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Old Posted Jun 5, 2019, 2:29 PM
animositisomina animositisomina is offline
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Join Date: Apr 2019
Posts: 10
What is terrifying is how the developer wanted Legislative approval to be fast tracked for this Spring Session.

So much happened this weekend but language associated with this project was tucked into the BIMP:

https://capitolfax.com/2019/05/31/me...into-the-bimp/


Quote:
The state of Illinois potentially will be on the hook for more than $5 billion in equity and financing costs if a provision to speed construction of a megaproject near Soldier Field is approved by the General Assembly in this weekend’s extended spring session.

Elements of the deal for the huge One Central project have been in the discussion stage for weeks, with Bob Dunn of Landmark Development meeting with House Speaker Mike Madigan, Deputy Gov. Dan Hynes and other officials.

But actual language didn’t surface until Friday afternoon, when it was included in a must-pass budget implementation bill.

(If you want to read it for yourself, click here and go to pages 876, 904, 922, 941 and 978.)

The provisions would create a new Civic Transit and Infrastructure Fund. It would collect and disburse tax funds owed to a private developer “pursuant to the public private partnership entered into by the public agency on behalf of the state of Illinois to the Public-Private Partnership for Civic and Transit Infrastructure Project Act enacted in this amendatory act.” […]

Under the bill, the state would begin to pay $200 million a year to the private developer starting in 2023—presuming a contract is negotiated, and the big transit station that Dunn promises is operational then. The state would give him $200 million that year, with annual payments rising to $445 million in 2045.
If there was an actual need for this project then it should be 100% backed by private funds. If they believe they can make money on this project then roll the dice and take the gains/losses. We should not be on the hook for a transit hub that really isn't wanted or needed.

The bill gives the current administration the ability to negotiate with Landmark:

https://therealdeal.com/chicago/2019...ate-lawmakers/

Quote:
Though the bill passed Saturday gives his administration the power to negotiate with Landmark, Pritzker would not sign off on a fundraising project without engaging with local elected officials and community leaders, a spokesperson said. Pritzker also will work to address the lawmakers’ concerns that minority contractors and local labor be included in the project, his spokesperson said.

Pritzker told the Crain’s editorial board Monday the project would not even get to the negotiating table without a robust community approval process. No part of One Central has been approved by the city or state, as the development firm works to secure potential federal funding for the project.
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