Liens on City Property?
Is this something? Or is this another crazy conspiracy?
We're voting for crazy conspiracy.
That and we're bored. Everyone seems to be hibernating.
We're voting for crazy conspiracy.
That and we're bored. Everyone seems to be hibernating.
Labels: money questions
posted by SCC at 12:01 AM
36 Comments:
Could be worker liens for late pmt or contested fees. Not much else contractors can do to get paid.
Maybe Rahm can call Peter Francis Geraci.
The equivalent of a home equity loan. A commercial building equity loan. Rahm is mortgaging already existing property to get money to pay the bills. Damn, if Richy Daley had only thought of this. The problem is, of course, that now he will have to make payments to pay the loans back.
Maybe he can find some sucker to loan money on the parking meters. Said loan payments to begin in 65 years.
Oh come the fuck on!
...And it's the "overpaid, underworked, sweet pension havin', early retirement gettin' Cops who are the problem."
All is Well. Don't Panic! All is Well!
-Kevin Bacon
The sky is falling, the sky is falling . . . Squooooosh, oh shit it actually is.
That is one way of collecting debts. Nothing strange there.
if you think the city is broke, your soft as puppy shit
There are no liens on my pretty loft. Of course many a good man has leaned over.
Now, Kees me you fool!!!!
Why would a nearly 40 year old building (police academy) still have a lien? Wouldn't the mortgage or bonds issued be retired by now?
I don't like this!
This reads like one of those sovereign citizen nut jobs. This person can't spell Rahm's first or last name correctly, among other errors.
Cheez! I wonder if Banc of America will have the common courtesy to empty the Academy before they take it over.
I'd hate to see them repossess to po-leese too, we're shorthanded enough.
It is designed to remove these as an asset on the balance sheet. I would imagine that in a bankruptcy, you cannot seize them, as a lien exists. Imagine the value of hwl or the water dept. Detroit failed to protect their art institute and nearly lost it in their bankruptcy
Don't hibernate. Get out the vote. Force the runoff, then.......ANYBODY BUT RAHM!!!!
If you're going to rant, at least know how to spell the guy's name...
Some contractors no longer do business with the city, they can't wait months to get paid.
If someone is taking this approach, good for them.
Its cheaper than paying someone off in the finance committee!
What happens is the connected contractor stiffs his subs and after a while they get tired of waiting for their money.
Anonymous Anonymous said...
It is designed to remove these as an asset on the balance sheet. I would imagine that in a bankruptcy, you cannot seize them, as a lien exists. Imagine the value of hwl or the water dept. Detroit failed to protect their art institute and nearly lost it in their bankruptcy
2/21/2015 08:41:00 AM
Sounds great, entirely wrong, but completely believeable.
"It is designed to remove these as an asset on the balance sheet. I would imagine that in a bankruptcy, you cannot seize them, as a lien exists."
2/21/2015 08:41:00 AM
I think you might be onto something here.
City goes bankrupt, creditors get 1 cent/dollar, but we get to keep everything.
Detroit nearly losing its art museum was a setup to get private donors to save it
it would be funny to see a repo man drive off in a marked Explorer
This is corruption, not a conspiracy.
The liens exist because Chicago, through the Chicago Infrastructure Trust (CIT) set up in 2013, secured funding to upgrade buildings from private investors (in this case from Bank of America).
The city of Chicago funds the CIT (even though Rahm/Clinton promoted it as being funded privately) to the tune of more than a half million dollars a year (with more than half of that going to pay the salaries of the only 2 employees).
In exchange, the CIT negotiated for Bank of America to loan money to city organizations to upgrade their energy infrastructure (think green energy). The city pays back the loans through the 'energy savings' it experiences from upgrading (but will actually come from TIF), and the CIT gets a cut of the loan payments for their work.
Of course Chicago could have just secured the funding itself without having to pay a middleman, but then Rahm and Clinton wouldn't have 'innovated' municipal infrastructure investments, been able to get their friends cushy jobs with the city, or set up even more graft. CIT recently secured ~$32 million for wireless upgrades to the CTA, I wonder how much the city will be paying to CIT over the next 10 years for 'securing' that funding?
Some links for those interested.
http://www.chicagobusiness.com/article/20140516/NEWS02/140519816/why-emanuels-chicago-infrastructure-trust-is-off-to-such-a-slow-start
http://www.chicagobusiness.com/article/20140802/ISSUE01/308029972/emanuels-infrastructure-trust-looks-to-help-commercial-landlords
http://www.lightreading.com/mobile/4g-lte/us-ops-spend-$325m-to-bring-4g-to-chicagos-subways/d/d-id/713426
Not conspiracy, just ignorance.
These are NOT liens against the REAL ESTATE. Bloggers (not you, SCC, but cmrobin23) not versed in bankruptcy law/lien priory and the Uniform Commercial Code (UCC) would be well advised to do some research before they go recklessly posting, or just stay away from the topic all together.
For one, BanC of America is just an investment arm of BanK of America. The BanC invests in assets such as like mortgage backed securities, hedge funds,infrastructure trusts, etc. The banC doesn't take in your deposits, it just loses them and then arranges for BanK to receive federal government bailout.
As to the 'liens' (fixture filings are not liens but rather are evidence of a pledge of collateral), there are indeed filed UCC-1 Fixture Filings that show the Chicago Infrastructure Trust as debtor and BanC of America Public Capital Group as Creditor.
