Monday, June 9, 2008
News / Clout City More money down the hole
Posted by Ben Joravsky on Mon, Jun 9, 2008 at 1:50 PM
I hope the International Olympic Committee saw Greg Hinz's recent story in Crain's Chicago Business about the latest development in the ongoing debacle of Mayor Daley's dream to build a superstation below Block 37.
According to Hinz, the project is so far behind schedule and over budget that the city's going to have to spend another $20 million in TIF funds just to pay off existing debt.
Again, this $20 million is just to pay back off existing debt. It isn't to complete the project -- the city still hasn't figured out how they're going to pay for that. With the new expenditures, the project -- originally budgeted at $213 million -- will have consumed about $320 million.
"Until even more money is found," Hinz writes, "the semi-completed station will be mothballed, much like an unfinished basement in a home whose owners has poured the concrete but can't afford to install carpeting, paneling and other finishing touches."
And even when -- or if -- the city figures out how to complete the project they still can't use it because it doesn't have any tracks to run on. The line is intended to provide high-priced express service for tourists, business execs, and other high rollers zipping between the Loop and Midway and O'Hare. But there are no tracks on which to run the express service. Eventually the city plans to seek bids from private companies looking to build the tracks and operate the line. Either that or the express service will have to share existing Blue and Orange line tracks so the high rollers save a few extra minutes on the ride downtown.
I remember when the City Council passed the funding for this project back in 2005. A few aldermen told me they voted for it because they had no choice--it was one of the mayor's pet projects. Keep in mind, the Olympics is another one of Mayor Daley's pet projects -- which everyone, including Barack Obama -- feels compelled to endorse.
Let's hope the IOC gives the games to Rio. It will be a miracle if this bunch gets through the games without driving us bankrupt.
Showing 1-20 of 20
There's no question of whether the money can be found. They have the power to tax, and they'll use it. I'm no Grover Norquist; I'm fine with using taxes to do worthwhile government stuff. But that's the rub. Using money in one way means that it won't be used for something else. There are a thousand things that need to be fixed, replaced, or improved before this Olympics bullshit even comes close to consideration. I notice that the CTA has been bolting the crumbling embankments up in Rogers Park. Those steel plates are just a stop-gap measure that holds off disaster for another couple of years. Meanwhile, gas is headed for $5 a gallon and beyond, and it takes years to get an elevated railway in shape. We need the El to carry everyone who will no longer be able to afford a car. Instead, Daley and his pals have their sights set on roads, stadiums, parking lots, everything they need for the Olympics, and nothing that matches our current economic reality. It DOES match the economic reality of the politically connected contractors who will get the bids, of course.
The IOC will probably give Chicago the Olympics anyway, since most of its membership are petty tyrants in their own minds, and thus would have an affinity with Daley. With luck though, by the time the Olympic Torch relay is held in 2016, the route can conveniently pass along the side of whatever federal prison Daley is incarcerated at.
Over Budget? What does that mean? Is it like a budget short fall? Let me see $320,000,000.00(thats three hundred and twenty million dollars) minus $213,000,000.00(thats two hundred and thirteen million dollars) = $107,000,000.00 (thats one hundred and seven million dollars). Who has to pay the difference?
Another project overbudget. No say it isn't so!!! More lies from Daley?!! More taxes for us Wasn't VICTOR REYES on the CTA Board
If our Messiah Obama wants the Olympics than I agree with it.
I have long suspected this but now I am certain, Obama just plain sucks!
The IOC are extortionists. PERIOD. I honestly know NO ONE who finds the Olympics compelling. Aren't the TV ratings abyssmal? Ask ANY reputable sports economist and they will point at data that shows the Olympics NEVER make money for the host city...in fact, should Chicago win the bid (and pray we DON'T) the economy will stagnate further...and the taxpayer will suffer somehow even more then they currently are....
What wrong with our Mayor Daley and our next president asking people to come out at noon and party with them.
CONCONATE SHOULD BE ARRESTED FOR HAVING A FAKE WEB SITE,AND ITS TRUELY LAME.
McCain could win Chicago. The NWS and SWS will vote srong for McCain. I predict Mcain 54% to Obama 46% in Chicago. The Sate of Il. 58% McCain to 42% Obama. Book It! The Olympics is just another Daley money pitt!
