Daley's House of Cards
Mayor Daley's $2.5 billion plan to privatize Midway Airport has run into turbulence -- and it just might be grounded entirely -- because of the nation's credit crunch and Wall Street slide, City Hall sources said Monday.
An April 6 closing date that would have made Midway the "first privatization of a major American airport" has been cancelled -- and it's likely to be put off for six months to give Midway Investment and Development Company LLC an opportunity to salvage the deal by lining up more equity investors or bank financing.
An estimated $1.15 billion of the proceeds would have been used to pay off Midway Airport debt. The deal also included: $225 million for police and fire protection; $126 million for soundproofing and Midway capital projects already underway and $19 million for transaction fees and legal expenses.
State law requires 90 percent of the $1 billion profit to be used to bankroll city infrastructure projects and shore up under-funded city employee pension funds.
That left $100 million to be spent at Daley's discretion. Chief Financial Officer Paul Volpe has said the money would be parceled out to balance the next four city budgets.
Mayor Daley on Tuesday warmed to the idea of KFC filling Chicago potholes — even if it means KFC logos on city streets — so long as the fried chicken chain serves up enough gravy.
Last week, Daley’s Lincoln Town Car suffered a flat tire on Pulaski Road after hitting a giant pothole.
On Tuesday, the mayor upped the ante so many times he sounded like an auctioneer attempting to sell pothole patching to the highest bidder.
“If they give us $25 million or $30 million, we’d be glad to look at it. . . . I want the money up front. I’ll take $50 million if you give me $50 million,” he said.
UPDATE: Here's an interesting tidbit tucked away in the article:
- Asked to assess the chances the blockbuster deal will ever go through, the source said, "I wouldn't put odds on it. No matter what happens, the city gets $126 million. That's more for the city budget than the city gets" if the deal goes through, because of strings attached to the larger pot of money.
Labels: money questions
posted by SCC at 12:01 AM
11 Comments:
My neighborhood is looking like Detroit!!!!!!
Boarded up-for sale-for lease-for rent businesses all around here!!!!!!!!!
I HOPE YOU GO TO HELL DALEY
I'd much rather have the Kernel filling pot holes then the current Tom "The thumb" Bryne. I guess if that leprechaun can stand in one and be seen they don't fill it.
the airport deal will go through.
CDOT employees have been telling the bloated upper-management for the last 4 years that the " COLD PATCH " Oh that would insuate temporary I mean " HIGH PERFORMANCE MIX "
DOES NOT WORK ! ! ! ! ITs A TEMP PATCH DURNING EXTREME COLD.
CDOT is destined to FAIL !!!!
Only a few years ago they had numerous trucks out with HOT MIX and oil patching the holes and average about 3,000 and most of those were repeats. Since being forced to use that shit material the holes in the system have jumped to 13,000.
Im sure Rich"The New Capone"Daley has a nephew or cronie lined up with am asphalt company to take over yet another city service, so we can double or triple. As of today he's auctioning off the Department to KFC from 25M-50M cash up front. I bet a 100M that KFC uses HOT MIX !!!!!, if they get it I bet ANOTHER 100M they'll use a PRIVATE company who has Richie Capone deep in their pockets.
Remember your definition of a gift deffers from his deffinition of a gift.
He does NOT like labor unions ! He does not want anyone telling HIM what to do !
GOD BLESS THE POLICE
THANK YOU SCC
Un-armed-city-worker-target-alone-in-the-west-end-of-8th district-
ps
$260 Mossberg 12 gauge pump
$75 tactical pistol grip adj. stock
$30 side saddle ammo carrier
$8 box of low recoil buck shot
= One happy home owner who doesnt have to wait 30 minutes for the police !!!!!!!
"$19 MILLION for transaction fees and legal services"? Nothing to see here folks. Move along please.
How about KFC tells Daley to get his act together or the Colonel will use him for a Value-Pak Meal.
Why the hell would this idiot Daley think that he's solving the city's financial problems by selling or leasing all of the money makers in Chicago?
I don't know what to say. Talk about crackhead economics. Having pawned the 12" black-and-white TV he wrenched from the feeble grasp of his ailing grandmother, the son-of-a-bitch is now trying to sell the potholes.
This isn't even an April Fool's Day joke. One look at him will tell you he's deadly serious - hell, beyond serious. He's frantic.
MAYOR DALEY IS CLINICALLY INSANE
"My neighborhood is looking like Detroit!!!!!!
Boarded up-for sale-for lease-for rent businesses all around here!!!!!!!!!"
--4/01/2009 12:13:00 AM
...and you'll notice that a lot of them were "realtors" and "mortgage brokers." A splash of paint, a potted plant, a flashy sign, and instantly it's "Mortgage Gallery," with some twenty-eight-year-old direct from Poland sitting there with hair gel and a cell phone, waiting to get rich. All dying now.
The malls and chains killed small everyday retail a long time ago. How many dog grooming parlors and insurance agents can survive in the remaining small storefronts that used to be the economic heart of the city?
God, I wish I could buy a bottle of soy sauce without some ignorant West Side thug dressed like a "guard" glaring at me as I walk through all these cameras and detectors...
Things used to be a lot different.
Oh. "Boarded-up, for-lease, looking-like-Detroit?" River Forest. The Starbucks on North Avenue shut down over the winter, and, as the young residents to whom I was speaking tried to put a brave face on that, I noticed that the Plunkett's Furniture just west of it was similarly shutting down.
If you can't sell $9.00 cups of coffee and high-end furniture in Oak Park/River Forest, well...
Like you say. Detroit.
Tom Byrne is a pimp. A real yes man. Another political hack that's going to get another pension from the city. What qualifies him to run streets and Sanation? He was a shitty boss on this job and i'm sure he hasn't changed.
just a hypothetical question, any legal genius/professor/lawyer care to advice and educate the good citizens of this fine city, the way to remove Shortshank and his alderthieves from office in a lawful and expedient procedure? Like, maybe a simple citizen's vote? The old fashion way or just any way? What is the proper, lawful way to remove shortshank and alderthieves from office? Chicago citizens do not neet 50 ALDERTHIEVES can we vote/agree on that?
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