The underling pledged collateral appears to be certain FIXTURES and not REAL ESTATE.
I reviewed the UCC-1 referenced in the blog post. It appears to relate to a pledge of certain fixtures located at:
1) Water Management Central Office (3901 S. Ashland)
2) Harold Washington Library (400 S. State)
3) the Academy &
4) Chicago Cultural Center (78 E Washington)
The detail of the pledged collateral is found in a 'Chicago Department of Fleet and Facility Management Retrofit One Project Loan Agreement' dated as of April 1, 2014. Without reviewing the April 1, 2014 Loan Agreement, we know nothing.
Come back to me with the Loan Agreement and then we can start to conjure up our conspiracy.
- Your friend local real estate private equities guy busy gentrifying your neighborhood (and not a cop, thank god).
Anonymous Anonymous said...
This reads like one of those sovereign citizen nut jobs. This person can't spell Rahm's first or last name correctly, among other errors.
2/21/2015 08:13:00 AM
________
BINGO!!!! We have a winner!
It was part of the infrastructure trust deal ---it is Bank of America that did the deal ---wasn't the 18m bond deal enough ---first time placing liens on city property --know wonder Fioretti and Waugesbach have been saying no to this deal
Maybe Bonita "Bonnie" Amado could order some new carpeting for the HQ elevators. I'm so tired of standing on this moldy 15 year old carpet. And what's the deal with the Department using previously used soap dispensers to hold that pink soap in HQ and every other police Department building. It's disgusting!!'
Please, BONITA clean your desk while you're at it too. How can you find anything on it?
our pensions are fine,now others not so good.
Sneak Preview of what a Wilson administration would most likely bring.........
The FOP was too gutless to back Fioretti and the first thing Rahm is going to do is use the infrastructure trust cooked up by his scum buddy Clinton to screw yiu out of your pensions. Nice choice we have Rahm DiBlasio and stand up don't shoot garcia who is in bed with karen whose people will be protected if Rahm wins. That was the set up by Preckwinkle and Rahm to take votes from the white guy. You all must vote for Fioretti or you and this city will-be totally screwed. The criminal win with anyone but Fioretti.
Anonymous said...
Maybe Bonita "Bonnie" Amado could order some new carpeting for the HQ elevators. I'm so tired of standing on this moldy 15 year old carpet. And what's the deal with the Department using previously used soap dispensers to hold that pink soap in HQ and every other police Department building. It's disgusting!!'
Please, BONITA clean your desk while you're at it too. How can you find anything on it?
2/21/2015 03:01:00 PM
Dealing with that woman is like dealing with Sanford and Son. Just sayin'...
Anybody but Rham, vote Naps in 41, Garrido in 45 and Sposato in 38. Protect the pensions and insurance!!
OT: Incumbent Arena must be really worried Lt. Garrido will win the alderman's race.
According to dnainfo he sent out an email claiming to have the vote tally from early voting and urging his supporters to go vote today to put him over the fifty percent mark.
Sleazy stuff, even by Chicago standards.
Garrido in 45
*******
If you don't think this "gotta get a govt job any way I can" guy is gonna roll over and FUCK the police when the first opportunity arises, then you're just as deluded and brainwashed as every other Chicagoan is and has been for decades in this city.
While I agree he's the least harmful of all the candidates, he's nothing more than the more of the same in Chicago. He wants in, and he'll do anything to GET in.
Just because he's a cop doesn't mean he won't fuck us over in a heartbeat if it means getting more votes and getting elected to some other higher office that has a fully funded pension he won't have to worry about getting attacked because it's always been funded to the max.
Just like Emanuel.
the bank of America was originally called the bank of Italy...true story
signed, the black hand
If you don't think this "gotta get a govt job any way I can" guy is gonna roll over and FUCK the police when the first opportunity arises, then you're just as deluded and brainwashed as every other Chicagoan is and has been for decades in this city.
While I agree he's the least harmful of all the candidates, he's nothing more than the more of the same in Chicago. He wants in, and he'll do anything to GET in.
Just because he's a cop doesn't mean he won't fuck us over in a heartbeat if it means getting more votes and getting elected to some other higher office that has a fully funded pension he won't have to worry about getting attacked because it's always been funded to the max.
Just like Emanuel.
2/22/2015 01:39:00 AM
You obviously don't know John Garrido. I do. You couldn't be more wrong.
Anonymous said...
our pensions are fine,now others not so good.
2/21/2015 04:05:00 PM
Fine? How do you figure? Our funding level is in the 30% range. In other states the sirens went off and they sounded the emergency alarm when funding got down to 40%. Here it is in the 30's and people are saying "it is fine."
No, it isn't fine. It is very fucking far from "fine"
Like Marathon Man. It is not safe. It is very far from safe, as far as can be, it is dangerous, very dangerous.
But maybe you feel comfortable knowing the city owes 60-70% of the funding to our pensions. Sure we can trust the City of Chicago. What could go wrong?
Anonymous said...
It is designed to remove these as an asset on the balance sheet. I would imagine that in a bankruptcy, you cannot seize them, as a lien exists. Imagine the value of hwl or the water dept. Detroit failed to protect their art institute and nearly lost it in their bankruptcy
2/21/2015 08:41:00 AM
Sounds great, entirely wrong, but completely believeable.
2/21/2015 11:04:00 AM
I see. So that is why Richard M Daley sold off the parking meters. He removed them from the balance sheet as an asset. Brilliant and diabolical! That is something Lex Luther would do.
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