There Goes More Money
- Yesterday was a banner day in the city's effort to waste more property tax dollars on dreadful tax increment financing deals.
In this case, the city sent roughly $1.3 million—the first of many such payments, mind you—to one of the world's largest privately held medical supply companies in exchange for the Michael Reese Hospital property.
A property that apparently nobody else wanted.
My guess is that Mayor Emanuel didn't mention this in any of his daily press releases because there was just no way his media team, as nimble as it is, could possibly spin it into good news—though it would be fun to watch them try.
- I might as well mention that some of Medline's principals have been generous contributors to Mayor Emanuel's election campaigns. Another thing you won't read about in a mayoral press release.
By the way, Michael Reese is a few blocks south and east of the site where Emanuel plans to spend another $55 million in your property tax dollars buying up land for a Marriott hotel and DePaul basketball arena.
You'd think that the mayor would just use the Michael Reese site—which the city already owned—for his South Loop real estate dream.
But instead he's spending more property tax dollars to take more property off the tax rolls, meaning your property tax bill will go up to compensate for the taxes we aren't collecting from of the South Loop site.
Go read it all while you figure out a new way to make cat food palatable.
Labels: money questions