The Home Depot Blues | Bleader

Monday, November 3, 2008

The Home Depot Blues

Posted By on 11.03.08 at 01:55 PM

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Sunday's Sun-Times shines a front-page spotlight on the roles played by 33rd Ward alderman Richard Mell, Tony Rezko, and Mayor Daley among others in bringing the Home Depot to the corner of Addison and Kimball, a deal that has long infuriated the locals.

Up till now this particular development was known as the one that pretty much forced Mell protege Vilma Colom out of office and ushered in her successor as 35th Ward alderman, Rey Colon.

Oh, by the way, the store sits in its own tax increment financing district. Mayor Daley had the City Council create the Addison/Kimball TIF back in January 2000 to facilitate the development of industry on the site. As you can see, those plans didn't work out.

So far the TIF has collected a little more than $2 million in property taxes -- $2 million that's not going to schools, parks, etc. I'm sure Mayor Daley will find a way to spend it.

Once again the taxpayers of Chicago wind up the big losers. 

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