Thanks Again Dick
Shortshanks can be compared to a really bad venereal disease - the gift that keeps on giving:
- Chicago taxpayers have paid a wealthy North Shore family more than $24 million since June for the vacant Michael Reese Hospital property that former Mayor Richard M. Daley bought as part of his failed Olympic dream.
And Chicagoans will keep paying — possibly another $120 million in principal and interest by the year 2024 — unless Mayor Rahm Emanuel can find someone to develop the 37-acre lakefront site just south of McCormick Place. With its prime location, the property has been eyed as the possible home to everything from a new casino to President Barack Obama’s presidential library.
“The property is worth substantially less than was paid,” says Emanuel spokeswoman Elizabeth Langsdorf. “This inherited deal was a bad one for taxpayers, but Mayor Emanuel is taking steps to ensure taxpayer exposure is reduced and to bring the property back to productive use.”
Labels: money questions