U.S. Cellular Field and protecting the interests of the state and the city in terms of (the ballpark’s) fiscal viability.”
The ISFA board, which manages bond debt payments from construction of U.S. Cellular Field and the renovation of Soldier Field, is composed of four …
With the loss, UPB has burned through $63 million of the $141 million in capital a host of Wall Street giants including JPMorgan Chase & Co. and Goldman Sachs Group Inc. plowed into the bank in 2010 after their efforts to save ShoreBank fell short. UPB remains well-capitalized, with the remaining $78 million in equity supporting $833 million in assets, down from $1.36 billion when it was formed in August 2010.
The UPB executives who had hoped the bank would be profitable by now can’t predict when it will start making …
What about our waterways? We hear less concern about the state of our aquatic transportation infrastructure.
Many forget that Chicago’s status as the nation’s transportation hub is rooted in the era when most goods moved by water. Its rise from remote trading post to mid-continent metropolis began when immigrant laborers arrived to dig the Illinois & Michigan Canal, which connected the Great Lakes to the Mississippi River and the Gulf of Mexico.
Fewer still appreciate the continuing role of water shipping in our economy. Boats and barges transport everything from steel to …
A senior Quinn administration official is leaving his post amid continuing fallout from a patronage hiring scandal in the Illinois Department of Transportation.
Deputy Chief of Staff Sean O’Shea is going off the payroll, effective Aug. 29. He’s held that position since August 2011, and his responsibilities included overseeing IDOT and its hiring of senior officials in policy positions.
A spokesman for the Quinn administration confirmed the departure, but insisted that it has nothing to do with the hiring matter.
Read more in Crain’s
The Chicago Housing Authority is changing a controversial program that paid for low-income residents to live in some of the city’s most expensive apartment buildings, bowing to criticism that it wasted tax dollars.
The CHA said it is tightening the formula it uses to determine the maximum rent it will pay to subsidize people who hold housing vouchers, a change that will effectively make many luxury downtown high-rises off limits.
Read More in Crains
The internal watchdog of the U.S. Department of Housing and Urban Development is launching an investigation of a Chicago Housing Authority program that pays market-rate rents for poor people to live in some of the city’s most expensive apartment buildings.
HUD Inspector General David Montoya is conducting an audit of the CHA’s use of federally funded housing vouchers to subsidize low-income residents in high-end buildings, according to a Capitol Hill source. Critics of the so-called supervoucher program say it’s a waste of tax dollars and rewards a few lucky tenants at …
Meanwhile, U.S. Rep. Jan Schakowsky, D-Evanston, followed the lead of U.S. Sen. Dick Durbin, D-Ill., and wrote a letter to Walgreen CEO Gregory Wasson warning that the company risks hurting its U.S. business if it continues on its current course.
Even if it moves, Ms. Schakowsky wrote, “Walgreens would still be dependent upon its American business operations for much of its revenue. I doubt customers will feel the same loyalty to a company that seeks to use a currently available tax loophole to avoid its corporate responsibilities to them and to our nation. …
History repeated itself, ruefully, for workers at Sound Solutions Windows & Doors Inc. when the Southwest Side window maker shut down this month, shorting them of vacation pay. Many were treated the same way in the closing of its predecessor, Republic Windows & Doors Inc., which led to a six-day occupation of its Goose Island plant in 2008 and drew rebukes from President-elect Barack Obama and other pols.
Unaffected by Sound Solutions’ demise is Republic’s former president, Richard Gillman, ….. Mr. Gillman, 61, was sentenced in December to four years in …
A consultant hired by Lincolnwood is recommending the village kick in as much as $33.5 million in subsidies to help launch a $125 million mixed-use project on the site of the former Purple Hotel.
North Capital’s proposal “will require some level of public assistance. The key policy decision for the village will center on the incentive amount — including the designation of pledged sources of revenues for incentive payments,” the report states.
The developer has told the village that it must achieve returns of between 13 percent and 25 percent in order …