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* STAR bonds don’t add up
When developers unveiled plans for the 900-acre University Town Center in Glen Carbon and asked the state to create STAR bonds to finance it, they predicted the development would generate millions of dollars in state and local tax dollars.
But the Illinois Department of Revenue says state and local governments could lose money on this project — up to $267 million over 20 years. That’s because 100 percent of taxes generated by so-called destination projects like the rumored Legoland would be diverted to pay for them — an estimated $1 billion to $1.3 billion — and sales would be siphoned away from surrounding areas. […]
We’re all for new development, especially a unique destination development like Legoland, but not if the numbers don’t work.
* ‘No major delays’ after first day of cuts, CTA says
* Snow, CTA cuts could leave commuters struggling
* CTA Service Reductions Affect CPS Students
* CTA cuts lead to crowded trains, buses during rush
* The CTA’s cold truth
* CTA President Says He’s Ready to Meet with Union Leaders
* Mayor Daley proposes giving city inspector power to investigate aldermen
* Daley: Expand watchdog’s reach to City Council
* City Hall on the grill
The only reason the compliance office exists is because the mayor and his legal staff didn’t want then-Inspector General David Hoffman poking into what they saw as their — not citizens’ — business…
The move was endorsed by Inspector General Joseph Ferguson, who while appointed by the mayor is considered more independent than the Daley administration’s Office of Compliance….In a report last month, Ferguson said “the dangers of political hiring remain real and constant” and recommended that a city ordinance that bars him from investigating aldermen be lifted.
* Another trade show pulls out of McCormick Place
SuperComm is a telecommunications and digital technology trade show. It was scheduled to hold its event at McCormick in late October. But a spokesperson says the show is being shelved because of low attendance projections.
* White House pledges $78.5 million to keep species out of Great Lakes
* $78.5 million for carp fight
* Lawsuit accuses mortgage brokers of targeting seniors
[Lisa] Madigan says reverse mortgages are complex loans that should only be taken out after a homeowner consults with a qualified housing counselor.
* Cemetery to be sold to city for O’Hare expansion
* City Council committee OKs $700,000 settlement in police brutality case
* Inspectors Trash More Food at Shared Kitchen
* Aurora execs’ new duties bring more pay
* Washington’s District 308 board gets behind $10.2 million in renovations
* Chatham School Board discusses building repair needs
* Homer Glen Plan Commission approves entertainment complex
* Naperville to cut capital improvement spending
The council on Monday discussed $66.4 million in proposed projects for the upcoming fiscal year and $328 million over five years. The city previously had been averaging about $80 million a year.
* Belvidere’s sewer, water rates may go up
* Rock Island aldermen approve trash collection charges
* Moline aldermen split on utility tax
* [Quincy] to pursue $6 million grant to build central hub for public transportation services
* Pekin council poised to approve budget
* East Peoria offering architects blank canvas for Downtown 2010 site
Most of the 89-acre site was home to the first manufacturing plants of Caterpillar Inc. City officials want to transform the space between West Washington and Camp streets into a retail and commercial center by introducing new shops, restaurants, offices, civic buildings and more.
* Bloomington OKs $1.5 million street resurfacing program
* Officials: Cutting $4 million from Bloomington budget “not a daunting task”
The city is in the middle of crafting a $73.6 million budget that will begin May 1.
* Two city clerk employees notified of possible layoffs
* One-man levee road show: Chief engineer has a mission and a message
posted by Rich Miller
Tuesday, Feb 9, 10 @ 8:41 am
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I don’t agree with your comment that the Office of compliance was established because the mayor and his legal staff didn’t want the IG getting into their business. That may have been true with hiring practices, but my sense is the Office of Compliance was set up to proactive address issues through training and improved polices and procedures. The IG is by nature a “got you” function.
Comment by Chicago Guy Tuesday, Feb 9, 10 @ 8:52 am
Another trade show pulls out of McCormick Place
So, this is the headline. Are you assuming that the trade show pulled out because it didn’t like McCormick? If you are, which would be natural, since the headline alludes to it - you would be wrong.
SuperComm isn’t pulling out of McCormick - it is no longer being held. Over the past 15 years the industry has evolved to a point where this show was no longer pulling in attendees.
It has nothing to do whatsoever with McCormick, except that had been the location over the last decade.
So this headline is wrong.
Comment by VanillaMan Tuesday, Feb 9, 10 @ 8:53 am
“White House pledges $78.5 million to keep species out of Great Lakes”
I thought we weren’t sure that the carp were already in the lake?
Comment by Leroy Tuesday, Feb 9, 10 @ 9:00 am
Chicago Guy, that wasn’t our comment. That was in the original story. Have you never been to a blog before?
Comment by Rich Miller Tuesday, Feb 9, 10 @ 9:16 am
Maybe I’m just being cranky, and I apologize to the fine folks of Quincy for saying this, but why does a city of 40,000 people, and a train station that gets just 50,000 riders a year need $6 million for a new train station?
Comment by Hisgirlfriday Tuesday, Feb 9, 10 @ 9:41 am
It’s back - the “worst bill ever” now is an amendment to SB 2093 - the Community Health and Development Disabilities Act - wonder why they tagged the “worst bill ever” to that nice little piece of legislation. Hope the good folks at Capital Fax get on this topic again as they did last year. Check out the Department of Revenue Fiscal Note on Star Bonds. How about a billion dollar state subsidy for a dreamed up development in Southern Illinois. Please look into this mess - the largest sales tax subsidy in the history of Illinis. All at a time when our great state is $13 billion or so in debt !
Comment by No STAR Friday, Feb 12, 10 @ 1:26 am