Capitol Fax.com - Your Illinois News Radar » *** UPDATED x1 *** Megaproject near Soldier Field tucked into the BIMP
SUBSCRIBE to Capitol Fax      Advertise Here      Mobile Version     Exclusive Subscriber Content     Updated Posts    Contact
CapitolFax.com
To subscribe to Capitol Fax, click here.
*** UPDATED x1 *** Megaproject near Soldier Field tucked into the BIMP

Friday, May 31, 2019

* Greg Hinz

The state of Illinois potentially will be on the hook for more than $5 billion in equity and financing costs if a provision to speed construction of a megaproject near Soldier Field is approved by the General Assembly in this weekend’s extended spring session.

Elements of the deal for the huge One Central project have been in the discussion stage for weeks, with Bob Dunn of Landmark Development meeting with House Speaker Mike Madigan, Deputy Gov. Dan Hynes and other officials.

But actual language didn’t surface until Friday afternoon, when it was included in a must-pass budget implementation bill.

(If you want to read it for yourself, click here and go to pages 876, 904, 922, 941 and 978.)

The provisions would create a new Civic Transit and Infrastructure Fund. It would collect and disburse tax funds owed to a private developer “pursuant to the public private partnership entered into by the public agency on behalf of the state of Illinois to the Public-Private Partnership for Civic and Transit Infrastructure Project Act enacted in this amendatory act.” […]

Under the bill, the state would begin to pay $200 million a year to the private developer starting in 2023—presuming a contract is negotiated, and the big transit station that Dunn promises is operational then. The state would give him $200 million that year, with annual payments rising to $445 million in 2045.

*** UPDATE *** Pritzker administration…

There is no cost to the state in the BIMP. The Governor has not committed to developing this project. This allows Landmark to explore whether it’s viable for them to get federal backing. If they can, then we could consider whether or not we would like to do an agreement.

None of these provisions go into effect unless and until a separate agreement is reached. The BIMP allows GOMB to negotiate a P3 with Landmark and gives Landmark time to apply for federal RIFF funding in the event a deal can be reached in the future.

- Posted by Rich Miller        

10 Comments
  1. - Interested - Friday, May 31, 19 @ 7:55 pm:

    Does the state get anything if the developer doesn’t perform the services or have it up and running by 2023?


  2. - Dance Band on the Titanic - Friday, May 31, 19 @ 7:56 pm:

    https://youtu.be/msDcShv_r20


  3. - Stuff - Friday, May 31, 19 @ 8:02 pm:

    The language allows the state to review the project. It slows down the development.


  4. - DuPage Saint - Friday, May 31, 19 @ 8:07 pm:

    I assume the connect will all make tons of money. But I am old and cynical. If that is what it takes so be it. Sounds like a good project.


  5. - Token Conservative - Friday, May 31, 19 @ 8:24 pm:

    This is a terrible idea. If the Democrats were interested in governing just a little bit, they’d focus on a balanced budget and not these silly games.


  6. - Dance Like No One Is Watching - Friday, May 31, 19 @ 8:29 pm:

    To quote my favorite duck…Dispicable.


  7. - Louis Capricious - Friday, May 31, 19 @ 8:36 pm:

    === federal RIFF funding ===

    Do they mean RRIF, as in Railroad Rehabilitation & Improvement Financing?


  8. - Bruce - Friday, May 31, 19 @ 8:37 pm:

    Keep the State out of the lending and real estate business. Always ends badly.


  9. - Ok - Friday, May 31, 19 @ 8:50 pm:

    It slows it down? Hardly.


  10. - GoTime - Friday, May 31, 19 @ 9:32 pm:

    Sounded like there was a lot of upside for state — including $$$ for pensions. Put the risk on private sector


Sorry, comments for this post are now closed.


* Legislator who voted against funding road and bridge projects "excited to announce major road and bridge projects"
* IDOT ups the ante on Peotone airport
* Question of the day
* Pick a lane, please
* Homeless advocates bash Lightfoot budget proposal
* Anti-abortion group challenges RHA in federal complaint
* "I run a couple of newspapers. What do you do?"
* The redlight cam issue needs to be addressed ASAP
* "We have neglected the roads and bridges for so many years, something like this had to be done"
* Watch the Dems dance
* *** LIVE COVERAGE ***
* Yesterday's stories

Support CapitolFax.com
Visit our advertisers...

...............

...............

...............

...............

...............


Loading


Main Menu
Home
Illinois
YouTube
Pundit rankings
Obama
Subscriber Content
Durbin
Burris
Blagojevich Trial
Advertising
Updated Posts
Polls

Archives
October 2019
September 2019
August 2019
July 2019
June 2019
May 2019
April 2019
March 2019
February 2019
January 2019
December 2018
November 2018
October 2018
September 2018
August 2018
July 2018
June 2018
May 2018
April 2018
March 2018
February 2018
January 2018
December 2017
November 2017
October 2017
September 2017
August 2017
July 2017
June 2017
May 2017
April 2017
March 2017
February 2017
January 2017
December 2016
November 2016
October 2016
September 2016
August 2016
July 2016
June 2016
May 2016
April 2016
March 2016
February 2016
January 2016
December 2015
November 2015
October 2015
September 2015
August 2015
July 2015
June 2015
May 2015
April 2015
March 2015
February 2015
January 2015
December 2014
November 2014
October 2014
September 2014
August 2014
July 2014
June 2014
May 2014
April 2014
March 2014
February 2014
January 2014
December 2013
November 2013
October 2013
September 2013
August 2013
July 2013
June 2013
May 2013
April 2013
March 2013
February 2013
January 2013
December 2012
November 2012
October 2012
September 2012
August 2012
July 2012
June 2012
May 2012
April 2012
March 2012
February 2012
January 2012
December 2011
November 2011
October 2011
September 2011
August 2011
July 2011
June 2011
May 2011
April 2011
March 2011
February 2011
January 2011
December 2010
November 2010
October 2010
September 2010
August 2010
July 2010
June 2010
May 2010
April 2010
March 2010
February 2010
January 2010
December 2009
November 2009
October 2009
September 2009
August 2009
July 2009
June 2009
May 2009
April 2009
March 2009
February 2009
January 2009
December 2008
November 2008
October 2008
September 2008
August 2008
July 2008
June 2008
May 2008
April 2008
March 2008
February 2008
January 2008
December 2007
November 2007
October 2007
September 2007
August 2007
July 2007
June 2007
May 2007
April 2007
March 2007
February 2007
January 2007
December 2006
November 2006
October 2006
September 2006
August 2006
July 2006
June 2006
May 2006
April 2006
March 2006
February 2006
January 2006
December 2005
April 2005
March 2005
February 2005
January 2005
December 2004
November 2004
October 2004

Blog*Spot Archives
November 2005
October 2005
September 2005
August 2005
July 2005
June 2005
May 2005

Syndication

RSS Feed 2.0
Comments RSS 2.0
WordPress




Hosted by MCS SUBSCRIBE to Capitol Fax Advertise Here Mobile Version Contact Rich Miller