Another Half a Billion
Nothing like making this announcement right before the weekend and burying it somewhere in the back of Saturday's business sections:
- Buoyed by the $1.83 billion pot of gold generated by the Chicago Skyway lease, Mayor Daley today sold off another major city asset for $563 million: four parking garages beneath Grant and Millennium parks billed as the nation's "largest underground parking system."
The 99-year lease with Morgan Stanley Investment Management paves the way for $122 million in capital improvements for neighborhood parks across Chicago.
After retiring $278 million in outstanding debt tied to the Millennium Park, Grant Park North and South and Monroe Street garages, the city will also place $120 million into a reserve fund for the Park District. That's designed to replace the $5 million in annual parking revenues generated by the garages.
Another $35 million will be used to rebuild Daley Bicentennial Park after the Monroe Street garage is re-built by private investors.
OK, let's see -
- $563 million for 4 parking garages
- minus 278 million in retired debt
- minus 120 million for a "reserve fund"
- minus 122 million for future capital improvements
- minus 35 million for rebuilding another park
That still leaves $8 million unaccounted for. And it doesn't do anything to alleviate deferred City obligations to numerous pension plans. And seeing as how everything the City touches turns to 50% increases in costs, the City still needs $61 million just to break even.
We're just saying ...
We're just saying ...
posted by SCC at 12:01 AM
20 Comments:
Yeah... I saw how it was hidden as well.
Mayor Daley needs to cut the spending of the B.S. things we don't need, as well as making improvments around here.
The first item on the agenda, which I told him about was the Sinking Ship aka Revenue Dept.
The computer system the city uses is awful. It wouldn't catch many of the overdue taxes, etc. and failed to out a hold on these accounts. I found a special screen that showed pending items or had to look at the Auditors screen.
Do you know how many companies actually were owing $80,000+ for one tax (that's not including others)? One company called me and I found out they owed over $160k in taxes including late fees/penalty, yet they were still in operation. The Revenue Inspections never shut these places down. Mnay times, the business simply folded, and there went those overdue taxes.
We need to forget all these flowers, bicycle paths, etc and get BACK TO BASICS HERE.
This city needs a major renovation to clean it up to recoup $$$$ and better ways of increasing revenue without taxing the hell out of residents and businesses....
Off Topic Com Ed and Daley.
Seems Com Ed is threatening bankruptcy.
Illinois House Speaker Michael Madigan’s support for a three-year extension of the expiring freeze on power rates did not win the mayor’s support.
“They’d be better off working out a compromise,” Mr. Daley said, suggesting a one-year freeze extension as a possibility.
A state-run power auction conducted last month resulted in a price for electricity that will increase ComEd customers’ rates by 22% beginning next year.
ComEd has said if rates are frozen it will be unable to cover its costs and will have to file for bankruptcy.
Exelon said in a statment that it "is heartened" by the mayor's comments. "Among other things, (the rate freeze bill) would send an extremely negative message about the business climate in Illinois," Exelon said.
Portion from www.capitolfaxblog.com a great site.
What about in the Sun Times the other day about O'Hare expansion being so far over 400 Million over budget. Well maybe because the project boss is Rosemary Adolino who is making over $165,000 per year and her claim to fame was she was HDO honcho Victor Reyes secretary who took his shoes to be shined and picked up his cleaning but she married well to Mark Fary a former 12th ward hack and state rep. Way to go no experience over her head!
But no health insurance for future retirees. When is our union going to make some noise !
Maybe someone can explain this to me. The city and park district are separate taxing bodies on my real estate bill. Yet, the mayor is leasing out park dirict property and using the money for other city "adventures".
Also, the biggest hit on our R.E. tax is for the mess of a public school system. Yet, the state of Ill., and the federal government are also involved. WHY. Let one of them control the school system and be responsible for it.
When things go well (phonied up test scores and graduation rates) they all claim credit (especially mayor Dilly daley). When things are proved to be bad, it's the other guys fault.
I agree with previous posts that it is time to throw all the incumbants out. the daleys, burkes, lipinski, strougers, hynes , joyces, natarus's, and other cancers that have strangle our city, state and country.
To 5:29 - AMEN to that. Between the increase in deductibles, out of pocket and the rising cost of drugs, it is imperative active and retired P.O.'s DO SOMETHING. 2013 is right around the corner and it scares the bejesus out of me.
What does it say when the govt is having a firesale of all its assets? Besides the rampant corruption we've grown to love, is there a more underlining problem with the system?
As I remembered, those garages were bulit SO bad the first time they totally filled up with water and ruined numerous vehicles....
Googled ComEd and here is a sample of what comes up:
". . . Last year, ComEd says it made $527 million in profits. Exelon, ComEd's parent, made $2.1 billion last year."
A company that maked $527 MILLION in PROFITS = BANKRUPCY!!!!!!
