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* Daley rolls dice to avoid Chicago tax hike
Instead of raising taxes, fines or fees in 2010, he’s risking the bond rating used to determine city borrowing costs by doing what he said he would never do: raiding reserve funds generated by city asset sales.
The mayor’s public argument for the reversal is that Chicago taxpayers are at the end of their rope.
“I understand that times are still tough for people, and I don’t feel right asking them to pay for more city government right now,” the mayor said Thursday.
* Mayor Daley promises no tax or fee hikes
2010 budget faces shortfall of at least $550 million
* Mayor Daley: Economy Could Affect Debate Over Wal-Mart
Chicago Mayor Richard Daley says the struggling economy could make aldermen more open to bringing another Wal-Mart into the city.
* Mayor paints grim economic picture for Chicago
“You have to realize these are not the same times as the last 5 or 10 or 15 or 20 years,” he said. “This is a much more serious recession.”
* Property tax bills to sport new look, bring same dread
* Six Chicago aldermen head to Springfield to plead for more CTA money
* RTA board: End free rides for wealthier seniors
* RTA calls for an end to Seniors Ride Free
* Where did Pullman Market money go? FBI investigating
The FBI is investigating how a Pullman not-for-profit group spent a $1.1 million state grant to restore the burned-out remains of Market Hall, a national landmark in the historic South Side neighborhood, the Chicago Sun-Times has learned.
Last week, the Sun-Times reported the state agency that doled out cash from the Illinois FIRST public works program had barred the Historic Pullman Foundation — Market Hall’s politically powerful owner — from receiving future state grants after it failed to submit a required project audit. Pullman foundation officials turned in the audit after being informed by a reporter that the group had been frozen out of state grants.
After the story was published, a FBI agent assigned to the public-corruption division interviewed Charles Gregersen, the architect originally hired by the Pullman foundation to handle the Market Hall project, Gregerson said.
Gregersen said he turned over public documents regarding the project that he had obtained through Freedom of Information requests. He declined to comment on his conversation with the investigator.
* Analyst turned corporate spy helps feds
Secret recordings lead to $25 million settlement over pricing fraud
* MPC Products whistleblower’s reward: $4.5 million
* The gantlet
Dodging gangs, violence and drug addicts, many Chicago public school students find it a daily ordeal just to get to class
* Chicago schools offers alternatives to Fenger students
* Budget cuts force lay offs in Elgin
* Cicero restaurant to close; owner cites political harassment
* Naperville’s downtown camper at odds with new ban
* Congress targets Asian carp problem in Great Lakes
posted by Mike Murray
Friday, Oct 16, 09 @ 9:20 am
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Why isn’t the States of Illinois investigating the Pullman story?
Comment by Brennan Friday, Oct 16, 09 @ 9:41 am
I’ll give Daley credit here. If the worst economy since the Depression isn’t the time to tap a rainy-day fund (AKA Olympics money), when is?
As far as the Wall Street credit rating agencies, who cares what they say? These are the same wizards who gave Triple A ratings to subprime mortgage-backed securities. And their buddies (it’s a very small world there) used those ratings and securities to makes loans at a 50-1 ratio. Then the real estate bubble popped. Thanks, guys. That worked out great for everyone.
Like Phil Rock used to say when asked about the rating agencies: “I don’t have constituents on Wall Street. My constituents are on Madison Street.” The folks on Madison Street could use a break, from somewhere.
Comment by wordslinger Friday, Oct 16, 09 @ 9:42 am
Maybe Daley is hoping that Pat Quinn’s hefty income tax increase, plus other taxes (maybe) will generate a chunk of cash for the city. Pat will have to do something to, uh, obtain the support of the Chicago Machine and city unions in the primary anyway. So if Pat’s income tax increase goes through, maybe we’ll all be helping to bail out Chicago.
