Nice Move Groot
The Shortshanks and Groot-gift that keeps on giving might cost taxpayers an extra $120 million:
The $1.16 billion deal that privatized Chicago’s parking meters has been the gift that keeps on giving for private investors, who long ago recouped their investment and raked in $150.9 million more just last year.
But the widely despised 2008 agreement could get $120.7 million worse thanks to a risky scheme authorized by former Mayor Lori Lightfoot.
Determined to reduce or eliminate so-called “true-up” payments requiring the city to compensate Chicago Parking Meters LLC each year for meters taken out of service, the Lightfoot administration came up with a way to use the pandemic to its advantage.
It called for the city to reclaim 4,007 parking spaces as the stay-at-home shutdown dramatically reduced the value of those spaces, then return 2,646 of those spaces to CPM two months later, keeping 1,361 spaces for the city.
Groot (an alleged lawyer) tried to play fast and loose with a contract (an unfortunate habit of hers) and it's backfiring, even though it was Daley who screwed of generations of taxpayers:
- With 59 years left on the 75-year lease, Chicago Parking Meters LLC now has recouped its $1.16 billion investment and well over half a billion dollars more. The latest audit shows $150.9 million in parking meter revenues last year, up from $140.4 million in 2022.
That's half-a-billion in profit for this consortium (with 59 more years to go) that could have been funding...oh, we don't know....pensions for starters, along with countless infrastructure improvements that Conehead will end up issuing bonds for, which is kind of the point - bankers own politicians via debt.
But hey, property taxes are going up, up, up, along with everything else.
Labels: money questions
posted by SCC at 12:03 AM
36 Comments:
75yrs... should've just gave them 25 more for an even 100. daley, you're an a-hole
"That's half-a-billion in profit for this consortium (with 59 more years to go) that could have been funding...oh, we don't know....pensions for starters, along with countless infrastructure improvements..."
That's an absolute fairy tale. The city would've blown that money somehow else. Pension funding is so far down the list, it's not even funny.
Didn't Quinn sign a bill requiring the city to fund pensions, while at the same time not making that same requirement for the state?
Fuck you...Pay Me.
Democrats should all be put in prison.
As the city deteriorates with this deal the investors got their money back and made money. So they have no chance to lose anymore. The people who live here got screwed. I doubt they will change the voting haven’t set a time soon. Just came over!
Ok So Richie & Lori Made A Few Thousand Mistakes Move On.
Thank You C.T. U. For Giving Us Hope With Brandon!
A Leader That Will Only Listen To The Voices In His Skull 💀
Your forgetting the important things....Lil Richie and Company got paid.
...So Fuck off
It's more proof private companies can run anything better than the government. The skyway is also raking it in, seems 94 shootings had an impact....
Dems are always penny wise and 100 million dollar foolish
The irony here is Lightfoot was hired by Dolton to investigate their mayor Tiffany Henyard and her pals for their frivolous that has helped land Dolton 'only' $3.6M in the red. Now Lightfoot is going to cost the city of Chicago $120M+ for her showing everyone how big her dick with the parking meters.
It truly takes one shitty mayor to catch another shitty mayor and their spending habits.
Who the fuck votes in a mayor named Tiffany?
What did Henyard spend $40,000 in one day online at Amaxon? If you have Amazon, you know all past purchases are documented online. Let's hear what Tiffany spent it on Lori.
Doesn't the city have Harvard-educated lawyers on multi-million dollar retainers??? Can't these wonderkins find loopholes in this contract that favor the city??? OR.... (and here's an unpopular opinion).... just break the contract and let them sue. Then drag it out in litigation and settle years down the road after all of that revenue is back in the city's coffers.... I swear... logic, reason, and common sense are the rarest commodities on the planet.
The voters of Chicago have chosen to elect Democrats for a century uninterrupted. Elections have consequences.
It will not change. GTFO ASAP.
I believe it is by 2050 but by then this place will be a huge marsh full of wild onions and leeks again.
Sad that the city was so inept at managing parking meters that are clearly profitable and gave them away for pennies on the dollar.
Daley was a failure and an incompetent moron. No, there are no loopholes. It's been to court multiple times.
Nobody should blame CPM. They made a deal with the city and it was accepted. The fact that they're making a bunch of money is great. They were smarter than the city negotiators. Happens in business all the time.