Read and learn: http://secondcitycop.blogspot.com/
We should have a one man one vote system. Your math is a little off. Barack will win Chicago easy,unless there are some striking relevations. Where the Republicans will have to do well is Flordia and Ohio,to win. The Red States will have to surg,to counter the Black and liberal turnout. The bible thumbers will have to come out for MCCAIN. Also Mccain would have to peel off 10-15% of the Black religious vote,like bush did. Also Mccin only needs to win 15-20% of the anti-Daley vote in Chicago,and 40% of Illinois. Remember before we start tripping on number,we do not elect the president anyway. Its the Electoral college. We should have a one man one vote system.
McCain 54% to Obama 46%. In Il. 58% McCain to 42% Obama.
He is stealing millions of dollars from taxpayers. Pushing a museum so his friends can rake it in. What does the Sun -Shine print? a PICTURE OF KING RICHARD WITH A GRANDSON THAT WILL TRUELY NEVER UNDERSTAND WHAT DEMOCRACY MEANS. IT LEAST IT'S NOT R.KELLY AGAIN. I DON'T KNOW ABOUT YOU , BUT, WHO CARES IF R.KELLY HAD A 3WAY. MAYOR DALEY IS BACKDOORING ALL THE TAXPAYERS OF CHICAGO!
He is stealing millions of dollars from taxpayers. Pushing a museum so his friends can rake it in. What does the Sun -Shine print? a PICTURE OF KING RICHARD WITH A GRANDSON THAT WILL TRUELY NEVER UNDERSTAND WHAT DEMOCRACY MEANS. IT LEAST IT'S NOT R.KELLY AGAIN. I DON'T KNOW ABOUT YOU , BUT, WHO CARES IF R.KELLY HAD A 3WAY. MAYOR DALEY IS BACKDOORING ALL THE TAXPAYERS OF CHICAGO!
Please note that in that front-page photo in the sun-time the baby's eyes are closed. So for now, the kid can't see the root of of corruption in this town, dear old Grandpa!
COCOHEAD June 9th - 10:09 p.m. CONCONATE SHOULD BE ARRESTED FOR HAVING A FAKE WEB SITE,AND ITS TRUELY LAME. Go to Coconate Blog to read about who got a DUI????
Oh, but stop the presses! Daley says he won't be putting more money on the Olympics! Well, I guess it's all settled then. No problem. No reason to be concerned that the Olympics will turn into another Millenium Park. http://www.suntimes.com/sports/olympics/996190,oly060908.article
We do not have the money for the Olympics. PERIOD We have serious infrastructure problem, and an even more serious CTA problem and generally mass transit There is a pension problem, over budget on Millenium Park, over budget on Soldiers Field, over budget on CTA stops, and HIGH PROPERTY TAXES. We need to reign in SPENDING, stop CORRUPTION as much as we can, and stop or even reduce PROPERTY TAXES. The Olympics is a luxury we cannot afford.
Money for Mayor Daley's Olmypics no problem. Just add another 1000 cameras at Chicago street intersections.Or just privatize another city service for 500 million.As Chicago is systematically sold off to the highest bidder.When will Chicago learn that this man only cares about power and money. How many more hired truck scandals do we need to determine our Mayor is a theif and a liar. I worked for the city of Chicago for 14 years at O'Hare airport.The corruption was overwhelming. From no bid work being done by Rossi contractors. To unqualified polictical cronies causing thousands of dollars in damage to federal property.The city is being destroyed.The reader is the only paper with the balls to take on King Daley.
Latest in The Blog
-
Too New to Review: Prairie Fire, Leo's Coney Island, the Southern, Revolution Brewing Company, and More
Prairie Fire, Leo's Coney Island of Chicago, the Southern, and other restaurants too new to review.
- Feb 8, 2010
-
Fewer Shoes on the North Side
Times are tough for shoe stores too.
- Feb 8, 2010
-
When Golden Earring Were Good
Wait, Golden Earring was good?
- Feb 8, 2010
- More»
Author Archives
-
Hey Mayor Daley, let's have lunch
A letter to the editor by Mayor Daley's budget chief raises the question: Does anyone in City Hall understand how TIFs work?
- Dec 4, 2009
-
CPS Pres Michael Scott's Backroom Meeting at Edna's
A backroom meeting between CPS board president Michael Scott (now deceased), Arne Duncan, Danny Davis, and Rickey Hendon is making the rounds. I reported on that meeting in 2006.
- Nov 19, 2009
-
It Doesn't Take Much to Be a Maverick
Alderman Tom Allen makes history by daring to question the mayor's pet financing scheme in City Council chambers.
- Dec 17, 2009
- More»
Top Commenters
Comments (20) RSS