Hey Look! $600 Million!
- Lee Hogan's carryout soul food restaurant could someday be just a brief walk from the Obama presidential library.
It is good news, she said, that the library and museum could come to Washington Park, bringing a projected $600 million in economic development to an impoverished neighborhood that has long been overlooked.
But in a half-century in the restaurant business on the South Side, the 70-year-old entrepreneur has learned not to pay much attention to promises. Even if revitalization comes, she isn't sure she will be a part of it.
We don't know who's ass the Tribune pulls these numbers out of. The library itself is projected to cost upwards of $500 million (paid for out of "private donations" if you believe the hype) and this pie has a lot of sticky fingers already in it. $600 million in "economic development" means the city should reap tens of millions, maybe a hundred million or more in direct financial compensation in terms of taxes, permits and revenue. Sorry for asking, but where's the cut for the pensions?
Labels: money questions