This Ripoff Again
Even out of office, Shortshanks has been boning Chicago voters for the past nine years. The boning will continue for another sixty-four years into the future:
- The stay-at-home shutdown triggered by the coronavirus turned the streets of downtown Chicago into a virtual ghost town. But private investors who leased Chicago’s parking meters had plenty of cushion to absorb the blow.
Chicago’s parking meter system raked in another $138.7 million in 2019, allowing private investors to recoup their entire $1.16 billion investment and then some with more than 60 years to go on the 75-year lease.
Four underground city-owned parking garages took in $34.8 million in 2019, while the privatized Chicago Skyway generated just under $92 million in cash, separate audits of those assets show.
Not a penny of those revenues went to ease the burden on Chicago taxpayers that will almost certainly get worse to fill a $700 million hole in Mayor Lori Lightfoot’s $11.6 billion 2020 budget and plug a $1 billion gap next year.
All city contracts of this sort ought to never survive past the negotiator's term of office. There's no reason this asshole should have been allowed to commit (with City Counsel approval no less) taxpayer funded assets, especially as Groot's budget hole grows and grows.
Labels: money questions, un-fucking-believable
posted by SCC at 12:02 AM
51 Comments:
He should be dragged from his home, dragged to Daley plaza and hanged from the Picasso sculpture. You have to hope there is a Hell, and he will pay for his corruption there.
There are a lot of suckers who think the Daley name is something to be happy about!
Cook County Commissioner John Daley voted recently to defund the county police. It was in the news last week.
out of spite I vote to change the name of maggie daley park..... maybe something to like citizens paid for this park.
Unfucking believable is right. Thanks to volpe and shanks. Two rotten no-good sob's.
I said it when it was proposed and I'll say it now.
ALL CHICAGO HAD TO DO WAS RAISE THE METER RATES ITSELF.
The short-term windfall was frittered away immediately and we are left with this travesty for generations to come.
The City Can still claim eminent domain if its idiot 'officials' can figure out how. Take back the bum deal.
Rumor has it she, the wasp eyes let investors know Midway is for sale, bargain price, seeing the airlines are all flying half filled or less. Also, she already has Soldiers field on her list. She is not too slick but her minion alderthiefs eat her ass for all of her wants.
It is totally over for Chicago, prime property is going to be worthless within 5 years. The entire loop void of any ground level businesses.
Any business that does not leave Illinois will go to Lake and Dupage counties. The mutts fear the police there.
Investors are buying as much vacant and occupied property they can in Gary.... big money got something up their sleeves !
Bankruptcy allows the bankrupt party to abrogate some contracts.
Is the parking contract one of those contracts?
How many years until Chicago HAS to enter Bankruptcy? 3?, 5?, Sooner? Never?
Don't forget! Shanks got a job with the law firm that wrote that contract.
What's his cut for a do-nothing job? Does he have an office? Does he show up?
Don't worry, when Chicago goes Bankrupt, Lightfoot will break any CPD and CFD Pension Contracts at the same time she breaks this Parking Revenue Contract.
I never understood how this was allowed or legal. There should be a lawsuit to recind this deal because it was Daley's to lease. It all belongs to the City and its residents
political code of silencio. do the kickbacks go for another 60 years too ? does the money flow to retard daleys grandkids or will a fat envelope be delivered to whatever freak sits on the throne in 60 years ? they know. the faces change, the graft continues forever. everythings for sale in this third world shithole. why else would these unemployable carnie people like groot, booby rush and prickwrinkles get into politics ? and then you have gubnor lardass. something really really wrong with a guy who was handed the world and buys his way into crooked politics. hope i live long enough to see that fat fool in an orange jumpsuit clening turlets in sandstone minn while his fat ass old lady runs off with goober the stable boy.........
Ahh yes, the little guys attempt not to raise property taxes and get the 2016 Olympics and use the Olympics as a way to pump money into the city economy and thus little guy could ride off into the sunset as our hero. He rode off into the sunset and has been sucking on three government pensions, state, county and city.
$5.60 to go through Skyway. Was $2.25 when the City sold it.
Why isn't Daley in jail?
And yet Shortshanks is treated like a celebrity,a rock star.
On WTTW (Communist television) they run an ad for The City Club of Chicago. It features 100 of our most prominent citizens. Each photo is set in a 10 x 10 grid and the camera pans back to show them all together. No Daleys at all. They were a curse to everyone of every race equally. I would be for changing the name of Daley Plaza to Smollett Plaza just to rid it of the name.
the gift that keeps on giving.....
