* A recent Sun-Times story dealt with the plight of homeowners who live near a planned tollway ramp…
Many, in fact, believe they are being ripped off by the tollway, which as a state agency wields the power to acquire land for the “common good” through eminent domain or condemnation. […]
“We’re being low-balled,” said Lane, who lives on the south end of the block, a cul-de-sac that is a stone’s throw from the northbound lanes of I-294. “My neighbors are all getting offers less than what their homes were worth. I hope (tollway officials) don’t get away with it. What they’re offering is nothing. The tollway is making out, the village is making out, the contractors are making out and the homeowners are losing.”
The Bells were told their home, which cost them $225,000 seven years ago, is worth $155,000. The Humeses’ dwelling, for which they paid $257,000, is worth $175,000, an assessor told them. Lane and his wife are waiting for their offer after meeting with tollway representatives on July 12.
* But if you read further into the story, you see this…
The Toll Highway Act that governs the scenario includes some protection for homeowners, and by law, the tollway will pay up to $25,000 whenever the cost of a replacement dwelling for a displaced resident is more than what the tollway paid to take the resident’s home. It also typically will pay off the balances on mortgages that are under water, tollway spokeswoman Wendy Abrams said. Relocation benefits are available as well.
So, if they get their mortgages paid off plus another $25K, that would seem to be a pretty decent deal. But not everybody thinks so…
“They are low-balling us pretty badly,” John Bell said. “The market values have plummeted and many of us are under water in our mortgages. What they’re offering does not provide us just compensation in trying to locate the house of our choice.”
Bell said that since the tollway had talked about the interchange for decades, the homes probably should not have been built there in the first place.
* But, of course, the Illinois Republican Party blamed the Madigan family. From a press release…
“It is sadly ironic that our Attorney General, who consistently ignores political corruption and rampant gang violence in the City of Chicago under the guise of being the ‘people’s attorney’ is now sticking it to the little guy,” said Illinois Republican Party Chairman Pat Brady. “Lisa Madigan should immediately suspend any further eviction actions until it is conclusively established that the citizens of Posen are being fairly and respectfully treated by the State of Illinois. I suspect the folks facing eviction would be treated substantially better if this tollway ran through her father’s State Representative District.”
* And then there’s this story about Treasurer Dan Rutherford. Here’s the AP’s lede…
The state of Illinois is paying a Chicago consulting firm nearly $2 million to rebrand its program for returning unclaimed property to residents under a contract awarded by State Treasurer Dan Rutherford’s office.
* But this is from the Daily Herald…
Rutherford’s office says the money used to pay for the new marketing program comes from the pot of unclaimed property owed to Illinoisans, not the state’s general checkbook used to pay bills.
And…
The new I-Cash was introduced this month to replace Cash Dash, which last year returned $101 million in previously unclaimed cash to owners or heirs — up 23 percent from the year before. […]
Earlier this month, Rutherford’s office announced the unclaimed property program recently added 780,000 names from records prior to 1992. […]
This year, claims are even higher than at the same point in 2011. […]
In three weeks, [Rutherford] said, visits to the state’s unclaimed property website, icash.illinois.gov, have gone up by nearly 200 percent.
So, it appears to be working.
*** UPDATE 1 *** From comments…
Unclaimed property is paid for out of the state pension fund by appropriation of the Illinois General Assembly. Any surplus funds generated by unclaimed property go back into the state pension fund to be distributed to the five systems to help bring down the unfunded liability. He’s taking this $2 million right from the much discussed and very struggling pension funds to pay for the Dan Rutherford promotional tour. How anyone thought this was a good idea right during the middle of the controversial and contentious pension debate is beyond me.
*** UPDATE 2 *** From the treasurer’s office…
About the I-Cash story, here are a few keys points to consider:
Illinois’ Unclaimed Property Division is funded by unclaimed cash and assets transferred to the State Treasurer’s Office; any excess in what is collected is then transferred to the pension system.
The office’s marketing budget has been consistent for the last several years.
The contract being discussed here buys statewide radio, billboard and website ads over three years – but note that none of these promotions feature Treasurer Rutherford’s face, name, or voice.