Any money the city would have made on those parking meters would have been wasted in some vote buying scheme. It never would have gone to satisfying obligations such as pensions.
How many years down the road should they kick this can? The opposition is Saudi Arabia. I think the Kingdom also has Harvard lawyers, except they have the Harvard lawyers who were smart enough to get jobs in the private sector. The criteria for hiring city lawyers may have more to do with who and what you are than how good a lawyer you are. When the can stops the city is going back the money owed plus interest. Wow, what’s that going to do to property taxes?
Many of us have been where the city is. You get married and things don’t work out so you pay what’s they say you owe and then move on.
The problem with the Skyway and parking .Was the Political side knew city workers we’re stealing they never figured just how much they were taking home.
The slimeball law firm that put the parking meter deal together then paid off dimwit Daley with a nice no show "job" at their firm. Imagine hiring a giggling retarded fool as an "advisor" to their firm. We lose, Daley wins, the crooked lawyers wins, as usual. Poor Chicago!
Whoever keeps saying Bettlejuice three times, knock it off!
Just pass a law and make it retroactive. No politician can sell city, county, state assets, effective Jan 1 1990 until the citizens vote on it.
This deal Daley shoved up the taxpayers ass has to be the worst business deal in American history. The scary part is the entire city would probably do it again just to have Daley back as mayor because mayor incompetent cone head Johnson and lightfoot are the worst mayors in America history
Democrats do not care about your money. Now, kees me you fool!!!!
Just ain’t no fixing stupid ! Just keep voting them plantation master democrats into office, and you will reap what the fuck you’s morons have sown !
Try a new act, this one’s worn like an old pair of shoes
but daley made that deal so Chicago would get the Olympics ,,,, oh yea,,, that's right,,,,, we didn't
Retired in Texas……
If you are unburdened by what has been….this would not bother you….
Then again just wait til the uneducated voter votes that hyena k a m a l a and that pervert, tampon Tim (waltz) into the presidency…..you ain’t seen nothing yet!!!!
Stay safe out there !
To the loyal voting Democrats always working to harm themselves and their neighbors a hearty congratulations on continuing to bankrupt the city with more crooked schemes. When the city can no longer afford to pay for their schemes and you're looking for a handout you will be directed to the nearest alien shelter. Here you will meet and greet your new foreign neighbors. Don't forget to bring your valuables too. This will enhance your opportunities to attract new folks that will result in most memorable experiences,
this was the biggest scam my taxes never went daley madighan n eddie burke received millions in dollars in kick backs
the money probally sitting in bank accounts in the cayman islands
f-ckyou daley n eddie burke and mike madigan
You could probably have the parking meter contract declared null and void if you could supeona communications between the parking meter company and their attorneys, Katten & Munchin. Didn't the mayor who gave away the parking meters end up getting hired by Katten & Munchin.
The idiot Brandon will make Lightfoot look like a financial mastermind when he gets done borrowing huge amounts of money to keep the CTU happy and fund day to day operations. No where does the CTU give any details on how that debt will be repaid. I know how. Raise taxes! Say it out loud Brandon, I will raise your taxes and drive more businesses out of Chicago to make my homies at the CTU and fellow progressives happy.
Totally agree.
Here’s the new one. JB greases the wheels for Brandon to buy the old 63rd St. Army Reserve building (built in the 1940’s) at Midway for one dollar. He wants to build a new police station. Re-purposing/remodeling or replacing this structure will cost several million dollars. It is totally unfit for use as a police station. Question one is who is gonna get the contracts? Question two is how long is it gonna take? Question three is couldn’t the cash be used for better purposes somewhere else? (More ambulances maybe) Question four is does this really put more officers on the street, or just create more hidden jobs? Wouldn’t the property generate more tax revenue if it were leased out to a private concern as Midway is considered a hot property? Just asking.
Totally agree. His friends and supporters are morons!
Question. What would happen if the city took all their ticket writers out of the downtown area and made it public that no one would be down there to enforce payment. Then go and negotiate with the company. They spots are still being used, but with little to no money income for the company.
Until Shortshanks is no longer among the living, nobody will touch this contract. Richie needs this payday
Post a Comment
<< Home