If the city declares bankruptcy, the federal judge will declare all contracts null and void. That is the contracts for the street parking and all union contracts and all pensions will go to ground zero. It is coming, it has to come. When? I don't think anyone can say right now, but it is coming , probably within five years. If not, and you live in the city, your property taxes would have to almost double or the city puts in an income tax
Cook County Commissioner John Daley voted recently to defund the county police. It was in the news last week.
8/03/2020 12:13:00 AM
The Daley kids are the bad ones, the corrupt ones who ruined the city and the county. But, I feel that the old man never would let any of this happen.
That should be illegal. Chicago is #1 in corruption.
Its time to take measures into our own hands. I would inform the company that the City will not be writing tickets for expired meters. They can renegotiate or expect nothing coming in. What the hell do we have to koose?
Perhaps the City can invalidate the contracts based on the fact that ShortShanks was mentally incompetent.
Now, kees me you fool!!!!
Somehow, some way, someone needs to prove that this was a corrupt deal and take back the meters for the city. That f’n Daley, I hope he burns in Hell. Anyone who thinks the Daleys were good for this city is a bastard who benefited from the corruption.
I got a c in business law but if the contract was illegal or tied to illegal kickbacks you could get it reversed but I think we’d have to pay back the billion with interest or a prorated portion and the city is broke and with the declining shoppers it may turn out to be a bad deal in the end. I’ll get back to you when I finish law school or in 80 years when the deal is expired.
Now, why aren't people protesting in front of Shortshank's place?
Morgan Stanley?
Winston & Strawn law firm (home of Jim Webb and Gov. Jim Thompson)?
It took a village (of bipartisan crooks) to screw the people of this city.
Don’t forget Rahm and the entire black and progressive caucus voted for this. And the frog princess did nothing legally to challenge it. And the idiots on this blog kept on supporting her even though she was a Rahm put in machine hack aided by RINO Lausch who indicted Burke to pave the way for her victory by taking out Daley, Preckwinkle and Mendoza. And don’t forget Joyce and the inbred defective crowd from the southwest side who supported Lori because Fusco at the sun Times and closeted Dold at the Tribune told them too on Rahm’s orders.
Groot has been reviewing and finalizing plans for homeowners to lease residential parking spaces in front of their homes. No more residential parking permits.time share parking agreements.
What it should tell all of you is the incompetence of the government running anything. Why, under city management, were the skyway and parking meters NOT pulling in this kind of money to the extent they were leased out for quick cash?
Never, ever give up cash flow. Never, ever allow unions and politicians to hijack a revenue stream to the point it's unprofitable either.
And even after all the little rat Daley did to the city he still has the 18th Dst. on speed dial to supply him with a lackey driver and car to run errands and transport his millionaire ass around town.
He should die behind bars.
Ca n't some enterprising person find out and publish the names of the "investors" in this scam? This was highway robbery by insiders.
Never understood how publicly funded, currently used, entities and assets could legitimately be transferred to private ownership. The legal obfuscation involved always indicated corrupt executive grifting. That the various examples are never rectified only verifies the continuation of corruption and grift
Isnt it funny, how stupid the voters are in ShitCago, the politicans, promise to raise their taxes, DeFund the police, give the Community all the freebies,and they keep voting Democrat, just goes to show how BrainWashed they are!
Chicago Connected made their millions off this city parking deal..remember Daley administration folks moved to join the Morgan Stanley parking company
Why bother going downtown?
I brought this up to some of my Bev/MorgPark neighbors last week, yeah city workers & teachers, and to a person they were surprised to learn the Skyway had been sold off and the city wasn't collecting that $5.60 each way. Most didn't know the parking meter deal was real or that Rahm had tried to deal Midway away. People in this city and state are living in a fantasy world.
while the privatized Chicago Skyway generated just under $92 million in cash,
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The Canadian pension fund that bought the lease rights from an Italian company paid $2.8 billion. About a 3% return.
Read the suntimes story. It seems city can get out of this. Still, RM Daley's legacy is this masterstroke of idiocy. He was the most corrupt mayor in Chicago history. He destroyed Chicago. Holder and Obama let him skate. He should be in club Fed. instead he got a job with the lawfirm that fucked the city on this and another position as senior goverment fellow with the atheist-marxist univ. of chgo. You can't make this shit up. He never passed the bar exam.
You need to recall the reason the skyway was sold off in the first place was because it was about to collapse because the city did such a poor job of maintaining it. The Italian company that bought the lease rights and then the canadian pension plan that purchased the lease rights from the Italians have somehow managed to rebuild it into a viable tollway again.
