* Sneed has the scoop…
Sneed hears rumbles that a City Council proposal to levy a lease tax on office buildings may be in the mix of suggestions to restore two of the city’s pension funds to fiscal health. […]
“The downtown real estate interests lobbied long and hard against it and won [during the Jane Byrne years], but it could bring in tens of millions of dollars to offset the upcoming $600 million bill to stabilize police and fire pension funds, which don’t have enough assets to cover their liabilities,” the source added.
Mayor Rahm Emanuel’s pitch for a City Council ordinance to levy an additional $250 million in property taxes is going to be a tough vote with anticipated artillery pointed at Emanuel by Aldermen Bob Fioretti (2nd), Scott Waguespack (32nd) and Brendan Reilly (42nd).
“The mayor needs to get the tax to solve the city’s fiscal problems off the back of property owners and figure out a mix of non-property tax revenue sources to get this ordinance passed,” the source said.
* I kinda doubt that this idea will bear much fruit…
The governor acknowledged the need for additional revenue to bolster the city’s pension system. But the kind of revenue Quinn discussed Tuesday may not be music to Emanuel’s ears.
“I think it should be a focus on the tax code and giving a full review of all these loopholes,” Quinn said, while declining to offer specifics. “I said yesterday, very clearly, we need to relieve the property tax burden, and I’m committed to that.”
The Tribune’s article called the idea “an old standby that has failed to get traction.” Correct.