Wednesday, October 21, 2009

The City That (Doesn't) Work

How long has Daley been in office now? And how long has Block 37 been an albatross around this city's neck?
  • Bank of America Corp. and a consortium of lenders have filed a foreclosure suit against the developer of the Loop's Block 37 project.

    The suit was filed late Monday in Cook County Circuit Court. The action could herald new financial trouble for property that has been dogged by false starts and missteps for two decades.
A microcosm of Daley-land.

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13 Comments:

Anonymous Anonymous said...

Wouldn't you love to be a fly on the wall inside the Daley fortress? He must be livid that they'd dare to diss him and his pet project.

10/21/2009 12:32:00 AM  
Anonymous Anonymous said...

Heard on radio that Block 37 is $34 MILLION over budget already with nothing to show.

Now BofA wants to shut it down.

Haha

Sounds like a classic churn n burn. Who got that 34M?

10/21/2009 12:43:00 AM  
Anonymous Anonymous said...

The City of Chicago that fails to redevelop anything!

Block 37 has receoved more TIF funds than anyone can believe.

But drive south on route 41 but avoid the pot holes and look what are politicians promised to redevelop starting in 1979. You will see South Works, Wisconsin Steel, etc as you go down the highway and come back on Torrence, again avoid the potholes.

As you continue back on 41 ride past Michael Reese and see what they are now promising to redevelop.

This City works only for the politicians and their friends and relatives and not the little folks.

Jesse Jackson Jr's wife, the Alderman, is now promising to redevelop South Works as she states "this Bud is for you".

10/21/2009 05:02:00 AM  
Anonymous Anonymous said...

Block 37 has always been a way for the Daley/Burke Crime Family to get tax money to the mobbed up trucking and construction trades. Nothing more, nothing less. For decades. The feds must be wearing a pillow case over their heads not to be able to see it... unless they are allowing it?

10/21/2009 05:10:00 AM  
Anonymous Anonymous said...

Isn't there a TIF on block 37?

Is that gone now too, like the Skyway rainy day fund?

10/21/2009 05:13:00 AM  
Anonymous Anonymous said...

The feds must be wearing a pillow case over their heads not to be able to see it... unless they are allowing it?

10/21/2009 05:10:00 AM



The Feds are bitting that pillow.

10/21/2009 09:51:00 AM  
Anonymous Anonymous said...

I hope Bank of America files discovery (or anyone) on what was done with the money.

Open the books!

10/21/2009 10:57:00 AM  
Anonymous Anonymous said...

Let us not forget that Mayor Chuckie kept Harrod’s Department Store from building on the site. Mr. Fitzgerald how long will you leave this clown in office?

10/21/2009 10:58:00 AM  
Blogger the doctor is in said...

The very first Chicago Tonight is an interview with former Mayor Harold Washington. In it he talks about Block 37 and this ingenious financial incentive called Tax Increment Financing. (http://video.wttw.com/video/1196296788/) In the video it's nearly the first thing he talks about.

Considering that this interview happened in 1984, it would seem that Block 37's woes predate Daley.

10/21/2009 11:17:00 AM  
Anonymous Anonymous said...

Heard on radio that Block 37 is $34 MILLION over budget already with nothing to show.



That’s it? How much did Grant/Millennium Park go over budget?

10/21/2009 01:04:00 PM  
Anonymous Anonymous said...

I think the new Victory Gardens center should have gone there.

10/21/2009 06:07:00 PM  
Anonymous Anonymous said...

If the Victory Gardens were located at block 37 all the piss bums in the city could be chased off the trains into the building for the night and the good citizens wouldn't have to deal with them stinking up the trains and taking seats in the morning rush. Daley could find a way to make money off the stank jumpin' off of them by using it as a new fuel.

10/21/2009 11:16:00 PM  
Anonymous Anonymous said...

If we can find more wasted TIF Funds than the hole in the budget do we get the key to the Emerald City?

10/21/2009 11:19:00 PM  

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