…and not a penny to our sinking pension fund. If Daley EVER planned on fixing that sinking ship wouldn’t a windfall this size be the opportunity? If not now, then when? That’s right, never. Do we need any more proof that the city is going to let the fund collapse? Mathematically, the fund MUST have the proper contributions in order to generate enough interest $$ to pay out to retirees in the future. As the time period without contributions increases the future income stream source dries up faster and faster, toward the end, depleting exponentially. It will be a mathematical impossibility to fix this if we don’t act now. We had better start making some noise. The city is relying on our usual complacency. Fuck the math. Let’s have fun while my kid is still asleep. A satirical analogy:
A ship, the S.S. PENSION FUND, (not a temporary lifeboat but one your children must live on also) has a leak. You begin bailing it out and no one is all that worried. This goes on a long time and projections by the damage control team are that the ship will be watertight long enough for those over the age of about 50 to die of old age above water. “What about the rest of us and our children,” wonder the soot covered crew in engineering? A few whiners onboard keep saying we should fix the leak instead of just barely keeping up with the flooding. Most think, “why bother when everything is fine, as long as you keep bailing out water? “ Fred O. Plenary, the ship’s Bursar/Entertainment Director says, through a mouthful of steak, that he agrees something should be done but it is not a contract issue. Also not a contract issue was the recent proposal to rename the ship the “S.S. Fuck this Crew,“ but F.O. Plenary fought against that so why can‘t he fight for something much more important? The crew suspects this is bullshit and that the real reason is that he has been sleeping with the Captain in exchange for special duty assignments and extra rations while they survive on a meager diet of hardtack and jerky. The source of the leak widens and it takes more effort to control but the crew can barely bail because they are sick or dying. Captain Flowerpot, who has always hated his crew and barely makes a secret of it, chooses that time to make the already ailing Ship’s Surgeon walk the plank where he is, of course, eaten by the Aldercreatures of the deep, a species that swims in “councils“ and exists in secrecy at 20,000 fathoms. The crew knew this was coming but hoped F.O. Plenary would protect the Surgeon and thus their medical needs AT THE LAST FUCKING MINUTE. Captain Flowerpot knows there is enough room in the lifeboat for him and his handpicked few, so fuck the crew. The crew has always wondered why they are the only ship in the sea who has a lifeboat for the Captain and Officers that is actually LARGER and more SEAWORTHY than the ship itself and why they are constantly ordered to move food and medical supplies to it in the dark of night. They struggle on but having waited too long, no amount of baling (or whining) can keep up because they didn’t plug the leak when it was still possible, didn‘t fight to keep their Ship‘s Surgeon alive and counted on a crooked Entertainment Director and Staff to lead their “mutiny” though he showed time and again that they were only in it for the rations and rum.
This will be no different then the multitude of private corporations in bankruptcy, whose pensions were “insured” by a federal program, the pension benefit guaranty corporation. Don’t believe the State of IL. “guarantees” our pensions The state doesn’t have that kind of money nor the inclination to fix the city’s willful screw ups.
Yah but don't worry....we have "Diddy Day" in Chicago....everything's fine...Is this mayor not the BIGGEST GOOF on the planet??? "DIDDY DAY????" What a fucking embarasment....
Diddy Day,??? what is that? Please let me know,,,Is Daley a Diddy ??? A "Pea Diddy" ??? Huh?? Maybe a Liddle Diddy !!! Yeah, Little Diddy Richie, no , better yet, Little Biddy Diddy Dumb F*%k, our Mayor, and his Alder-Diddies!!, the laughing stock of the U.S. LOL !!!!
A great important blog SCC!
Great post there SCHICKLEGROOVER!!
THE PENSION
Another kick in the balls! That the one thing u thought was solid,isnt secure.The job has turned to crap;the only happy people are the inside clout babies.
U knew w/all the corruption(promotions/transfers to spots)and the ever worsening public, u had that PENSION.
Daley can pay into our funds right now, f*ck the parks, etc... He's got to be made to understand that if that pension fails there's no reason for us to come to work.Does he and everyone else that looted our pension think there'll be any safe place to hide?
And u cops were afraid of the Dago Mob(Teamsters)and what they were going to do w/our money.It was cops(FOP) that f*cked uz.They didnt stand up to the regime,and as far as I know they were in on it.
SELL THE POLICE DEPT: Why not sell the Police Dept. to the allegedly Reverend Meeks and his merry band of Con men Revs.
Let's face it, they are already running it, why not own it?
Signed: The Rev. Diddy
Can we sell the Mayor and these aldermen goofs too?
We dont have a union. We have SHIT!! FOP is not a union.
Good job mayor lazy, diddy day nice honor a guy involved in a shooting when he was with Jennifer lopez in L.A. Honor a should be felon but to much money like O.J. did! deley when you got elected mayor did you leave your conscience?
Monies will probably be spent to purchase new cars for all the do nothing aholes at 35th Street to take home. Tell me why an inside puke working days and off weekends needs a department car? "It's the policy of the CPD to give each unit commanding officer a take home car" I was told. Well how come Lt's in Patrol, Detective Division, etc. etc. who have no responsiblity other than administrative tasks get free gas to and from home? I wonder when the last time they actually had to use the car off duty for a job related chore was - oops almost forgot getting sweetrols for the Deputy Superintendent's isjob related to them. Dave Savini or Chuck Goudie should look into this. More of the same old clout baby shit that goes on and on.
PS: Why does Phat Phil need a car and a SUV when we have to suffer with pieces of shit with 120,000 miles on them? Why does the Director of Finance need a car - emergency check to cut? Why does the Superintendent's curly haired dolly Sergeant need a car - hair appointment to keep those curls going? Why does the Lt. in MLAS need a car, Why does the Sgt. in the Court Unit need a car, Why does the Lt. in the Medical Section need a car, on and on and on and on it goes.
Is it true that retired Mauer is now the chief of the airport security? The same spot Townsend had when he left? They keep on passing the crown around don't they?
HOLY EXPOSURE BATMAN! All these cops seem pissed. What if they find out our batmobile is really an unmarked police car? Yikes
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