Posts tagged "taxpayers"

DePaul gets an arena, but what does the community gain?

DePaul gets an arena, but what does the community gain?
Big urban projects like sports arenas often come with a time-worn narrative: They will create tourism and attract new jobs and a tidy return on investment. City support for the controversial DePaul  University basketball arena is no different.  A City of Chicago news release stated that the arena, which will be located near McCormick Place... Read more »

Feds take a leaf out of Chicago's play book with tax benefits for wealthy neighborhoods

If you’ve heard complaints about Chicago’s Tax Increment Financing program, it’s probably this: a measures designed to help “blighted” neighborhoods is used to line the pockets of wealthy businessmen. But a new investigation from Bloomberg news says this kind of corruption isn’t just the Chicago way. Uncle Sam has now followed suit, shows Bloomberg, with... Read more »

News Roundup: Completed foreclosures up 44.9 percent

Completed foreclosures in Chicago have increased by 44.9 percent over the last year, according to the Woodstock Institute. Ninety-five percent of the properties were acquired by lenders instead of third-party buyers. Because many lender-owned properties remain vacant longer than those owned by third-parties, municipalities will struggle as the properties decrease tax rolls and increase maintenance... Read more »

Why are taxpayers supporting high salaries for a company that's losing money?

photo courtesy of flickr/David Paul Ohmer The publicly-funded agency that manages Navy Pier and McCormick Place has increased its number of six-figure staff, despite the fact that the agency lost $3.6 million last year and is projecting a $28.8 million loss for its current fiscal year. The Chicago Sun-Times reports the full story in its... Read more »