More Money Pissed Away
More from Shortshanks (and even earlier), but are Rahm and his people rectifying this?
- Over the past 99 years, the Metropolitan Water Reclamation District of Greater Chicago has leased nearly 12 acres it owns along the Stevenson Expressway to a string of tenants, never getting more than $3,450 a year for the land.
When the lease expired Sept. 30, the sewage-treatment agency decided to see if it could get more money leasing the land, which hadn’t been on the market since 1915 — when President Woodrow Wilson was trying to keep the United States from entering World War I.
The agency sought bids for the property at 3301 S. California, aiming to get at least $601,000 a year — nearly double the $309,925 it collected in rent on the land over the past 99 years.
The two bids so far?
- Ameropan Oil Corp., which has been operating an asphalt plant on the property since 1988, offered to pay $607,010 a year to continue leasing the land for another 39 years. That would come to about 175 times more than the company had ever paid the water reclamation district in a single year.
Gardner-Gibson Inc., another Florida asphalt company, offered to pay $776,000 a year, or about $30 million over the course of a 39-year lease — about 28 percent more than Ameropan. That would have amounted to $175,000 a year more than agency officials said they’d hoped to get.
Of course, the city chose the lesser bid, triggering a federal lawsuit, so it'll all be tied up in court for a while yet. But journalists would have years worth of material just dissecting instances like this and rigged bids and crooked contracts.
Labels: money questions