Comment by cassandra Friday, Oct 16, 09 @ 9:56 am
I’m wary of Daley’s latest proclamation. He’s exhausted his political capital with the unions, and there doesn’t appear to be much more available for him to cut in city services without risking a Bilandic-style backlash.
Word, as far as the credit ratings go, it’s problematic because it will cost significantly more for the city to borrow if the rating is lowered.
Daley just might be forced into skimming TIF funds to shore up the budget. He risks losing his stranglehold on the pliant city council, but can brand himself a hero for balancing the books without raising taxes.
Comment by The Doc Friday, Oct 16, 09 @ 10:17 am
Doc, that’s true, but we live in interesting times. Market factors also factor in the juice you have to pay. It’s possible the city might have to pay more in the long run, but as Mr. Keynes said, in the long run, we’re all dead.
Bottom line, individuals are buffetted on all fronts, economically. They could use a break somewhere.
TIF? Did you say TIF. Mayor Daley doesn’t like it when you mention the name of his little golden goose.
Comment by wordslinger Friday, Oct 16, 09 @ 10:23 am
RTA “The report by the University of Illinois at Chicago found that nearly a third of seniors who use free rides earn more than $55,000 annually. Mary Wisniewski”
That’s more than a lot of their riders make a year, who have to go to work each and every day.
Seriously, reduced fares were giving seniors, etc a break, though 1/3 did not need it.
Has anyone seen the numbers for increased free ride, rides, since they became free?
With all the traffic around Chicago, you would want to keep the prices low to encourage traffic moving at a turtle’s pace instead of a snail’s.
Chicago encourages everyone to use public transportation for all events, (sporting, fests, etc) a family of four would spend $12 there, $12 back (without transfers), what is the incentive to use public transportation at a cost of $24-$32?(with & w/o transfers & CTA lot parking)
I have noticed local traffic gets worse with each fare increase. I think CTA needs more than help from Springfield.
Comment by Third Generation Chicago Native Friday, Oct 16, 09 @ 10:29 am
===I have noticed local traffic gets worse with each fare increase===
People who decide to drive and park downtown because they have to pay an extra $1.50 round trip for the L are just goofy.
Comment by Rich Miller Friday, Oct 16, 09 @ 10:30 am
Wouldn’t it make more sense to give rides to people under a certain income level regardless of their age? I suppose it probably isn’t possible to do so financially unless the free-ride income maximum was like $400/year.
Blago is going to have a heyday when this program is repealed. “I looked out for the people of Illinois and now MJM and PQ are turning their backs on them.”
Comment by Obamarama Friday, Oct 16, 09 @ 10:34 am
Wordslinger @9:42 a.m.: Word.
And the GA absolutely ought to repeal the free rides for seniors. At best, it was a bad idea and an expensive last-minute luxury; now it’s just an anchor dragging down CTA, Metra, and Pace. Get rid of it.
Comment by Northsider Friday, Oct 16, 09 @ 10:44 am
The free rides for seniors is 10% of the CTA’s hole.
The CTA stops I’ve used on the Red Line don’t even maximize the value of real estate that is connected to the station. Allegedly Jones Lang LaSalle is working to improve this. They own the CTA contract to do this.
Comment by Brennan Friday, Oct 16, 09 @ 10:52 am
So it is OK to declare war on the mom-and-pop economy when while we are in a recession?
Great reasoning.
Comment by Leroy Friday, Oct 16, 09 @ 11:49 am
The gantlet. Sheesh. Who copyedits for the Chicago Tribune these days?
No stories anywhere about the MAP rally in Springfield? I suppose it was old news because they’d already made the concession, but they made the concession because the lobbying efforts had some impact. Couple thousand students from all over Illinois - not a bad display.
Comment by ZC Friday, Oct 16, 09 @ 12:25 pm
I wonder why AFSCME has not picked a dog yet in the Quinn/Hynes fight.
SHould be interesting to see who they endorse…(if they endorse)
Comment by Ghost Friday, Oct 16, 09 @ 12:57 pm