Money Materializes
The City of Chicago wants to borrow $85 million to buy a South Side hospital in hopes the site will become part of the Olympic Village in 2016, city and Olympic bid officials announced Tuesday.
The money would go to purchase the 37-acre Michael Reese Hospital site. If the city does not win its bid for the 2016 Olympics, the amount paid to site-owner Medline Industries of Mundelein would rise to $90 million, Chicago Planning Commissioner Arnold Randall said.
"This is a very creative financing solution," Randall said. "We are not laying out any money. We aren’t using any tax dollars."
In banking parlance, "very creative" means "highly risky" and many times means "of questionable legality." Ask any banker holding sub prime mortgage loans or stacks of Global Crossing paper. It sure is amazing how these unique opportunities to come up with $90 million at the drop of a hat and we can't get adequate pension funding for years and years.
Labels: we got nothing
posted by SCC at 12:01 AM
27 Comments:
Yeah right, believable or unbelievable, Daley still get his way and win. What else is new.
Eventually there'll be nothing left for this guy [King Richie]to lease out except for our pensions.
Between Daley and Blago, they have gone from "creative financing" to wholesale daylight robbery. No wonder they don't like the idea of homeowners having guns by their bedside.
The only thing worse will be if he tries to re-instate "ius primæ noctis" next.
Hopefully a few Federal indictments will be handed down, before the pension money completely disappears.
Yes, it is amazing, isn't it?
Borrow $85 million from where? More money from our pension funds?
Holy Bullshit Me Batman!!!
Better check with our pension funds because these fuckers are stealing the money from somewhere?
They'll come up with the money for what ever they want. They just don't want to pay the police. I'm gonna guess about another year to a year and a half for a new contract.
Gee! What a surprize!
City finds money for their stupid Olympics but can't settle a decent and fair contract!
Then people wonder why morale is in the shitter!
If you do any work more than necessary, you "Office" is a complete idiot!
The question which hasn't been answered is who owns the properties that the Olympic Village will be built upon? Michael Reese Hospital only owns a portion of it. Who owns the rest?
I remember awhile back where portions of the high rise development near Roosevelt and Michigan were shown to be owned by members of the Daley Family or one of their relatives. Who wants to bet that the athletes housing will be sitting upon property once owned by someone in his family.
Its your police pension fund, you now will own little piece of a hospital.
It's great that the King wants to buy a hospital for millions, but what about the police department. the 004th district had 12 cars down yesterday. how about spending a little money on the troops. The want automated case reporting, but no computers that work. It is getting harder and harder to go to work!!!
Got Pension?
What happened to the 80 million dollars made last year on the stop light cameras? Fox news reported that total last night on their newscast. Where is all this money going?
Mr Mayor we need an answer.
Yeah, how about a "very creative financing solution" to pump $90 million into our pension fund and maybe another "creative financing solution" to give us more than a 1% raise. It is amazing how they always find money for their "little" projects but are crying broke when it comes to the CPD.
The mayor claims the city is in a budget deficit and can not afford medical benefites, pay raises, and pension plans for municiple workers. Its funny how he keeps finding cash for his cronnies ie. Walsh Construction, Duff family. This S.O.B is draining this city and when he finally is out of office will see how much he has drained.
the best part is that if chicago is not picked by the I.O.C. the land will then be sold to....... DEVELOPERS !
but by then the land won't be worth as much, of course.
REMEMBER A FEW YEARS AGO WHNE THE EXEMPTS HAD TO DIVE SOUTH ON STATE BEFORE GOING HOME TO SEE IF THERE WERE ANY "UNDESIREABLES" HANGING OUT WHEN THEY WERE TEARING DOWN THE PROJECTS AT 35-39TH STATE....ZERO TOLERANCE ON ANYONE HANGING OUT THERE WHILE THE DEVELOPERS WERE CONSIDERING BUTING THE PROPERTY - I WONDER WHO MADE MONEY OFF THAT NOW THAT ITS A MULTI-MILLION DOLLAR CONDO SITE??????????? CARS IN 002 HAD TO STAY DOWN AND DO "SPECIAL HUMPERS" EVERDAY UNTIL IT WAS SOLD.........
these asshats spend money like drunk sailors on shore leave or like the crazy girlfriend that has to shop everyday. they have a dollar in their pocket and spend two. PLEASE fop or media ..demand a full accounting of where our pension fund has gone and is going. why the shortage? and is it considered part of the general city fund? i m telling you!!!
7/09/2008 06:38:00 AM,
The answer to who owns MRH is found at this link. It's Medline Industries.
http://www.chicagobusiness.com/cgi-bin/news.pl?id=29819
Anonymous said...
What happened to the 80 million dollars made last year on the stop light cameras? Fox news reported that total last night on their newscast. Where is all this money going?
Mr Mayor we need an answer.
7/09/2008 08:30:00 AM
Lets not forget the the money he got for the Skyway that he sold off.
Typical Daley bullshit philosophy of "buy now, pay later". This guy has definite word from his muscle that he's managed to con the Olympic Committee into being stupid enough to expose our nation's best athelete's to the growing slum of decay that is this city.
Similar to the shit he pulled in the airport scam, when he had dump trucks working day and night at O'Hare clearing out earth and preparing for his runway bullshit years before he ever got near to it.
Once he starts the cash spigot flowing from OUR pockets, he always makes sure he's doled out enough to any impedance to his plans.
Like the millions of dollars in fines WE have to foot the bill for because Daley is going against the court's orders to move the child museum.
That which is borrowed must be returned... so if not the city's money now, it will be later when paid back.
Nice to live in the far SW Suburbs.
Again how about pressuring the FOP to have the City Council pass a Municipal Ordinance that all City pension funds are made whole when a City asset is sold or privatized. Hopefully before October when the sale of Midway Airport is announced.
Have the arrogant little bastard define the outer limits of the "Village " and it's venues BEFORE the killing starts.
That way he can't pull the wool over the media's blindered eyes.
22nd "distruct" attention:
fireman's home burglarized near 107 Bell while he was at work and his wife at store (Morning hours).
Beverly park became a parking lot and public urinal 3 July, no police action.
keep protecting the savages.
chumps
Oh, for John Burge to have just a few minutes alone with mumbles........
it's probably coming from the ca$h received from the selling of the skyway...or from our pen$ion. Wonder if his nephew Vanecko has his hands into this....if it's Daley it's gotta be crooked.
fireman's home burglarized near 107 Bell while he was at work and his wife at store (Morning hours).
****************************
No shit? A burglary? During the day? When no one was at home? Wow, that is unique. Imagine a burglar smart enough to hit an empty house. I'll bet if you worked in 22, you would have been sitting in front of that house because you would be one of the 50,000 coppers who work there and can provide house by house protection. I'll give you, if it's true' that the Beverly park shit was bogus, but even with that, you can kiss my ass,supercop. Oh, and don't forget to mention, in your reply, that all of the 022 coppers were probably at 7-11, because neither you or anyone in your unit stops for coffee. Oh wait, you only have to go to the 3rd floor vendateria to get your coffee as well as one for the supervisor that you're blowing to keep your spot? Better yet, the next time you see the 7-11 rollcall, stop in and say some of your sackless shit to our faces, you pimp. You can stop in while you are on your way to VCG to get that five year hashmark sewn on-two years from now.
Signed: trying our best with the same limited resources that everyone has. Except you pimps in headquarters.
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