Tuesday, December 23, 2008
News / Clout City TIFs and Casinos
Posted by Ben Joravsky on Tue, Dec 23, 2008 at 3:18 PM
As we noted yesterday, Neil G. Bluhm, who won the right to run a casino in Des Plaines, has been a big player in the city's TIF game.
He and his old partner Judd Malkin--Mayor Daley's special Super Bowl pal--were the lead developers in the original TIF-funded plan to build Block 37. Let's just say it didn't quite work out as planned.
In 2007, one of Bluhm's companies, Walton Street Capital, received city approval to get about $51 million in TIF money to convert the old downtown post office into condos and a hotel. Assuming they're ever built, I'm sure they'll fit in well with all the condos the city's planning to put up over at the old Michael Reese Hospital.
The question taxpayers should ask themselves is this: What's more likely to happen first, we all win big at Bluhm's yet-to-be-operating Des Plaines blackjack tables or the city sees some property tax benefits from Block 37?
Remember, the dealer has to draw if he has anything under 17.
Comments (11)
Showing 1-11 of 11
As of yesterday Fitzgerald is working his way up the food chain.The thug working the streets for our beloved Mayor,are being exposed.http://207.41.16.133/rfcViewFile/08cr1061.pdf
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Oh, Ben, I can’t figure out the probabilities of a black jack hand right now. My brain has been charred by the nutso calculus that produced this DesPlaines deal. Didn’t the board essentially say that because Waukegan and Rosemont are already too mobbed up, they are going to go with DesPlaines? Oy.
Ben, As long as you're looking at TIFs, why not examine Des Plaines TIF #1? The city government is now seeking to use TIF money from that to construct a new police station, and in the process displacing two local cultural icons - the Des Plaines Masonic Temple Building and Choo Choo Restaurant. TIFs aren't meant to be used for government facilities, they're not meant to take property off the tax rolls, not meant to destroy historic and cultural resources. They are meant to improve properties. A drive through Downtown Des Plaines shows there's still plenty of room for improvement.
I am glad that Patrick McDonough is citing Socrates and he is so involved in Des Plaines. Imagine if Patrick McDonough's wife got elected Mayor of DesPlaines--he would be a king of gambling.
Stein writes: "The open letter was signed by: News Corp president Peter Chernin (Jewish), Paramount Pictures chairman Brad Grey (Jewish), Walt Disney chief executive Robert Iger (Jewish), Sony Pictures chairman Michael Lynton (surprise – Dutch Jew), Warner Bros chairman Barry Meyer (Jewish), CBS Corp chief executive Leslie Moonves (so Jewish his great uncle was the first prime minister of Israel), MGM chairman Harry Sloan (Jewish) and NBC Universal chief executive Jeff Zucker (mega-Jewish)."
Keep guessing, Jim. I don't know the McDonoughs. Socrates Rand was the founder of Des Plaines.
Ben et al. -- what's the difference between and TIF and IFF -- Illinois Facilities Fund?
Tax Increment Financing (TIF) is a public financing tool for economic development purposes. Illinois Facilities Fund (IFF) is a private nonprofit corporation that provides below-market rate financing only to other nonprofits for their facility and equipment projects.
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