* Sun-Times lost 140 workers in latest layoffs
* Experts: Homebuilding market has changed
* Daley’s $2.5 billion plan to privatize Midway Airport grounded
Mayor Daley’s $2.5 billion plan to privatize Midway Airport collapsed today for lack of financing, leaving taxpayers with a $126 million down payment, but no apparent way to shore up city pensions and rebuild Chicago’s aging infrastructure.
But, over the weekend, MidCo informed the city that it would be unable to raise the money. Instead, the consortium comprised of New York’s Citi Infrastructure Investors, YVR Airport Services Limited of Vancouver and Boston-based John Hancock Life Insurance walked away from the $126 million in earnest money it pledged.
* Midway meltdown bad news for Daley
But the bigger truth is, the city is out more than $2 billion, money that would have gone to retire debt, replenish way-underfunded employee pension funds, pay for capital projects for the 2016 Olympics, and other needs.
It’s gone. Adios. Au revoir. The $1 billion or so the city would have netted after retiring existing debt on Midway ain’t here no more.
* Deal to privatize Midway collapses
* Midway Airport Privatization Deal Collapses
* Daley won’t use rainy day fund to avoid layoffs
At a City Hall news conference today, the Service Employees International Union maintained that Chicago has a $2.1 billion surplus — from tax-increment financing and by leasing the Skyway, parking meters and other assets — and should use that one-time windfall to avert layoffs and service cuts.
To bolster its case, the union revealed results of a new poll that shows voter discontent with city services and demand for “more transparency and accountability” in city finances. The union was joined by community leaders and a handful of progressive aldermen.
Denise Dixon, executive director of Action NOW, noted that the city created “rainy day funds” when Chicago parking meters were sold for $1.2 billion and the Chicago Skyway was leased for $1.83 billion.
“It’s a rainy day, but there’s a flood coming. And when the flood comes, that’s what we’re concerned about,” the mayor told reporters.
* Time for TIF sunshine
Talk about a no-brainer. Two Chicago aldermen think the public ought to know what’s going on with hundreds of millions of dollars in off-the-books property tax spending. Ald. Manny Flores (1st) and Scott Waguespack (32nd) have been trying for months to get their colleagues on the City Council to pass an ordinance requiring the city to post the details of its tax increment financing deals online.
Flores and Waguespack aren’t trying to shut down the TIF districts, which generated $550 million for the city in 2007. What they’re worried about is accountability. Because there’s so little oversight of TIF spending, those millions are basically a glorified slush fund for Mayor Richard Daley’s pet projects.
* Chicago Park District board urged to repeal Art Institute admission hike
* Art Institute of Chicago: As fee hike looms, alderman pressures Art Institute to repeal increase and give Chicago residents a discount
* Original Reese building to be saved, city says
* City: Gropius buildings to come down as part of Olympic Village plans
* Patrick Fitzgerald testifies in witness protection leak
* FBI chief: Deputy talked to friend with mob ties
* Reform-minded pol to take Emanuel’s US House seat
* Biographical information for US Rep.-elect Mike Quigley
* Under pressure: Parties aim to push their opponents into early retirement
This cycle, top Democratic targets for retirement include Reps. Henry Brown Jr. (R-S.C.), Judy Biggert (R-Ill.), Ginny Brown-Waite (R-Fla.), John McHugh (R-N.Y.), Mary Bono Mack (R-Calif.), John Mica (R-Fla.), Elton Gallegly (R-Calif.) and Don Manzullo (R-Ill.).
* Jesse White: Cleaning up organ donation misconceptions
* With your help, life can go on; sign up as donor
* Temps could rise 40 degrees by Friday
* Islands coming to the Illinois River
* Chicago Play Wins Pulitzer
LIVE session coverage...
- Pat collins - Tuesday, Apr 21, 09 @ 9:48 am:
Let them target Manzullo all they want. No way they take that seat :)
- VanillaMan - Tuesday, Apr 21, 09 @ 10:06 am:
Chicago Sun-Times Going Out Of Business Sale Starts Today!