You might also recall that at the time of the original sale the skyway was in such bad shape that it was not even generating enough tolls to pay the bonds off.
“How to Lose Billions in Taxpayer Money and Still Make A Good Living Afterwards.”
By ShortShanks. It was on many best seller lists.
Never an MBA, finance chair and investment guru, Rahm’s best attempt was to refinance (for a fee) to reduce costs by .01%.
One of Larri’s campaign promises was to find an out of the artful, full council approved Shanks Meter Deal. Please be patient, other obligations like pension, wages, benefits and mostly disassembling the FOP Contract (once and for all) are her top priorities.
I wonder if The Larri Lockdowns that keeps people and vehicles out of business meter areas are by contractural definition considered as creating a closure of a public street and reduces meter revenues entitlements to LAZ and such have to be City reimbursed to them?
LAZ and investors don’t lose and Larri wants some of that action, her campaign coffer only has about $40,000 in it to date.
Governor, Senate, Representatives, County President, County Board Members, Mayor, City Council, States Attorney, Judges = Thieving corrupt lawless POS who would sell their mother and stop at nothing for a $$$$. Add in all the people, family & friends, who still hold positions that Dealy provided them and you have more ridiculous debt for the city, county and state! GET THE TAR AND FEATHERS AND HANG EVERY LAST ONE OF THEM!!!
Thank you! Been saying this for years - Daley wanted quick cash for his olympic bid.
Can't the city tax the hell outta them?
Bankruptcy allows the bankrupt party to abrogate some contracts.
Is the parking contract one of those contracts?
How many years until Chicago HAS to enter Bankruptcy? 3?, 5?, Sooner? Never?
If they do there goes our pension Rahm saw to it that our pensions are at the bottom of the list to be paid if the city goes bankrupt that means we get paid last if there is anything left. Which there won't be or they wouldn't be in bankruptcy
Would Like to hear from the pension board on this issue
The City could stop issuing parking tickets, or issue parking tickets with a maximum fine equivalent to the maximum on the meter. That’d be $8 for a $2/hour meter with a 4 hour maximum time. I’ll take a chance on getting a $8 ticket if that was all I was going to pay anyway. Stop wasting my tax dollars to help a crummy investment bank get even richer. Maybe if the people of Chicago stop letting our hack “public servants” sell us down the river, lousy deals like Grand Theft Parking Meter will lose their appeal to the connected and corporate thieves. Maybe we should make this a campaign issue - vote to lower parking ticket fines or get voted out of office.
The Great Parking Meter Screwjob and The Great X's of Meigs Field stand as His Honor's Great Legacy. I'm so fucking glad we didn't get the Olympics.
The city will have to make good the losses that the company lost due to the city shutting down the businesses for the riots and virus that the democrats oversaw and wanted to occur.
What ever happened to the babbling idiot Daley? Word is that he is really “mumbles” now. They feed him baby food and he tells everyone that he is the secret Queen of Chicago.
So answer me this, because I’m not knowledgeable. Who actually pays for enforcement of the meters? The city? Enforcement is a ticket, so Im assuming that fills city coffers, but what is the actual expense of paying meter enforcement to the revenue from tickets? What are those numbers?
Anonymous said...
out of spite I vote to change the name of maggie daley park..... maybe something to like citizens paid for this park.
8/03/2020 12:21:00 AM
I agree & to spare future snowflake iconoclasts being triggered & needing to riot and tear down statues of long ago dead people, who only serve as diversions from the real cause of societal ills, let’s rename anything & everything publicly owned as banally as possible. All the schools just assigned a number. All public park buildings assigned a zip code & letter designator. Any public square or park should just be named Plot 101, 102 etc. While we are at it, why not just assign them a tally board of how many shootings occurred in the immediate area...like the old McDonald’s signs...45 shot, 12 kills.
Anonymous Anonymous said...
So answer me this, because I’m not knowledgeable. Who actually pays for enforcement of the meters? The city? Enforcement is a ticket, so Im assuming that fills city coffers, but what is the actual expense of paying meter enforcement to the revenue from tickets? What are those numbers?
The meter company has their own meter maids who write tickets. They are not employed by the city. I’d bet the meter company requires a certain number of tickets daily
— For the past few years, city parking meter enforcement crews have had a private team of ticket writers helping them do their jobs — and helping fill the city's coffers with millions of dollars in additional revenues.
The team actually works for Chicago Parking Meters LLC, the private company that took over control of the city's 36,000 metered-parking spaces in the infamous 75-year deal that jacked up parking rates and lengthened the hours of enforcement all over the cit
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