With arms overloaded with everything from Mike Royko’s trash can to unwon Chicago Innovation Awards to Bob Novak’s coffee cup, Chicago residents shopped in droves on the first day of a blowout liquidation sale at the Chicago Sun-Times, even as some lamented the end of the iconic native Chicago newspaper.
“They hope to raise enough cash to cover my last month’s paycheck”, stated Roger Ebert, “the Sun-Times asked if they could have my Star Wars collectibles for today’s liquidation sale, but I had to turn them down since they are worth more than the printing presses.” Ebert started with the paper in 1967, and expressed sadness at the throngs of happy shoppers rummaging through the Sun-Time’s stockpile of restroom supplies.
“It breaks my (bleepin’) heart”, said Ex-Governor Rod Blagojevich, “Patty and I were believe it was Rich Miller’s columns that took this great paper down. During my administration the Sun-Times thrived, but once they started attacking me and the work I was doing for the hard-working workers of Illinois, they lost money and credibility.”
As thousands of shoppers hunted for prized Sun-Times memorabilia, 12-year-old Chicagoan Taylor Rooker was spotted with a framed historic Sun-Times front page of the 2005 World Series White Sox win. “My dad told me that people used to read the newspapers everyday, back when there was no Wii, no Blackberries, no laptops, no Kindles, and like, nothing but paper. So I’ll hang this on my bedroom wall so that my kids can see what a newspaper looked like.”
- tuesdays are ok - Tuesday, Apr 21, 09 @ 10:49 am:
TIF issues/abuses should be explored more often by journalists. Check out www.fixwilsonyard.org for the latest TIF attack in Uptown.
- Capital Bill - Tuesday, Apr 21, 09 @ 12:17 pm:
Let Daley have a Chicago casino so he can stop selling the city’s assets.
- Phineas J. Whoopee - Tuesday, Apr 21, 09 @ 1:53 pm:
Ha, when I first heard this story of the Midway deal collapsing but Daley’s stooge saying-don’t worry we get to keep 126 mil, I said to myself, what a bunch of BS. There is no way somebody’s gonna give Daley that money for nothin’and sure enough it was all BS.
Why do people in the news media buy this guys sucker stories? This was a dismal failure on par with his parking meter fiasco. The guy should be run out of town.
- wordslinger - Tuesday, Apr 21, 09 @ 3:32 pm:
There’s no private financing out there now. Isn’t private financing supposed to build Peotone, as well? That $100 million should be the first cut in Quinn’s proposed budget.
- NoGiftsPlease - Tuesday, Apr 21, 09 @ 6:51 pm:
I’ve been watching the Federal Register for the final determination on allowing Midway to privatize. I didn’t see where the feds ever ok’d the deal, either. They had comments due in December I think. What happened on that side?
- markg8 - Tuesday, Apr 21, 09 @ 8:34 pm:
Biggert’s got to go. She was on Don Roma’s WLS radio show in February where they played a clip from a congressional hearing the day before. A Dem congressman was rightfully railing at the Citicorp CEO who was providing non answers to his questions about the number of SIVs Citicorp owned. Much guffawing by Wade, Roma.and Biggert, with Biggert adding “oh he’s just venting”. It all stopped when Roma asked Judy “What’s a SIV anyway?” Judy’s response? “Oh I don’t know.” It was like “What are you asking me for? I’m a girl!” They quickly moved on.
10 years on the Financial Services Committee and all she’s done is spout Heritage Foundation and Club for Growth nonsense while financial bubbles grew ever larger and finally this one blew up in all our faces. She may be a fine real estate lawyer but she has no business being in congress.
On top of that she’s a world class hypocrite. Constantly complaining about government spending she never misses a beat when it comes to cutting a ribbon for for pork. She was in Bolingbrook over the weekend taking credit for all the small business money she voted against that Obama’s making available in the stimulus plan.
- steve schnorf - Tuesday, Apr 21, 09 @ 10:56 pm:
If they all were a sgood as Biggert, our Congress would be a better place